The oil & gas industry is an energy producing industry that plays a crucial role in determining the economic structures of various countries. Natural resources are an important part of human existence and companies that deal with them not only need to regularly attend to various governmental requirements and regulations but also collaborate with various partners and business firms that mutually benefit each other in different ways. Starting from the handling of resources that are involved in drilling to managing all accounting paperwork that are necessary for operations at different levels, the oil and gas industry requires comprehensive accounting services that are specific to this industry.
The oil and gas industry is a highly production-driven industry, which means that most resources are used for the purpose of safe production of oil and gas and their containment. Among the CPA services that are mostly required by oil and gas companies are tax services that help the companies to maximize deductions associated with drilling costs; expertise pertaining to multi-state income tax as it deals with statutory depletion requirements; entity planning guidance that focuses on LLC, complex joint ventures and partnership structures; transaction structuring for maximizing different types of tax benefits and developing exit planning strategies for minimizing tax liabilities.
If you are looking to achieve success in the oil and gas industry, you will need CPA professionals who clearly understand the complex aspects of your work and the challenges associated with the industry. Our experts at RAM Associates have prolonged experience in handling the tax and audit issues common in the oil and gas industry. We can work closely with you to help in your decision making process at each and every step and our in-depth knowledge about your industry can help you in execute various aspects of your business such as site exploration, drilling, development, production, pipeline management and additional services.