Oil & Gas

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Oil and gas advisory services

Oil and gas companies are continually faced with challenges in adapting to commodity price volatility, improving corporate performance while mitigating risk. To sustain growth and profitability, there is a growing need to enter new markets, transform and improve business models, and adopt new and innovative technology in order to effectively compete in a competitive and dynamic global market.

Our services for companies in the oil and gas industry are focused in the following areas:

Finance: assess and improve the efficiency and effectiveness of the finance functions, including record to report, plan budget and forecast, treasury/cash management, invoice to cash (A/R), invoice to pay (A/P) and cost and profitability reporting. Our team can help identify and monitor key business drivers that enable client leadership teams to optimally manage their business.

Questions we can help answer:

  • What operating expenditure cost drivers do I require and how can they be used to effectively plan and forecast?
  • What information do our operational managers need and when do they need it to be successful?
  • How do I effectively adjust plans and forecasts considering the challenges of a very volatile market?
  • How do we properly prioritize available capital to have the most significant impact on our long-term goals?
  • How can results be measured, and performance be reported, to best support our organization’s future decision-making?

Strategy: identify strategic and operational improvements faced by top executives in the oil and gas space and develop pragmatic approaches that turn ideas into a tangible reality. Key focus areas include strategy development and value driver analytics, strategic planning, transaction and post-merger integration, process improvement strategy, target operating model and market research and benchmarking.

Questions we can help answer:

  • What are the key areas of our business that differentiate us from our competition?
  • How do I gain a common understanding of the issues facing our business?
  • What options should I recommend to our executive team to improve our financial metrics?
  • How do I reduce operating costs?
  • How do I translate corporate strategy into operational plans?
  • How does our organization compare to other industry peers?

Supply chain and operations: identifies critical improvements and operational efficiencies tailored to the oil and gas landscape to drive cost reductions and increase end-to-end supply chain health. Key focus areas include strategic sourcing, category management, data analytics, inventory/materials management and logistics.

Questions we can help answer:

  • Where can we aggregate my procurement spend to reduce costs? Which categories should I focus on?
  • What is our go-to-market strategy for sourcing from vendors? What can we do to get a better deal?
  • How should our sourcing strategy change based on market risks?
  • How can we use existing data, or improve on it, to make strategic supply chain decisions?
  • How do we source, acquire and effectively manage our inventory and vendors in a cost-effective manner?

Information Technology and Operational Technology Advisory: identify the core issues and challenges unique to the oil and gas sector by designing and implementing emerging technology products tailored to business needs, and designing and implementing business intelligence and reporting tactics to offer valuable and timely insight into your business.

Questions we can help answer:

  • How do we align our IT to our business strategy, operating model and organization structure?
  • How can we use IT to differentiate our business and effectively leverage emerging technologies such as digital, mobility, analytics, social, cloud, internet of things and more to grow our business
  • How do we develop a common framework and enablers to implement complex transformation programs that cover business, technology, organizational culture, people capabilities, processes and external relationships?
  • How do we use internal data and analytics to make the right managerial and executive decisions?

Contract Risk Advisory Services / Vendor Audit: emphasize prevention, compliance, risk assessment and mitigation in contract management across all vendors and contract types. These services assist in the effective management of capital programs through greater compliance, accuracy and transparency.

Questions we can help answer:

  • Are there opportunities to realize cost recoveries from erroneous overpayments?
  • How can we improve our contracts to decrease the outflow of unwarranted cash?
  • How can we provide assurance that our contracts are being administered appropriately and that suppliers are following contract terms?
  • What contract models are effective? In what situations?

Internal audit: strategically assess, remediate and improve process and control issues through internal audit functions, identify cost efficiencies linked to internal policy, guidelines and standards to identify and address emerging risks.

Questions we can help answer:

  • How do I streamline and improve our internal process and controls to save effort and optimize our risk coverage?
  • How can we improve our internal audit maturity and functionality?
  • Is our business compliant with regulatory standards (e.g., C-SOX, SOX 404)?
  • How do we make our internal audit function compliant with IIA standards?

Risk assurance: provides a strong foundation for many of our regulatory- and compliance-based capabilities and offerings, particularly with respect to IT environments. We provide independent assurance and/or the preparation towards assurance, which our clients can use to build confidence and trust with their customers, the general market/public, key stakeholders or when regulatory (by-law or oversight) or contractually required.

Questions we can help answer:

  • How do we manage a lack of effective internal controls to protect business performance?
  • How do we sustain effective internal controls over financial reporting?
  • How do we drive enterprise-wide compliance and achieve and sustain compliance in a rapidly evolving regulatory environment?
  • How do we test IT-related procedures to ensure they support financial statement audits and internal controls over financial reporting?
  • How do we manage IT vendor contract compliance to mitigate the risk of fines, penalties, claims and litigation?
  • How do we integrate mandatory compliance and/or certification requirements into business processes?

Risk transformation: focuses on transformational projects that enable organizations to govern effectively in order to meet their performance objectives. We help our clients develop, deploy and maintain world-class risk and compliance programs that drive business value.

Questions we can help answer:

  • How do we bridge the gap between business performance and risk strategy, appetite and tolerance?
  • How do we effectively categorize and manage a rapidly changing risk landscape?
  • How do we put in place a structured approach to manage our organization’s strategic, preventable and external risks and effectively run large transformation changes?
  • How do we embrace solutions as part of the fabric of our organization?
  • How do we effectively leverage technology to enable solutions?

People Advisory Services: understands the scale and complexity of how and where people work. We can deliver insight on people, organizational and compliance issues through the application of leading human capital, change management and organizational design approaches.

Questions we can help answer:

  • How can our people give us a competitive advantage?
  • How does our organization define critical talent?
  • Does our organization have a clear value proposition to employees?
  • What are the projected rates of workforce renewal and attrition?
  • What are the challenges or legal implications of sourcing talent through a migrant or contingent workforce?
  • How do we effectively manage organizational changes?
  • How can employee development contribute to operational excellence?
  • How do we effectively manage global, cross-functional teams?
  • Does our organizational structure position us for growth and expansion?
  • How do we know if we have an impactful culture? What steps do we need to take in executing a culture transformation?

Contact us

Barry Munro    Barry Munro 
Leader,
Oil & Gas
403 206 5017
 
EY - Kent Kaufield    Kent Kaufield 
Leader
Energy Market Segment
403 206 5100  

 

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