Upstream: Restructuring/Investment Banking: Renaissance Offshore: Financial Advisor In Out-Of-Court Restructuring
Opportune Partners LLC and Opportune LLP (collectively “Opportune”) were engaged by the Company to act as financial and sell-side advisors to run a dual-track process of restructuring its $113 million secured bank debt facility and an asset sale process.
In Q1 2019, a privately held oil and gas company (the “Company”) engaged in the acquisition, development and operation of oil and natural gas properties in the Rocky Mountain region filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. The Company engaged Opportune to leverage the firm’s cross-functional team of experienced professionals to quickly gain a comprehensive understanding of the reorganization plan.
In March 2020, Opportune Partners LLC (“Opportune”) was engaged to act as financial advisor to the Board of Directors of Cimarron Energy Inc. (“Cimarron”) and the Board of Managers of Flare Industries LLC (“Aereon”) (together the “Boards”) to provide a fairness opinion. Opportune acted as financial advisor to both boards by providing independent, objective analysis and substantial financial due diligence around each company, their businesses, their historical results and their projected financial results.
In March 2019, following the merger of a public and private company, Opportune was engaged to assist with the implementation and transition of the midstream and upstream platform TIES (Trilogy Effective Software Solutions). Opportune was engaged for the TIES implementation specifically to help with efficiencies in their marketing and scheduling departments, as well as to streamline their cross-stream obligations to production and revenue/regulatory teams.
“Project Charlie” was an asset acquisition led by a leadership team backed by a private equity (PE) firm. The leadership team was assembled for this transaction and it didn’t hold any other assets previously. The asset consisted of 1,000 operated wells and 400 non-operated wells that included leases on federal, state and U.S. Bureau of Indian Affairs (BIA) lands. Opportune was brought on to guide the leadership team through the transaction and transition the assets from the seller in a short three accounting month Transitional Services Agreement (TSA).
Andeavor (“the Company”), acquired by Marathon Petroleum Corp. in 2018, is an oil refining company headquartered in San Antonio, TX. Opportune LLP worked as a part of the SAP delivery organization to assist Andeavor to deliver “Project One”, the program to implement a full suite of SAP S/4 HANA. The project marked the first oil and gas customer to go live with S/4 HANA with an S/4 oil and gas solution.
Two oil and gas operators, one public and one private, completed a merger in February 2019 to combine into a new publicly traded operating entity under a different name. The new company is focused on developing unconventional resources in the Marcellus/Utica shale plays. Opportune was engaged to provide transactional services to ensure a smooth transition throughout the merger period.
A private equity firm identified four companies within its portfolio that had assets in the same area, thus providing means for suitable consolidation. It was determined that one of the four merging entities, a Midland-based E&P entity (“the Company”), would become the surviving management post-consolidation. Opportune was engaged primarily to assist in the efforts to consolidate the various back-office systems from the merging entities.
The Company is a privately held oil and gas company with exploration and production (E&P) operations focused on offshore Gulf of Mexico (GoM). In May 2019, the Company engaged Opportune to complete a conversion of the acquired company’s master data and transaction history from Excalibur to OGsys, the back-office accounting and land application used by the Company.
A Houston, Texas-based publicly traded oil and gas operator with operations in Texas, Louisiana, California and the Rockies, (“the Company”) completed a merger of equals with a Tulsa, Oklahoma-based operator (“the merging entity”). The merger resulted in the Company incorporating Oklahoma assets into their existing portfolio. Opportune’s professionals were engaged to assist the Company in all aspects of the merger integration effort.
A public company (“the Company”) is a leading manufacturer of heating and cooling products. The Company received a $23 million New Markets Tax Credit (NMTC) allocation for its new facility expansion at its Longview, Texas manufacturing plant. The NMTC program was created under the Community Renewal and Tax Relief Act of 2000 to stimulate economic growth and increase the flow of capital to businesses and low-income communities by providing a modest tax incentive to private investors.
A private E&P company (“the Company”) is expanding through an asset acquisition and development in the Eagle Ford Basin. The Company engaged Opportune’s Complex Financial Reporting professionals to assist with its revenue recognition (“ASC 606”) and lease accounting (“ASC 842”) implementations in connection with the Company’s acquisition of the Seller’s Eagle Ford assets.
Lafayette, Louisiana-based PetroQuest Energy Inc. (“the Company”) operates as an independent oil and gas company in Texas and Louisiana. In November 2018, The Company filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Houston, citing a reorganization plan to eliminate $204.5 million in debt. The Official Committee of the Unsecured Creditors (“UCC”) appointed in the case retained Dacarba LLC professionals to provide financial advisory services for the client in connection with the Chapter 11 case before the U.S. Bankruptcy Court for the Southern District of Texas, Houston.
In late October 2018, Gastar engaged Opportune after it had entered into a restructuring support agreement (“RSA”) with certain holders of Claims and Interests, including the Term Lender, the Second Lien Noteholders and certain holders of Existing Common Interests. To implement the terms of the RSA, the Company filed voluntary petitions for relief under Chapter 11 bankruptcy of the U.S. Bankruptcy Code in the Southern District of Texas.
The company engaged Opportune to implement a system that would serve as a central hub for all information and activities related to asset service and inspections. Building on the inherent strengths of the Salesforce platform, Opportune recommended, implemented and customized Salesforce Field Service Lightning to provide several capabilities.
Opportune is partnering with an undisclosed oil refiner (“the Client”). The complexity of the refinery and its strategic position allow it to be ideally situated to participate in the International Maritime Organization (IMO) 2020 regulation, which will require ocean-going vessels to cap the amount of allowable sulfur content in bunker fuels to 0.5% m/m compared to 3.5% m/m currently.
The Company engaged Opportune to manage the IT infrastructure and systems cutover plan. This included assessing the scope of systems being transitioned, coordinating the various teams and monitoring the progress and issues during the cutover weekend. Opportune was also engaged as the project manager for the integration of this newly acquired business line into the existing RightAngle commercial business system.
Opportune’s Outsourcing professionals were engaged by the client to provide back-office accounting, including accounts payable, treasury and financial reporting. Opportune’s Complex Financial Reporting team provides technical accounting insights related to the Company’s debt and how it should be recorded, as well as going-concern analysis. Moreover, Opportune recently helped the client implement hedge accounting pursuant to an interest rate swap program.
The refiner engaged Opportune because of its industry and technology expertise, plus Opportune’s ability to innovate in new and agile ways. By leveraging the power of the Salesforce platform and its Sales, Service and Community Cloud capabilities, Opportune’s team delivered a solution that exceeded everyone’s expectations in a mere four months.
Opportune was engaged in March 2019 to lead a comprehensive data conversion project for Midstream Company’s lease crude gathering business in the Permian Basin. This project was multifaceted; not only were data systems being added and removed, business functions and resources were being relocated from Midland to Houston.
Ralph E. Davis Associates (RED) professionals added value by conducting a review of all data and information associated with certain producing oil and natural gas properties in the Eagle Ford play in Texas in which the client has an ownership position. RED used the guidelines for reserve classification as defined by the SPE/WPC/AAPG/SPEE in their Petroleum Resources Management System document. The purpose of the review was to provide the client with a 3P reserve report for their Eagle Ford assets.
The client engaged Opportune senior professionals to serve as an advisor to review their organization and IT strategy. The company had recently reorganized to create more separation and autonomy between supply and marketing organizations. This created the potential for significant changes to strategies, IT requirements and organizational roles and responsibilities. Opportune conducted a broad review of the company’s current business approach, developed a view of new business requirements, identified gaps and developed plans to close these gaps.
A privately held, Oklahoma-based E&P company (“the Company”) is focused on developing horizontal play concepts in the SCOOP/STACK shale play. The Company built a sizable acreage position, including producing horizontal and vertical wells, through a successful greenfield leasing effort and the management team was ready to exit their position. The Company had historically prepared limited financial information and needed full reserve evaluations and U.S. GAAP financial statements within a short timeframe in order to complete a sale or IPO.
Opportune was engaged by a midstream company to conduct a valuation, specifically an allocation of sale price, for tax purposes in accordance with Internal Revenue Code (“IRC”) Section 1060 in connection with the sale of their assets to a strategic buyer. In this case, the buyer and seller disagreed as to the valuation of certain intangible assets included in the transaction.
A large oilfield services and tool company (“the Company”) supplies a wide offering of rental equipment and services for drilling, completion and well control activities—serving a diverse base of oil and natural gas E&P operators. Opportune was engaged as Chief Restructuring Officers by the Company to prepare and navigate it through a complex pre-arranged Chapter 11 bankruptcy filing for its 13 entities. The Company was running out of cash and needed to file for bankruptcy within a few weeks of our arrival.
A private equity-backed startup (“the Company”) consisting of three executive personnel—Chief Executive Officer, Chief Operational Officer and Chief Development Officer—purchased approximately 1,500 operated wells and 2,500 non-operated wells, along with associated midstream assets, for $190 million from one of the largest privately held U.S.-based oil and gas companies.
Undisclosed Oil & Gas Co. (“Midstream Company”) is a diverse oil, gas and NGL gathering, processing, storage and transportation company with operations in five states. Midstream Company has grown organically and through several strategic acquisitions.
Natural Gas Trading and Asset Management Co. (“NG TradeCo”) is a natural gas wholesaler who captures arbitrage opportunities primarily by managing physical assets. NG TradeCo is involved with natural gas marketing, trading, pipeline transport and capacity management, storage and asset management agreements. NG TradeCo’s clients include: natural gas utilities, gas-fired power generators, large commercial and industrial customers, retail customers, natural gas producers and wholesale traders/marketers.
An undisclosed global producer of chemicals (“the Company”) recently entered the oil and gas exploration and production business by acquiring 43,686 net acres, including leasehold interest in 107 wells, in the Austin Chalk and Eagle Ford fairways of the established Giddings Field for $30.0 million. The Company engaged Opportune professionals to perform certain financial due diligence procedures to support the acquisition.
Midstream: Energy Advisory Services For Private Capital/Valuation: Valuation in Connection with Sale of Company
Private capital-sponsored midstream company (“the Company”) focused on crude oil gathering in Colorado. The Company engaged Opportune in 2018 to provide valuation services for tax purposes in connection with the sale of the Company. In connection with the sale of the Company, the buyer and seller could not agree with respect to the allocation of the purchase price for federal income tax purposes.
Ralph E. Davis Associates (RED) was hired by the Company, which was looking to acquire Salt Water Disposal (SWD) wells in the Utica play area in eastern Ohio. The Company was making an entry in the basin and hired RED to conduct a review of permitting and production activity adjacent to an acquisition.
A private equity-backed midstream company (“the Company”) selectively evaluates acquisition opportunities with an eye toward the strategic expansion of underutilized assets in both mature and emerging basins. Ralph E. Davis Associates (RED) professionals were hired by the Company with an oil gathering system in the Denver-Julesburg (D-J) Basin.
One of the largest independent oil and gas companies in the world with significant proven reserves in North America had a growing awareness of the opportunity and responsibility to influence third-party organizations that drove policy and regulatory decisions. Government, industry and advocacy organizations, along with competitors, convened in a myriad of ways to shape new laws and regulations. It was important that their voice was part of the serious conversations around resources, people and the environment, and that they be aware of the potential outcomes of those conversations.
Opportune was engaged by an international bank serving as the agent for a lender group to conduct valuation analyses of two terminal facilities in connection with the renewal of an existing loan. The analyses included both the value of the terminals as businesses and the underlying tangible assets.
The Tennessee Valley Authority (“TVA”), a corporation owned by the U.S. government, provides electricity for 9 million people in parts of seven southeastern states. TVA consumes about $4.5 billion of coal, gas, nuclear fuel and purchased power on an annual basis, serving its customers through its fleet of fossil, nuclear and hydro-generating assets.
Opportune’s Outsourcing professionals were engaged by an undisclosed U.S. midstream oil and gas company (“the Company”) to provide back-office accounting services, including accounts payable, treasury and financial reporting. Additionally, the team creates monthly financial statements and helps with board of director presentations, as well as serve as the key contact for the audit, which occurred Q1 2019.
Undisclosed Oil & Gas Co. (“Midstream Company”) is a publicly traded MLP in the pipeline transportation, marketing and storage business. Looking to drive process efficiency and data standardization, Midstream Company engaged Opportune to streamline and automate their pipeline access application process for shippers.
A major alternative investment management organization (“the Company”) has developed a diversified investment platform and manages capital for many of the world’s most prominent institutional investors, public and corporate pension funds, endowments, foundations, family offices and high net worth individuals. Founded in 1992, the Company is based in New York with offices in Hong Kong and London.
A global investment management corporation based in New York engaged Ralph E. Davis Associates (RED) to conduct technical evaluations and asset reviews of an oil property located in the East Shetland Basin in the UK Northern North Sea. This property is a redevelopment of a prematurely decommissioned oil field, which produced in the 1990s.
Undisclosed Oil & Gas Co. is one of the largest integrated oil companies in the world. Annually ranked near the top of global and U.S. Fortune 500 lists for more than 50 years, it is a recognized leader in the oil and gas industry. Undisclosed Oil & Gas Co. has re-evaluated their practices in commodity trading and risk and determined there are significant opportunities to increase the profitability of their global downstream unit by changing their approach to commercial decision-making.
Super Major LNG Co. (“LNG Co.”) is the LNG production and marketing business unit for a super major oil company. LNG Co. has global production and sales activities. Historically, the LNG business model has been long-term sales (20 years) tied to the development of specific LNG production facilities and there has not been a liquid LNG market to support shorter-term trading activities. As the LNG market is evolving, new LNG pricing markets are developing that will support a more traditional commodity marketing and trading business. Additionally, LNG Co. is changing their corporate strategy to become an asset-backed trading business.
“NG Retail Distributor” is an unregulated natural gas retail distributor that captures arbitrage opportunities primarily by managing physical assets. NG Retail Distributor is involved with natural gas marketing, trading, pipeline transport and capacity management, storage and asset management agreements. Its clients include residential, commercial and utility choice programs throughout six states in the U.S. Midwest.
A Houston-based oil and gas exploration company engaged Opportune in 2017 to assist with the conversion from full cost to the successful efforts method of accounting for oil and gas properties for fiscal years ended December 31, 2011 through 2017. The successful efforts method of accounting is preferred by the U.S. Securities and Exchange Commission and is favored by the investment community.
Upstream: Complex Financial Reporting: Jonah Energy: Financial Reporting, Financial Planning & Analysis
Jonah Energy LLC (“Jonah”) is an exploration and production (“E&P”) company. Jonah acquired the Jonah Field located in Sublette County, Wyoming from Encana Corp. on May 12, 2014. At the time of the Encana acquisition, Jonah had a skeleton management team and limited infrastructure for operating an E&P company. Because of their limited infrastructure, Jonah entered into a long-term Transition Service Agreement (“TSA”) charged on a variable price based on hours dedicated by Encana personnel.
Opportune LLP was approached by an oil and gas exploration and production company (“Producer Co.”) that was seeking assistance to develop a hedging program associated with a new asset acquisition. Producer Co. engaged Opportune to provide risk management advisory and hedge execution services needed for its planned business expansion.
Opportune LLP was engaged by an upstream oil and gas producer (OIL Co.) to assist with the implementation of hedge reporting for their Euro-denominated expenses related to purchases of field equipment from European firms. OIL Co. is a U.S.-dollar functional currency entity that is exposed to currency exposure when the Euro moves against the dollar while budgeting for these expenses.
Fieldwood Energy LLC, a Houston-based, private-equity backed exploration and production company (the Company), is focused on the acquisition and development of oil and gas assets in the Gulf of Mexico region. On February 14, 2018, the Company filed for chapter 11 bankruptcy protection in the Southern District of Texas through a ‘prepackaged’ plan, which included a debt-for-equity swap and the purchase of $525 million of assets.
Midstream: Reserve Engineering & Geoscience: Greenfield Midstream: Technical Due Diligence/Acquisition
In late 2017, Ralph E. Davis Associates was engaged by Greenfield Midstream to perform technical due diligence for a midstream project in the DJ Basin in Colorado. Upon completion of the work, Greenfield Midstream partnered with Noble Energy to form a joint venture, Black Diamond Gathering LLC, and made a successful bid for the Saddle Butte asset.
Power & Gas: Process & Technology/Complex Financial Reporting: Essential Power: Reconstruction of Policies/Processes
Essential Power (the Company) is a merchant power company that operates a fleet of natural gas-fired plants in PJM and ISO-NE. The Company’s ability to realize the inherent optionality embedded in its plants is dependent on strong commercial skills and market knowledge, supported by accurate views of expected plant dispatch, and effective risk management of swaps, futures and heat rate options used to take advantage of market opportunities.
Molycorp Inc. (the Company) produced and sold rare earths and rare earth materials in the U.S. and internationally. Dacarba LLC, an Opportune LLP company, was engaged to provide interim management, serving as Senior Vice President Finance and Treasurer and was a key participant in the administration of the Company’s Chapter 11 process and successful emergence.
Alpha Natural Resources (the Company) was the second-largest coal supplier among publicly traded coal producers with $4.3 billion of revenues in 2014 and 8,900 employees. The Company filed for bankruptcy in August 2015 with $4 billion of funded debt and emerged in July 2016 whereby certain assets of the Company were sold via §363 sale and the remaining assets emerged on a standalone basis.
RDT Inc., a supplier of oil/gas drilling tubular tools to operators and drilling contractors, engaged Opportune LLP to serve as Chief Restructuring Officer (“CRO”) and to evaluate and pursue strategic alternatives for the business in a highly distressed situation. Activities included cost savings initiatives, assessing and reconstituting management and positioning the company for sale.
Assala Energy is an oil and gas exploration company, backed by Carlyle Group, focused on opportunities in Sub-Saharan Africa. The Assala Energy strategy was to invest in mid-life and mature assets to increase production and extend field lifecycles, while prioritizing integrity, safety and responsible operations. In March 2017, Assala Energy announced the purchase of Royal Dutch Shell’s onshore assets in Gabon, West Africa for a total of US$628 million. Opportune was engaged to manage all aspects of the IT transition within an overall multi-functional transition program.
Risk Management: When a highly successful privately-held trader wanted an expert’s view of risk management, they turned to Opportune. Our independent view of the traders’ policies, controls and risk oversight have provided a roadmap for ongoing improvements, and Opportune also annually provides the traders’ lenders with frank insight into the status of commodity risk management. Restructuring: Unauthorized trading at a privately-held trader resulted in significant losses, causing serious internal issues and problems […]
North American Power (NAP) is a retail power and natural gas supplier based in Norwalk, Connecticut. Founded in 2009, NAP has over $250 million in revenues and has been recognized by Forbes as one of America's Most Promising Companies, and by Inc. 5000 as one of America's Fastest Growing Private Companies. NAP engaged Opportune to be a system implementation partner for Allegro Natural Gas. Opportune’s Process and Technology experts worked […]
Gawker Media, LLC was an online digital media company based in New York, New York. Its publications included Gizmodo, Lifehacker, Jezebel, and Deadspin. Opportune LLP was engaged by Gawker Media to provide essential restructuring support during its Chapter 11 bankruptcy filing and through the eventual wind-down of the estate. Leading up to the auction of Gawker Media’s properties in August 2016, a principal of Opportune served as its Chief Restructuring […]
The Term Loan B lenders for Southcross Holdings LP, a midstream company with facilities and pipelines in south Texas, Mississippi, and Alabama, engaged Opportune to assist in operational analysis and advise on the ensuing restructuring of the company. Opportune served as the financial advisor and analyzed the company’s business plan. This analysis involved a comprehensive asset review, evaluation of individual producers, detailed assessment of future capital expenditure needs, and examination […]
A Houston-based, private-equity backed exploration and production company (the Company) is focused on the acquisition and development of producing oil and gas assets in North America. The Company purchased offshore properties located in the Gulf of Mexico from an undisclosed seller (the Seller) effective July 1, 2013 for $3.8 billion. The Company engaged Opportune to review the final settlement and transition services statements (FSS and TSS, respectively) proposed by the […]
An investment bank and commodity trader with Russian roots started up a physical commodities business. The company chose OpenLink RightAngle to support their new physical business. The company engaged Opportune to lead the delivery of the greenfield Commodities Trading and Risk Management (CTRM) solution. While leading the delivery of the front-to-back CTRM solution, Opportune’s Process & Technology consultants also supported the setup of a new physical trading business in Europe. […]
A global investment bank with an active involvement in emerging markets had a goal to expand its commodities business with trading and logistics operations in physical oil, coal, iron ore, and metals. As part of the company’s growth strategy, it engaged Opportune to expand its process and technology and to implement more automation to overcome its current process challenges. Opportune provided enhancements to the Energy Trading and Risk Management (ETRM) […]
Undisclosed Gas Company is one of the largest integrated oil companies in the world. Annually ranked in the top of Global and US Fortune 500 lists for more than 50 years, it is a recognized leader in the oil and gas industry. Undisclosed Gas Company engaged Opportune to lead Supply Predictive Analytics (SPA) Project for their U.S. downstream operations group.
A large midstream natural gas gathering and processing Master Limited Partnership (Company) acquired three diverse companies for $8 billion in a matter of four months. Company was faced with completing Day 1 and long term integration activities covering commercial, operations, accounting, IT, legal, EH&S and HR functions in a very short period of time. Opportune was engaged to develop and manage the integration activities. Acquisitions are complex because the employees, […]
Midstream: Process & Technology: Crude First Purchaser Process & Systems Strategy and Implementation
Company is a publicly traded Master Limited Partnership formed by the merger of two midstream companies. Company owns and operates approximately 9,000 miles of gathering and transportation pipelines, 13 gas processing plants, seven fractionators, as well as barge and rail terminals, product storage facilities, brine disposal wells and an extensive crude trucking fleet. Company’s crude first purchaser and water hauling business was growing rapidly, and the existing business processes and […]
A global oilfield products and services company (the Company) based in Houston, Texas designs, manufactures and distributes products used in the exploration, development, production and transportation of oil and natural gas. The Company engaged Opportune’s tax team after recent growth due to multiple acquisitions. Opportune’s tax team was engaged to provide support for the state and local tax department, including assistance with tax compliance, sales tax software implementation, and sales […]
One of the largest natural gas, oil, and NGL midstream MLPs in the United States (Midstream MLP) has grown rapidly through acquisitions and organic growth. The resulting structure includes multiple publicly trading entities, over 500 legal entities, and dozens of joint-ventures. Consolidations and financial reporting for the complex organization is a significant monthly, quarterly and annual process that relies on the unique knowledge of individuals versus standard institutional processes and […]
A preeminent natural gas and NGL gatherer, processor and marketer (the Company) in the United States had grown significantly as the onshore shale drilling industry flourished. The Company’s business processes, systems and organization were challenged by the unprecedented growth in volume, complexity and risk. Operating silos emerged, communication broke down, and operational support costs (IT, accounting, scheduling and risk) grew significantly. The Company enlisted Opportune to define their next generation […]
A large foreign multinational corporation (the Company) invests in power plants and renewable energy ventures in addition to its businesses in the manufacturing, trading, and financial services. The Company had recently invested in a U.S.-based wind powered electricity generation facility (the windfarm). To finance this project, the Company had executed a series of contracts to forward sell 100% of the power generated from the windfarm, along with all its environmental […]
An oilfield services company (OFS Co.), engaged Opportune for assistance with implementing hedge accounting for their Euro denominated revenue contract. OFS Co. was concerned a strengthening U.S. dollar (USD) would erode the margin budgeted for the revenue contract. Opportune provided guidance on hedge strategy development and presented the hedge accounting implications of each strategy. OFS Co. entered into a foreign currency swap that was designated as a cash flow hedge. […]
Precious Metals Mining Company (PMM Co.) is a domestic publicly listed precious metals producer focused on mining, developing, and exploring properties. It currently operates a wholly owned gold mine, in addition to a number of early and advanced stage exploration properties in the U.S. PMM Co. consumes a significant amount of diesel fuel in its daily operating activities for transporting waste rock and ore in large haul trucks and for […]
Headquartered in Philadelphia, Pennsylvania, Sunoco is part of the Energy Transfer Partners, L.P. family of companies. Sunoco engaged Opportune’s Process and Technology practice to implement an integrated Energy Trade Risk Management (ETRM) System solution to support their Retail and Marketing business function. As Sunoco’s business model was evolving, Sunoco faced the challenge of re-tooling its IT infrastructure and applications portfolio. Sunoco was replacing their mainframe-based legacy applications with current technology […]
An oil and gas midstream company (the Company) headquartered in Dallas, Texas, with midstream assets in Texas, Louisiana, and Marcellus regions, acquired natural gas assets in September 2014. The $235 million acquisition included 1400 miles of intrastate and interstate natural gas pipelines and 11 billion cubic feet of storage. The Company engaged Opportune to lead the integration of the acquired assets into their commercial, operational, and IT organizations. Opportune’s Process […]
Parsley Energy Inc. (Parsley) is an exploration and production company with operations in the Permian Basin and is based in Midland, Texas. Opportune was engaged to assist Parsley through its initial public offering (IPO) process, including filing a registration statement on Form S-1 (S-1) with the U.S. Securities and Exchange Commission (SEC). Opportune’s derivative specialists worked with the complex financial reporting team to convert Parsley’s records from a cash basis […]
Monroe Energy, LLC (Monroe) is a wholly-owned subsidiary of Delta Air Lines, Inc. (Delta) and operates the 185,000 bpd refinery in Trainer, Pennsylvania (Trainer Refinery). In 2011, the Trainer Refinery was idled and ceased operations until late June 2012, when the refinery was officially acquired by Monroe from Phillips 66. Shortly after the acquisition, Monroe began the turnaround with more than 1200 contractors onsite to bring the Trainer Refinery online. […]
As part of an initiative to ensure continued compliance with all state and local taxing jurisdictions, a worldwide manufacturer and master distributing company (the Company) engaged Opportune to serve as its state and local tax function. At the conclusion of a nexus study and internal conversations, the Company and Opportune jointly identified several states that were most likely to request returns from the Company in the future based on its […]
GMX Resources Inc. (GMXR) is a publicly-traded, independent oil and gas exploration and production company based in Oklahoma City, Oklahoma that developed acreage in Williston Basin, Denver Julesburg Basin, Haynesville/Bossier and Cotton Valley Sand formations. On April 1, 2013, GMXR filed a joint Chapter 11 bankruptcy petition, after an illiquidity situation. Opportune’s Managing Partner was retained as the Chief Restructuring Officer (CRO) after GMXR filed for bankruptcy, and the goal […]
Cantera Energy LLC (Cantera), an investment portfolio company of Kayne Anderson Energy Funds, is an independent oil and gas company focused on the acquisition and development of properties with identified exploration and development upside in the onshore Gulf Coast Regions. The Houston-based company operates over 750 producing wells in South Texas covering over 75,000 net acres with exposure to the Vicksburg, Wilcox and Frio formations. In June 2013, Cantera purchased […]
In 2014, the U.S. Department of Energy (DOE), the prime contractor in support of the Rocky Mountain Oilfield Testing Center (RMOTC), engaged Ralph E. Davis Associates (Davis) to provide an evaluation report of the Naval Petroleum Reserve No.3 (historically known as the Teapot Dome Oil Field), located in Natrona County, Wyoming. Davis was contracted to ascertain the oil and gas reserves in preparation for sale of the Teapot Dome Oil […]
PBF Holding Company LLC (PBF) is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. PBF engaged Opportune to perform as subject matter experts, providing functional architecture and lead accounting, inventory, and reconciliation for Energy Trading and Risk Management (ETRM) delivery. Opportune aided PBF in system configuration updates, business process changes, user training, […]
Fieldwood Energy, LLC. (Fieldwood) is a Houston-based portfolio company of Riverstone Holdings, LLC. (Riverstone), focused on the acquisition and development of conventional oil and gas assets in North America, including the Gulf of Mexico. On September 30, 2013, Fieldwood acquired Apache Corporation’s (Apache) Gulf of Mexico Shelf (Shelf) business for approximately $3.75 billion. Fieldwood engaged Opportune to perform a valuation advisory service of Fieldwood and related units to management. Opportune’s […]
Midstates Petroleum Company, Inc. (Midstates) is an independent exploration and production company focused on the application of modern drilling and completion techniques to oil/liquids-prone resources in previously discovered, yet underdeveloped hydrocarbon trends. Midstates is headquartered in Houston, Texas, with a regional office in Tulsa, Oklahoma. Midstates engaged Opportune’s Corporate Finance team to perform a valuation of assets worth $1.27 billion worth in connection with two transactions. Opportune’s experienced experts conducted […]
PBF Energy (PBF) is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstock, lubricants, and other petroleum products in the United States. Opportune has a relationship with PBF, and they engaged our Process and Technology team advisors to implement and define a right-sized solution for a startup reefing company. Opportune’s experienced advisors were furthermore engaged to help implement the solution throughout the […]
PBF Holding Company, LLC, (PBF) is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. PBF initially engaged Opportune to help define its overall IT strategy and systems landscape and to complete a full ERP and ETRM system selection and implementation. After a successful IPO, PBF growth continued, in addition to normal business […]
The Electric Reliability Council of Texas (ERCOT) is an independent systems operator that manages the flow of electric power to 24 million Texas customers, representing close to 90 percent of the state’s electric load. Total capacity in the ERCOT market exceeds 74,000 megawatts. Initially, ERCOT engaged Opportune to design, build, and run a financial management office that would budget, forecast, and control the $550 million of costs related to Nodal […]
Founded in 2008, Parsley Energy, Inc. (Parsley) is an independent oil and natural gas company with operations in the Permian Basin, where they develop unconventional oil and natural gas reserves. Over the past several years, Parsley has grown from a two-person start-up to a large-scale corporation that operates several hundred wells and produces more than fifteen-thousand barrels (net) of oil equivalent per day. In August 2013, Parsley engaged Opportune to […]
Parsley Energy Inc. (Parsley), is an exploration and production company withoperations in the Permian Basin and is based in Midland, Texas. Opportune wasengaged to assist Parsley through its initial public offering (IPO) process, includingfiling a registration statement on Form S-1 (S-1) with the Securities ExchangeCommission (SEC). Opportune’s transaction services and tax experts worked with the complex financialreporting team to coordinate the complex process of filing the S-1. The legal and […]
Opportune was engaged as a subject matter expert in a dispute between partners of an oil and gas company. The matter involved two joint operating partners, one, the financial backer, and the other, the operational partner. Our Client, a third-party accountant for other joint interest owner responsible for the financial funding, was facing a suit claiming our Client was responsible for damages and profit loss. In this suit, the plaintiff […]
An undisclosed lender for a privately held trading company engaged Opportune as a crisis manager to assist in the evaluation of immediate liquidity needs, the ongoing viability of the trading company’s business, and the cost benefit of liquidation. Opportune served as a financial advisor and provided the undisclosed lender with an intricate and accurate valuation report for collateral purposes during a volatile situation involving multiple stakeholders. Opportune responded quickly to […]
A fully integrated North American energy retailer and services provider engaged Opportune to assist in the development of a 15-month set of goals, objectives, and plans for the Chief Financial Officer (CFO). Opportune began by conducting a careful background assessment and analysis of the current organizational structure, culture, people, financial operations, and institutional history to develop an understanding of the best way to implement new CFO objectives. Opportune’s expert team […]
A privately held global financial services firm was considering extending additional debt to one of the oil and gas exploration and production (E&P) companies in its investment portfolio. Headquartered in Knoxville, Tennessee, the E&P Company focuses its operations in Cook Inlet, Alaska and the Appalachian Basin and offers common stock on the New York Stock Exchange. The financial services firm initially engaged Opportune to assess the quality of earnings of […]
University Lands, a department of The University of Texas (UT) System, manages the system’s mineral interests and surface rights to approximately 2.1 million acres located primarily in the Permian Basin. As a result of the shale boom in West Texas, University Lands recognized the need for more streamlined reporting and accounting to better manage their assets and to provide improved customer service to the lessees and purchasers on their land. […]
During the first few months as the new Chief Accounting Officer (CAO) of a global gas compression services company (the Company), the CAO unknowingly reported inaccurate financial reports to the Company’s key stakeholders. These financial reports were the result of heavily dependent ad hoc and inconsistent, manual procedures. Without the proper tools, the accounting department was burdened by a perpetual month-end close process, and, as a result, it did not […]
PBF Energy (PBF) is one of the largest independent petroleum refiners and suppliers of petroleum products in the United States. PBF recently completed its IPO and continues to grow rapidly. Opportune was initially engaged to implement PBF’s ETRM system (RightAngle) and was further engaged by the Tax Director. As PBF expanded, the tax department and the organization needed support to streamline and manage daily tax operations. PBF leveraged Opportune’s industry […]
The Undisclosed E&P Company (The Company) is the Holder of strategic assets primarily in the shallow waters of the Gulf of Mexico. The Company’s focus is on acquisitions, production enhancements, development, and low risk exploration in the Gulf of Mexico. Opportune’s professionals were engaged to advise certain Private Equity backers regarding The Company’s current and future financial position. Specifically, Opportune evaluated The Company’s ability to pay down its accounts payable […]
Memorial Production Partners LP (Memorial) is a publicly traded limited partnership that was formed in 2011 to own, acquire and exploit oil and natural gas properties in North America. Memorial acquired its initial assets from three separate operating companies of Natural Gas Partners (NGP) in December 2011. Memorial engaged Opportune for data conversion, operational transactional processing and reporting, production allocation, and land services. Opportune set up more than 1,500 properties […]
EnerVest is one of the 25 largest oil and gas companies in the United States, with more than 27,000 wells across 16 states, 5.5 million acres under lease, and more than $10 billion in assets under management. EnerVest has been a successful sponsor for over 20 years as an operating company for institutional investors, and in 2013 completed its thirteenth partnership fund with aggregate equity commitments of $2 billion. Opportune […]
In 2008, Flatrock Energy Advisors LLC and EnCap Investments L.P. joined together to create EnCap Flatrock Midstream (“EnCap Flatrock”), a private equity firm dedicated to invest in the midstream sector of the North American energy industry. Today EnCap Flatrock has more than $3 billion in total assets under management. The firm’s impressive portfolio of companies includes Nuevo Midstream LLC (“Nuevo”), which was formed in April 2011 by EnCap Flatrock and […]
University Lands, a department of the University of Texas System’s Office of Business Affairs, manages the Permanent University Fund lands and all operations therein. University Lands’ operations include both the mineral interests and surface rights for approximately 2.1 million acres, primarily in the heart of the Permian Basin. Recognizing the potential of the land assets, University Lands engaged Opportune to provide a comprehensive strategic study comparing the effectiveness and efficiency […]
ATP Oil & Gas Corporation (“ATP”), a publicly traded U.S. corporation with oil and gas operations in the Gulf of Mexico, engaged Opportune to serve as a financial advisor during the company’s bankruptcy. ATP has a complex capital structure involving multiple levels of secured debt and other unique contractual financial obligations. Effective restructuring depended on a major deepwater construction project and functioning assets in place to offset significant liquidity issues […]
PBF Energy (“PBF”) is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. As a growth organization which successfully completed its IPO, PBF needed a fully integrated solution with the flexibility of adapting to an ever-changing business landscape. PBF initially engaged Opportune to help define its overall IT strategy and systems landscape and […]
Midstates Petroleum (Midstates) is an upstream company focused on the acquisition and development of domestic oil and gas properties. Initially recapitalized with private equity capital from a major private equity group, Midstates’ management team engaged Opportune to manage the financial reporting aspects of its initial public offering (IPO) process. Having worked on and managed hundreds of SEC filings, Opportune’s management team is very familiar with IPO timelines. Opportune collaborated with […]