Overview

Wayne Wilson is a Managing Director with The Claro Group. He is a globally-recognized expert in the energy industry, with over 20 years of experience analyzing issues pertaining to finance, organizational management, accounting, statistics, and risk management. Wayne has authored expert reports and provided testimony in state, federal and international courts throughout the world.

Wayne has consulted with clients and provided testimony on generally accepted accounting principles (GAAP), international quantum analysis, domestic and international valuations, financing decisions, financial derivatives, risk management, internal control structures, structured financing transactions, due diligence, international production sharing agreements, lost profits calculations, fraud investigations, forensic accounting, SEC investigations, internal accounting investigations, joint venture contract audits, and accounting analyses and investigations of financially distressed and bankrupt entities.

Experience +

Oil & Gas Industry

Provided testimony on damages incurred by a group of co-venture companies due to the delay in the development of a deep-water offshore oil project in Nigerian waters. Analysis included projecting commodity prices, creating financial models for the project under the Nigerian tax regime and production sharing contract applicable to the project, and building a model to allow for calculation of delay damages in the future as the delay was ongoing.

Provided testimony on royalty accounting and valuation issues related to royalty interest owners and a major integrated oil company. Analysis included determination of gross proceeds for crude oil, allocation of gross proceeds to royalty owners, determination of gross proceeds, allocation of revenue to wellhead, allocation of purchaser settlements, allocation of related taxes, transportation costs, determination of market prices for crude oil, and analysis of buy/sell transactions.

Provided testimony on damages incurred by a former major Russian integrated oil company due to a failed merger with another Russian oil company. Valued international assets, evaluated due diligence activities, analyzed international economics of the oil & gas industry, reviewed the responsibilities of auditors, analyzed international accounting standards, and evaluated Russian accounting methods.

Provided testimony on damages related to the sale and purchase from an oil platform that had been seized by the government of Russia through the retroactive application of tax law changes. Reviewed operational costs and evaluated crude production profitability and pricing of crude oil at various points in Eastern Europe and Russia.

Evaluated accounting for a gas pipeline in regards to volumes, pricing, transportation, shrinkage, line-loss, and payment for production. Quantified exposure due to line-loss, underpayments, overcharges and pipeline liquids. Analyzed potential civil RICO exposure and allegations of fraud.

Trading

Performed an internal investigation into allegations of accounting and trading irregularities. Investigation included trading risk management, verification of forward curves, analysis of risk profiles of trading portfolios, forensic analysis of trading books in order to search for fabricated trades, review and analysis of the mark-to-market and mark-to-model processes for trading assets, and analysis of internal audit reports.

Provided expert testimony on the value of a trading book that had been terminated due to bankruptcy. Analyzed market pricing, midpoint pricing, and netting arrangements. Evaluated Black-Scholes pricing model, synthetic option valuation techniques, Monte Carlo simulations, and other alternative valuation models.

Investigated financial engineering and accounting irregularities at large energy trading company in response to a Securities and Exchange Commission (SEC) official inquiry into accounting restatements. Assisted in coordination of response to an SEC Subpoena. Evaluated litigation risks through the review of accounting information, official company correspondence, and internal memoranda. Issues included mark-to-market accounting, special purpose entities, debt retirement/transfer, accounting for leases, and conflict of interest.

Chemicals

Provided testimony on the impact of alleged actions of the Romanian government toward an integrated chemical company and related assets. Valued ammonia, fertilizer, and explosives assets that were part of an integrated facility.

Provided expert testimony on the allocation methodology used for a gas processing plant. Issues included unobservable allocations within the accounting system and the allocation process used to allocate plant product to individual wellheads in light of contractual requirements.

Provided expert testimony refuting alleged damages arising from the cancellation of an operator contract at a gas processing facility in Kazakhstan. Issues included analyzing compensation structure under the contract, reviewing the impact of off-spec gas production on the compensation of the contract and a review of the inventory costs for consumable items.

Education +

Bachelor of Accounting, minors in math and finance, Cameron University, 1991

Master of Accounting Science, major area: international accounting, minor area: international finance, University of Illinois, 1992

Doctoral Coursework, major area: financial accounting, minor areas: finance and econometrics, Arizona State University, 1995

Certifications +

Certified Public Accountant, Texas

Memberships +

Institute for Energy Law, Advisory Board Member

Institute for Transnational Arbitration, Advisory Board Member

Awards +

The International Who’s Who of Commercial Arbitration: Expert Witnesses 2011-2016

Publications & Speaking Engagements+

“The Nationalization of Oil Assets and Issues Facing Multi-National Oil Companies”, June 2007, Transnational Dispute Management.

“ICSID Arbitration Awards and Cost”, December 2006, Transnational Dispute Management.

“Venezuela Oil Contractors May Dodge Fight with Chavez”, May 13, 2009, Bloomberg.

“Caracas Creates Quandry for Service Firms”, May 18, 2009, Petroleum Intelligence Weekly.

“Gold Reserve Prefers Amicable Settlement to Arbitration Route in Venezuela”, May 29, 2009, The Northern Miner.

“U.S. Firms Probed in Mexico Oil Scam”, August 12, 2009, The Wall Street Journal.

“Mexico-US Oil Smuggling Being Investigated”, August 12, 2009, Platts Oilgram News.

“Fear of precedents drives Chevron fight against Ecuador Claims”, January 20, 2010, Financial Times ft.com/energysource.

“When the Government Comes Knocking”, September 20, 2010, KUHF Houston.

“Old Fashioned Cram Down?”, January 15, 2011, American College of Bankruptcy Cram Down Seminar.

“International Investing: The Challenges Companies Are Facing (Part 1 of 2)”, February 9, 2011, UHY Advisors' Next Level of Service Express.

“UPDATE” Hague Panel Orders Ecuador to Suspend Enforcement of any Ruling Against Chevron”, February 11, 2011, Dow Jones News Service.

“High Friends in Low Places”, February 14, 2011, Forbes Magazine.

“The Case Against International Investment” April 2011, Oil & Gas Financial Journal.

“Chevron Case Could Last Years”, January 5, 2012, Wall Street Journal.

“Fleets fueled by CNG can help solve U.S. energy riddle”, August 23, 2012, The Houston Chronicle.

“China opens shale gas auction, but barriers remain”, September 21, 2012, The Houston Business Journal.

Practices +