Energy & Mining

Financial Advice to Support Today’s Energy Industry

Energy companies operate in a rapidly changing environment in which political and regulatory changes add complexity beyond the day-to-day issues of logistics, technology and competitive activities. Our professionals support needs ranging from tax, assurance, transaction support to technical accounting advisory, internal audit outsourcing and cybersecurity, among others.

We help you understand the implications of technical accounting changes and manage compliance with pragmatic, hands-on support. We built our reputation on our compelling combination of deep technical expertise and even deeper devotion to helping our clients achieve their goals.

Research & Development Tax Incentives

Companies operating in the oil, gas and other energy industries may not realize that many of their activities may entitle them to generous research and development (R&D) tax incentives. Oil and gas companies spend a considerable amount of time and effort developing more efficient and effective ways to explore for oil and gas, produce it, transport it, and refine it. They also invest in the development of cleaner or more efficient fuels and hundreds of other activities. This applies to the thousands of smaller companies that provide services and materials to the oil & gas industry, as well as the big oil companies. Many of these activities may not occur in traditional laboratories or settings usually thought of as “research.” However, these activities require time and money that may be captured as qualified research expenditures leading to significant tax benefits.

If you think you have to be a large, public corporation developing new products and inventions to be conducting qualified activities as defined by the Internal Revenue Code, think again. Speak to our engineering experts to help you understand if your activities qualify for the R&D credit.

Examples of innovations eligible for R&D tax incentives include the following:

  • Designing offshore structure design with respect to:
    • Generator and compressor modules
    • Process modules
    • Quarters
    • Equipment skids
    • Jackets
    • Helidecks
  • Developing and testing of plug and abandonment solutions
  • Developing and testing of turnaround and shutdown services
  • Creating plant design with respect to:
    • Pressurization
    • Safety
    • Chemical segregation
    • Environmental and pollution control systems
  • Developing wastewater treatment solutions
  • Refining issues
  • Designing or improving drills
  • Developing containment systems
  • Testing fuel combustion
  • Conducting environmental testing and remediation