The dynamic nature of the energy industry requires new and complex ways to support continuing operations and exploit opportunities presented by the ever-changing commodity markets. This rapid pace of change creates challenges in driving growth and transformation initiatives like M&A activity, capital markets undertakings and technology implementation to successful completion.
Being flexible and adapting quickly is necessary to succeed. Riveron brings energy companies an uncommon agility when applying our extensive technical accounting, finance and operations expertise to accelerate the timeline and impact of change. Our experienced team members have sat on all sides of the table from executive roles in accounting and operations to investor roles in private equity and investment banks. We understand the unique challenges the energy industry faces and partner with our clients to achieve exceptional results.
Key energy areas we serve include:
- Oilfield services
- Power generation and utilities
Riveron assisted company in adopting US GAAP on a consolidated basis with recent acquisitions
Over the course of 18 months, Rubicon Oilfield International, a global privately held oilfield services company, acquired five businesses. These global businesses were reporting under IFRS, Canadian GAAP and other local statutory methods. Riveron’s advisory services included the uniform adoption of US GAAP by implementing a documentation tool to identify and quantify each IFRS (or other local GAAP) difference to US GAAP. Riveron fully documented the adoption of US GAAP by the legacy and consolidated companies and provided the documentation tool and Rubicon’s technical accounting memo to the external auditors.
Riveron supports company in configuration and implementation of LeaseAccelerator to adhere to the new lease accounting standard
With the release of the new lease accounting standard, Riveron assisted NuStar Energy L.P., a publicly traded master limited partnership midstream business, with the setup, configuration, and data population of the LeaseAccelerator Enterprise Lease Accounting and Enterprise Lease Management SAAS solution. Riveron configured the environment to adapt to NuStar’s specific needs which enabled user access, accounting output, and full-scale disclosure reporting. Riveron provided lease data abstraction training, including the completion of the data intake workbook, system, and accounting validation exercises. Riveron advised NuStar on finance and operating lease reconciliation, custom migration activities, and training for technical users ensuring the successful implementation of the new lease accounting standard.
Riveron takes on a leadership role to navigate a company through a period of distress
In 2015, the parent entity of Terraform Power and Terraform Global, owners and operators of renewable energy power plants, declared bankruptcy. This event necessitated a sale of both entities. Riveron was engaged shortly after the bankruptcy to ensure continuity of operations, implement process improvement initiatives and ready the organization for the eventual divestiture. For Terraform Global, Riveron took over key roles and responsibilities, including interim accounting leadership and worked for over a year to keep the organization running and streamline financial reporting processes while partnering with management to assist with the strategy and execution of the sale process. When the sale was complete, Riveron transitioned its roles to the new owning entity, providing five months of ongoing and transition support.
Related News & Insights
In this webinar, Riveron’s experts provide an overview of the different paths that energy companies are taking to access the capital markets and explore the key ways in which companies can prepare to maximize their journey.
Commodity price volatility continued throughout the second quarter with oil prices finishing relatively flat after peaking in late April, while natural gas continued to languish, falling below $2.50 towards the end of June.
Global sanctions, OPEC cuts, technological advances, a sleeper capital markets landscape and recent dramatic consolidation efforts dominated oil and gas headlines in early 2019, as the industry appeared to make a swift recovery following a rocky end to last year. But are crude prices on the upswing or is it too soon to call it a comeback?