# MITCHELL ENERGY ADVISORS, LLC X-17A-5 (2019-02-26) — Broker-dealer annual report - Company: MITCHELL ENERGY ADVISORS, LLC - Form: X-17A-5 - Filed: 2019-02-26 - Period: 2018-12-31 - Accession: 0001321919-19-000001 - CIK: 1321919 - File #: 8-66878 - Material weakness: No - Auditor: Turner, Stone & Company, L.L.P. - Auditor location: Dallas, TX - Contact: Mike Mitchell - Phone: 469-916-7484 - Signed by: Mike Mitchell (Chief Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1321919/000132191919000001/2018auditmitchell-PTRA6.pdf --- {0}------------------------------------------------ **UNITEDSTATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** # **ANNUAL AUDITED REPORT FORM X-17A-5 PART Ill** | | 0 MB APPROVAL | | | |--------------------------|---------------------------|--|--| | 0MB Number: | 3235-0123 | | | | Expires: | August 31, 2020 | | | | Estimated average burden | | | | | | hours per response 12.00 | | | | SEC FILE NUMBER | |-----------------| | 8-66878 | **FACING PAGE** Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder | REPORT FOR THE PERIOD BEGINNING 01 | /01
/2018
AND ENDING 12/31/2018 | | | | | | | | |---------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|---------|------------------------------------|--|--------|------------------|--|-------| | | MM/DDNY | | -----------
MM/DDNY | | | | | | | | A. REGISTRANT IDENTlFICA TION | | | | | | | | | NAME oF BROKER-DEALER: Mitchell Energy Advisors, LLC.
ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.)
7515 Greenville Avenue, STE 905 | | | OFFICIAL USE ONLY
FIRM 1.0. NO. | | | | | | | | | | | | | (No. and Street) | | | | | | | | | Dallas | TX | | 75231 | | (City) | (S1a1e) | | (Zip Code) | | | | | | | NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT
Mike Mttchell | | | 469·916-7 484 | | | | | | | | B. ACCOUNTANT IDENTIFICATION | | (Area Code - Telephone Number) | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report*
Turner, Stone & Company, L.L.P. | (Name - if i11dfrid11al. state last, first. middle name) | | | | | | | | | 12700 Park Central Dr., STE 1400 Dallas | | TX | 75251 | | | | | | | (Address) | (City) | (State) | (Zip Code) | | | | | | | CHECK ONE:
lv"j
certified Public Accountant
B
Public Accountant
Accountant not resident in United States or any of its possessions. | | | | | | | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | | | | | | | | | | | | | | | | | | *\*Claims for exemption from the requiremelll that the annual report be covered by the opinion of an i11depe11de11t public accountant 11111st be supported by a statemellf of facts and circumstances relied 011 as the basis for the exemptio11. See Section 240.17a-5(e){2)* > Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid 0MB control number. SEC 141 o (06-02) {1}------------------------------------------------ #### **OATH OR AFFIRMATION** | ________________________
I, _M_i_k_e_M_i_tc_h_e_ll | | . swear (or affirm) that, to the best of
_
_ | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|---------------------------------------------------------------------------------------------------------------------------------| | my knowledge and belief the accompanying financial statement and supporting schedu les pertaining to the firm of
_____
Mitchell Energy :;_ _Advisors ______
, LLC | | _________________________________
, as | | of December 31 | 20 18 | are true and correct. I further swear (or affirm) that | | classified solely as that of a customer, except as follows: | | neither the company nor any partner, proprietor. principal officer or director has any proprietary interest in any account | | lf:f.i'!:~;~
ANGELA ANN LOPEZ
~ :rJif'= § Notary Public. Slate of Texas
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My Comm,ssron Exprres
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August 22, 2019
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Signature | | | | Chief Financial Officer | | | | | | This report ** contains (check all applicable boxes):
00 (a) Facing Page.
!Kl (b) Statement of F
inancial Condition.
00 (c) Statement of Income (Loss). | | | | [ID (d) Statement of Changes in Financial Condition.
IEI (e) Statement of Changes in Stockholders' Equity or Partners· or Sole Proprietors' Capital.
D (f) Statement of Changes in Liabilities Subordinated to Claims of Creditors. | | | | ~ (g) Computation of Net Capital.
CID (h) Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3.
IEI (i) Information Relating to the Possession or Control Requirements Under Rule I 5c3-3.
IEI G) | | A Reconciliation, including appropriate explanation of the Computation of Net Capital Under Rule l 5c3-l and the | | Computation for Determination of the Reserve Requirements Under Exhibit A of Rule l 5c3-3.
consolidation. | | D (k) A Reconciliation between the audited and unaudited Statements of Financial Condition with respect to methods of | | [xi (I) An Oath or Affirmation. | | | | 0
(m) A copy of the SIPC Supplemental Report. | | | | 0 | | (n) A report describing any material inadequacies found to exist or found to have existed since the date of the previous audit. | | **For conditions of confidential treatment of certain portions of this filing. see section 240. J 7a-5(e){3). | | | X {2}------------------------------------------------ Mitchell Energy Advisors, LLC Financial Statements and Report of Independent Registered Public Accounting Firm For the Year Ended December 31, 2018 {3}------------------------------------------------ # **TABLE OF CONTENTS** | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM l | |-------------------------------------------------------------| | STATEMENT OF FINANCIAL CONDITION 3 | | STATEMENT OF OPERATIONS AND MEMBER'S CAPITAL 4 | | STATEMENT OF CASH FLOWS 5 | | NOTES TO FINANCIAL STATEMENTS 6-9 | | SClIEDULE T IO | | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 11 | | EXEMPTION REPORT 12 | {4}------------------------------------------------ *iour Vision Our Focus* ![](_page_4_Picture_1.jpeg) # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member of Mitchell Energy Advisors, LLC ### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Mitchell Energy Advisors, LLC (the "Company") as of December 31, 2018 and the related statements of operations and member's capital and cash flows for the year then ended, and the related notes ( collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2018, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. ### Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over fmancial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of the fmancial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. Turner, Stone &Company, LLP. Accountants and Consultants 12700 Park Central Drive, Suite 1400 Dallas,Texas 75251 Telephone: 972-239-1660/Facsimile: 972-239-1665 Toll Free: 877-853-4195 Web site: curnerstone.com IINAA ![](_page_4_Picture_12.jpeg) {5}------------------------------------------------ #### Opinion on Supplemental Information Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information contained in the Supplemental Schedule required by Rule l 7a-5 under the Securities Exchange Act of 1934 is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with Rule 17a-5 under the Securities Exchange Act of 1934. In our. opinion, the Supplemental Schedule is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as the Company's auditors since 2005. Dallas, Texas February 22, 2019 {6}------------------------------------------------ ## **MITCHELL ENERGY ADVISORS, LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2018** ``` Assets ``` | Current assets: | | |-----------------------------------------------------|--------------| | Cash | \$
16,123 | | Advance to Parent | 50,424 | | Total current assets | 66,547 | | Furniture, fixtures and equipment, at cost: | | | Furniture and fixtures | )33,908 | | Equipment | 72,464 | | Less accumulated depreciation | (206,372) | | Total furniture, fixtures and equipment, net | 0 | | Non-current assets: | | | Investment in limited partnership, at cost (Note 1) | 1,000 | | Total assets | \$
67,547 | | Liabilities and Member's Capital | | | Current liabilities: | | | Accounts payable | \$
3,302 | | Total current liabilities | 3,302 | | Commitments and contingencies (Note 2) | | | Member's capital | 64,245 | | Total liabilities and member's capital | \$
67,547 | The accompanying notes are an integral part of the financial statements. {7}------------------------------------------------ ## **MITCHELL ENERGY ADVISORS, LLC STATEMENT OF OPERATIONS AND MEMBER'S CAPITAL FOR THE YEAR ENDED DECEMBER 31, 2018** | Revenues | | |--------------------------------------------------|---------------| | Advisors fees | \$
546,301 | | | 546,301 | | | | | Costs and expenses: | | | Travel and entertainment | 610,043 | | Salaries and benefits | 313,361 | | General and administrative | 115,932 | | Legal and professional fees | 28,715 | | Rent expense | 74,924 | | Depreciation expense | 7,285 | | Property tax expense | 47 | | Total costs and expenses | 1,150,307 | | Net operating loss | (604,006) | | Other income (expense) | | | Gain on the sale of limited partnership interest | 389,595 | | Total other income | 389,595 | | Net loss | (2
14,411) | | Member's capitai beginning of year | 278,656 | | Member's capitai end of year | \$
64,245 | The accompanying notes are an integral part of the financial statements. 4 {8}------------------------------------------------ # **MITCHELL ENERGY ADVISORS, LLC STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2018** | OPERA TING ACTIVITIES | | |-------------------------------------------------------------|---------------------| | Net loss | \$
(214,4
11) | | Adjustments to reconcile net loss | | | to net cash used in operations: | | | Depreciation expense | 7,285 | | Gain on the sale of limited partnership interest | (389,595) | | Changes in Operating Assets and Liabilities | | | Accounts receivable | 15,000 | | Accounts payable | (750) | | Deferred rent | 3,302 | | Net cash used in Operating Activities | (579,169) | | INVESTING ACTIVITIES | | | Advances to Parent | (243,674) | | Repayment of Advances to Parent | 193,250 | | Proceeds received from sale of limited partnership interest | 629,795 | | Net cash provided by Investing Ac
tivities | 579,371 | | FINANCING ACTIVITIES | | | Net cash increase | 202 | | Cash at beginning of year | 15,921 | | Cash a
t end of year | \$
16,123 | | | | The accompanying notes are an integral part of the financial statements. {9}------------------------------------------------ ### **1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:** #### Business and operations Mitchell Energy Advisors, LLC (the Company) is a limited liability company organized in the State of Texas, on March 5, 2003 and is a wholly-owned subsidiary of Mitchell Energy Partners, LLC (the Parent). The Company is a broker-dealer registered with the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). The Company is engaged in the private placement of debt and equity securities, principally in the oil and gas industry, as well as providing advisory services for mergers and acquisitions and corporate finance. ### Management estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. ### Cash and cash flows For purposes of the statement of cash flows, cash includes demand deposits, time deposits, certificates of deposit and short-term liquid investments with original maturities of three months or less when purchased. The Company maintains deposits in a financial institution. At December 31, 2018, the Federal Deposit Insurance Corporation (FDIC) provided insurance coverage ofup to \$250,000, per depositor, per institution. At December 31, 2018, the Company's cash was not in excess offederally insured limits. ### Accounts Receivable Receivables consist of uncollateralized customer obligations due under normal trade terms. Payments on trade receivables are applied to the earliest unpaid invoices. Management reviews trade receivables periodically and reduces the carrying amount by a valuation allowance that reflects management's best estimate of the amount that may or may not be collectible. As of December 31, 2018, there was no allowance for doubtful accounts. ### Furniture, fixtures and equipment Furniture, fixtures and equipment are stated at cost less accumulated depreciation. Depreciation of furniture, fixtures and equipment being provided using the straight-line method for financial reporting purposes over estimated useful lives of five to seven years and using accelerated methods for tax reporting purposes. {10}------------------------------------------------ #### Investment in limited partnership The Company received approximately 5% of a limited partnership as compensation for advisory services during the year ended December 31, 2012. The services provided had an agreed upon value of \$500,000 which was used to record the investment in the partnership. The investment is accounted for using the cost method because the Company's investment is less than 5% of the partnership and the Company does not have any influence over the partnership's operating and financial policies. Using a cash flow projection, the Company's management reviewed this investment for potential impairment. Based on its assessment, management determined no impairment or other material decline in value had occurred during the year ended December 31, 2018 and through February 22, 2019. On March I, 2018 the Company distributed 49.8 % of its Limited Partnership Interest in the investment for \$629,795 realizing a profit of\$389,595. #### Revenue recognition In 2018 the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Revenue from contracts with customers includes fees from investment banking services. The recognition and measurement ofrevenue is based on the assessment of individual contract terms. Significant judgment is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events. The Company earns fees and commissions in connection with the placement and advisory services it provides and recognizes revenue when the Company has completed its contractual obligations and collection is reasonably assured. On January **1,** 2018, the Company adopted *Revenue from Contracts with Customers* using the modified retrospective method which resulted in no change to any prior financial reporting. #### Client concentrations For the year ended December 31, 2018, three clients represented 33%, 23%, and 18% of the Company's total revenues. ### Fair value of financial instruments In accordance with the reporting requirements of the Financial Accounting Standards Board (F ASB) Accounting Standards Codification (ASC) Topic 825, *Financial Instruments,* the Company calculates the fair value of its assets and liabilities which qualify as financial instruments under this standard and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. The Company does not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value at December 31, 2018, nor gains or losses reported in the statement of operations and member's capital that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held during the year ended December 31 , 2018. {11}------------------------------------------------ ### Fair value measurements ASC Topic 820, *Fair Value Measurement,* defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles, and requires certain disclosures about fair value measurements. In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the customer's creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. #### Recent accounting pronouncements During the year ended December 3 1, 2018 and through February 22, 2019, there were several new accounting pronouncements issued by the F ASB. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements bas bad or will have a material impact on the Company's financial statements. In February 2016, the F ASB issued ASU 2016-02, Leases, which replaces the existing guidance in ASC 840, Leases. The new standard establishes a right-of-use model that requires a lessee to record a right-ofuse asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. The guidance will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. Management of the Company is currently evaluating the impact of ASU 2016-02 will have on its financial statements and related disclosures. ### Subsequent events In preparing the financial statements, the Company bas reviewed, as determined necessary by the Company's management, events that have occurred after December 31, 2018, up until the issuance of the financial statements, which occurred on February 22, 2019. ## **2. COMMITMENTS AND CONTINGENCIES:** ### Operating lease The Company leases its office space under the terms of an operating lease, which expires on August 31 , 2021. For the year ended December 31, 2018, rent expense totaled \$74,924 and included maintenance, and other costs as required by the Company's lease. {12}------------------------------------------------ In preparing the financial statements, the Company's management has reviewed its contractual obligations, as they relate to the Company's continued operations, and is not aware of any commitment, contingency or guarantee nor any claim to which the Company is subject to that could result in a material loss or future obligation to the Company. | Amount | | | |--------|------------|--| | \$ | 68,133 | | | | 76,309 | | | | 5
1,781 | | | \$ | 196,223 | | | | | | ### 3. **INCOME TAXES:** The Company is organized as a limited liability company under the provisions of the Internal Revenue Code of 1986 as amended. Accordingly, the financial statements do not include a provision for federal income taxes because the Company does not incur federal income tax liabilities. Instead, its earnings and losses are included in the Member's income tax return and are taxed based on the Parent's income tax rate. Similarly, the financial statements do not include a provision for Texas franchise taxes because they are included in the Parent's Texas franchise tax return. ## **4. RELATED PARTY TRANSACTIONS:** During the year ended December 31 , 2018, the Company advanced \$243,674 to its Parent and processed repayments of \$193,250. These advances are unsecured, non-interest bearing, and due on demand. ## **5. NET CA.PIT AL REQUIREMENTS:** The Company is subject to the Securities and Exchange Commission Unifonn Net Capital RuJe (SEC Rule 15c3-l), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1 (and the rule of the "applicable" exchange also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1 ). At December 31, 2018, the Company was in compliance with \$3,302 of aggregate indebtedness and net capital of \$12,821. ## **6. RULE 15c3-3 EXEMPTION:** The Company does not hold customer funds or securities and is, therefore, exempt under Rule 15c3- 3(k)(2)(i) from preparing the Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3. {13}------------------------------------------------ ## **MITCHELL ENERGY ADVISORS, LLC SCHEDULE! DECEMBER 31, 2018** | Net capital requirement, the greater of: | | \$
5,000 | |-------------------------------------------------------|------------------|--------------| | 1/15% of aggregate indebtedness | \$
220 | | | Minimum dollar requirement | 5,000 | | | Net capital | | 12,821 | | Excess net capita
l | | \$
7,821 | | Aggregate indebtedness | | 3,302 | | Ratio of aggregate indebtedness to net capital | | 25.75% | | 120% of required net capita I | | 6,000 | | Net capital in excess of 120% of required net capital | | \$
6,821 | | Total assets | | \$
67,547 | | Less: total liabilities | | 3,302 | | Net worth | | 64,245 | | Deductions from and/or charges to net worth | | | | Total non-allowable assets | \$
,424
51 | | | Total deductions from net worth | | 51,424 | | Net capital before haircuts on securities positions | | 12,821 | | Haircuts on certificates of deposit and | | | | commercial paper | | | | Other securities | | | | Other positions | | | | Total haircuts of securities | | | | Net capital | | \$
12,821 | {14}------------------------------------------------ *Your Vision Our Focus* ![](_page_14_Picture_1.jpeg) # Report of Independent Registered Public Accounting Finn To the Member of Mitchell Energy Advisors, LLC We have reviewed management's statements, included in the accompanying Exemption Report, in which (I) Mitchell Energy Advisors, LLC identified the following provisions of 17 C.F.R. §15c3-3(k) under which Mitchell Energy Advisors, LLC claimed an exemption from 17 C.F.R. §240. 15c3-3, specifically 17 C.F.R. §240.15c3-3(k)(2)(i) (the exemption provisions) and (2) Mitchell Energy Advisors, LLC stated that Mitchell Energy Advisors, LLC met the identified exemption provisions throughout the most recent fiscal year, without exception. Mitchell Energy Advisors, LLC's management is responsible for compliance with the exemption provisions and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about Mitchell Energy Advisors, LLC's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k)(2)(i) of Rule 15c3-3 under the Securities Exchange Act of 1934. Certified Public Accountants February 22, 2019 Turner, Stone & Company, LLP. Accouncancs and Consultants 12700 Park Ccnrral Drive, Suite 1400 Dallas, Texas 75251 Telephone: 972-239-1660/Facsimile: 972-239-1665 Toll **Free:** 877-853-4195 Web site: mrnerstone.com ![](_page_14_Picture_11.jpeg) {15}------------------------------------------------ # **Mitchell Energy Advisors, LLC. 7515 Greenville Avenue, Suite 90S** / **Dallas, TX 7S231 469-916-7484** ### **Mitchell Energy Advisors, LLC. Assertions** **Mitchell Energy Advisors, LLC.** (the '·Company .. ) is a registered broker-dealer subject to Rule l 7a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.1 ?a-5, .. Reports to be made by certain brokers and dealers·} This Exemption Report was prepared as required by 17 C.F.R. § 240.17a-5(d)(l) and (4). To the best of its knowledge and belief, the Company states the following: - (1) The Company claimed an exemption from 17 C.F.R. § 240.15c3-3 under the following provisions of 17 C.F.R. § 240.15c3-3(k)(2)(i). - (2) The Company met the identified exemption provision in 17 C.F.R. § 240.15c3-3(k)(2)(i) throughout the most recent fiscal year without exception. ## **Mitchell Energy Advisors, LLC.** I, Mike Mitchell, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. -~ Mike Mitchell, Chief Financial Officer - January 4, 2019 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.