Overview

Casey Ballard is a Director with The Claro Group based in the Houston, TX office. She has been providing consulting services and expert witness testimony to clients in the areas of finance, accounting and risk management for 18 years. These services have included damages calculations, lost profits calculations, valuations, and investigations. Her work has primarily focused in the energy industry, with clients including both domestic and international companies.

Casey’s experience in the upstream and downstream segments of the petroleum industry includes forensic accounting for financial and physical trades of energy commodities; crude and natural gas valuation; product valuation; pricing of production; pricing of processed products; transportation pricing; royalty valuation; MMS issues; gas marketing best-practices; and valuation of energy companies. The issues involved have related to generally accepted accounting principles (GAAP), international accounting standards, SEC financial reporting for international entities, financial modeling, derivatives, risk management in trading organizations, internal control structures, reviews of trading positions, analysis of off-balance sheet structures, analysis of structured financing transactions, due diligence, international projects, energy regulations, joint venture contract audits, accounting analyses and investigations of financially distressed and bankrupt entities, and other forensic accounting services.

Experience +

In a dispute between a producer and a gas processor, reviewed cost allocation process for natural gas plant in light of contractual terms.  Evaluated allocation process as compared to industry standards.  Prepared analysis on alternative allocation methods and calculated damages based on allocation methods.

Calculated damages due to the delay in the development of a deepwater offshore African oil block in a commercial international arbitration matter.   

In an investor-state international arbitration matter, performed valuation of an Eastern European chemical plant for purposes of calculating damages to owner after plant was expropriated by the state.

In a dispute with an insurance provider, calculated the lost profits and other damages due to a pipeline industry service provider as a result of a bad faith denial of an insurance claim.

Performed an analysis of the auction of a former major integrated Russian oil company to determine the value obtained by the auction winners for purposes of an international investor-state dispute.

Performed a forensic accounting investigation of a top five energy trader and analyzed its trading book in order ot identify potentially fictitious trades.  Analysis also included an evaluation of the trading risk management system. 

Calculated lost profits from trading for power plant owners as part of overall damages calculation due to construction delays.

Evaluated bankrupt energy trading company’s terminated contract valuation for reasonableness and comparison to its countertparty’s valuation to quantify damages in a dispute.

Assisted in determining the market value of a bankrupt, former top five energy trading company’s trading book for a solvency opinion.  Trading book commodities included oil, natural gas, natural gas liquids, petroleum products, lumber, emissions credits, and weather derivatives.  

Education +

B.B.A., Accounting, Texas A&M University, 1998

M.S., Finance, Texas A&M University, 1999

Certifications +

Certified Public Accountant, licensed in Texas (2000)

Accredited in Business Valuation (2011)

Chartered Global Management Accountant (2012)

Memberships +

American Institute of Certified Public Accountants, Member

Institute for Energy Law, Advisory Board Member

Institute for Transnational Arbitration, Advisory Board Member

Publications & Speaking Engagements+

“Challenges in Valuing Shale Plays,” CLE Presentation to Fulbright & Jaworski, LLP in 2013, Halliburton in 2012, and Mayer Brown LLP in May 2011.

“Damages in International Oil & Gas Arbitration,” CLE Presentation to King & Spalding, LLP in 2013 and Gardere Wynne Sewell LLP in 2011.

“Damage Model Determination,” CLE Presentation to Crain, Caton & James LLP in 2009.

“Damages in International Oil & Gas Arbitration,” presented as part of Specialized Arbitration and Advocacy Skills in International Oil & Gas Arbitration, Centre for Energy, Petroleum, and Mineral Law and Policy, Dundee, Scotland in 2008.

Practices +Insights +

Client Updates/Bulletins