Asset Valuation Services
Watson Millican & Company consultants have prepared asset valuations for the purposes of acquisitions and divestures, property tax assessments, financing, insurance claims, purchase price allocation, contract disputes, insurable loss and bankruptcy. Valuations are performed using the appropriate and accepted methods for the particular assignment, including income, replacement cost and comparable sales approaches.
Our consultants have worked closely with appraisers, accountants and other professionals in valuing assets in the hydrocarbon industries. Our valuation experience includes natural gas processing plants, refineries, ethylene plants, ethanol plants, pipelines, storage and distribution terminals, and midstream assets.
Refining and Chemicals
Refinery Ad Valorem Valuations
Prepared fair market values of many refineries for owners and tax assessors for ad valorem property tax purposes in California, Illinois, Louisiana, Montana, New Jersey, Oklahoma and Texas. Prepared reports on fair market values using the three standard approaches to value including cost, comparable sales, and income. Provided expert testimony in litigation.
Power Generation
Hurricane Damage Assessments
Performed physical inspection and developed estimated cost of loss caused by storm and flood damage from Hurricanes Katrina and Rita to electrical power generating plants and electrical distribution systems across southern Louisiana and Texas with emphasis on the New Orleans area.
Combined Cycle Cogeneration Plant Valuation
Completed an income analysis for a large natural gas combined cycle cogeneration power plant in Texas and assisted licensed appraiser in preparing a market value report in support of property tax litigation. Income analyses covered multiple tax years and considered different operating scenarios as part of highest and best use assessment. Also assisted in cost approach and functional obsolescence determination. Provided deposition testimony in support of work.
Pipelines
Crude Oil Pipeline Gathering and Transportation System Assessment
Reviewed mid-continent crude oil gathering system and transportation system consisting of several hundred miles of pipe for owner to assess whether owner should keep or monetize. Study recommended that client keep the system for proprietary use which client did do.
Midstream, Terminals, Distribution
Crude and Product Distribution Terminals Valuation
Performed analyses for appraisals and valuation of a crude oil terminal and petroleum product terminals for due diligence and ad valorem taxation.
Renewables
Ethanol and Renewable Diesel Plant Valuation
Performed analyses for appraisals and valuation of ethanol plants and a renewable diesel plant for ad valorem taxation.