As an industry that experiences rapid upswings and sudden declines, oilfield manufacturing companies need to be nimble and prepared to react quickly to market fluctuations that hit manufacturing and related services earlier and more severely than the upstream producers they serve. From a cash flow and debt standpoint, companies need stability in order to weather the ups and downs of this volatile business that is impacted by commodity prices on both ends; sales and direct costs. Fundamentals, precision in execution, and consistency are key.
Weaver helps companies stay agile with efficient processes and strong financials. We help companies understand where the cost drivers are, what can be ramped up and down quickly to create timely responses to movements in the markets. Oilfield manufacturers rely on us for traditional tax and assurance services as well as assistance with identifying, understanding, and managing risks in the achievement of strategic objectives.
Our services include:
- Assurance Services: Audit/Review/Compilation, Agreed-Upon Procedures, Employee Benefit Plan, IFRS Assessment and Conversion, Public Company, SOC Reporting
Tax Services: Federal, State and Local, International, Private Client
Advisory Services: Accounting Advisory Services, Anticorruption & Compliance, CFO Advisory, Corporate Relocation Services, ESG Reporting, Forensics & Litigation, Green Business, IT Advisory, Public Company, Restructuring & Turnaround, Risk Advisory, Transaction Advisory, Valuation
In addition to these core services, we offer a breadth of support for oilfield manufacturers with national and international operations. Some of these services include:
- R&D Tax Credits
- Property Tax Compliance
- Business valuations / quality of earnings (Q of E)
- SOX Compliance
- Outsourced Internal Audit
- Process Re-engineering
- Product level rate of return analysis
- Cybersecurity Advisory
- CIO Advisory
- Cost Reduction
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EXPERIENCE IN ACTION | Manufacturing Case Study
Rapid Changes Led to Future Success
- SOX reporting compliance
- Establishing an internal audit function
- Improving internal controls
- Bankruptcy support
When a large domestic oilfield manufacturing company completed an IPO, its management hired Weaver for assistance in complying with financial reporting requirements of the Sarbanes Oxley (SOX) Act. We provided critical support as the company establishing the control design structure and monitored its progress in implementing improvements.
Rapid growth pushed the company into Accelerated Filer status two years later. With Weaver’s assistance in iteratively improving the control environment, the company’s management was ready for this change and for the auditors’ opinion on ICFR. The year also brought a significant change in Audit Committee membership and a focus on establishing an internal audit function; Weaver staff worked with the company to implement an internal audit plan.
2020 brought about many challenges to the oilfield manufacturing industry, leading this company to drop below Accelerated Filer status thresholds and face bankruptcy. Recognizing the swift market change, Weaver developed a plan to adjust the project scope. Even before we were asked, our staff continually identified areas in which we could reduce the company’s compliance costs.
As it emerges from bankruptcy with a stronger balance sheet, the company is looking ahead to being back to Accelerated Filer status with another new Audit Committee and a renewed focus on internal audit.
Through all of these fluctuations, Weaver provided critical support as the company responded to rapid changes in the industry and positioned itself for future success.
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Brad Jay
Partner-in-Charge, Middle Market Manufacturing, Distribution and Retail Services
Brad Jay, CPA, CGMA, has more than 26 years of public accounting experience, with a focus on financial…
James Flatt
Partner, Tax Services
James Flatt, CPA, has more than 20 years of experience in public accounting. With extensive experience providing tax and…
Jody Allred
Partner-in-Charge, Large Market Manufacturing, Distribution and Retail Services
Jody Allred, CPA, CISA, CGMA, has more than 20 years of experience in public accounting, a deep background in both…
David Duree
Partner, Assurance Services
David Duree, CPA, CGMA, has more than 33 years of experience in public accounting. With extensive experience providing audit…