Houston Accounting Firm Launches New Business Aimed at Energy Companies

PKF Texas (FY14 net revenue of $21.9 million) of Houston and The Catalyst Group, a Calgary-based PKF affiliate, have jointly acquired Calgary-based Joint Venture Management Inc., effectively launching a new consulting business to target joint venture businesses in the oil and gas sector, according to The Houston Business Journal.

The new business will be called Joint Venture Strategic Advisors.

“Many oil and gas drilling operations are conducted under joint drilling agreements,” says Kenneth Guidry, president at PKF Texas. “In a market downturn, a lot of companies that may have had captive (in-house) services like we provide, (but) with the aging workforce and the (current) economics, they may be separating those resources, which just creates a pool of talent for us to attract.”

Guidry sees potential opportunities for the business with experienced owners and operators that may be faced with early retirement due to the downturn in the energy industry.

The joint-venture agreements that Guidry refers to among oil and gas operations are typically between those companies that own the land and mineral rights and the oil field service companies that operate the well. According to PKF Texas, dealing with this structure required a niche accounting expertise, a requirement that has been typically underserved.

“While some of the big four firms have done this work, they’re either under-resourced or overpriced,” says Guidry.`

The main office for Joint Venture Strategic Advisors will be housed in JVMI’s office in Calgary with 30 professionals.