# MITCHELL ENERGY ADVISORS, LLC X-17A-5 (2023-03-06) — Broker-dealer annual report - Company: MITCHELL ENERGY ADVISORS, LLC - Form: X-17A-5 - Filed: 2023-03-06 - Period: 2022-12-31 - Accession: 0001321919-23-000002 - CIK: 1321919 - File #: 8-66878 - Type: Broker-dealer - Material weakness: No - Auditor: Turner, Stone & Company, L.L.P. - Auditor location: Dallas, TX - Contact: Mike Mitchell - Phone: 469-916-7484 - Email: mmitchell@mitchellenergypartners.com - Website: mitchellenergypartners.com - Signed by: Mike Mitchell (Chief Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1321919/000132191923000002/2022mitchellaudit-.pdf --- {0}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** | OMB APPROVAL | |---------------------------| | OMB Number: 3235-0123 | | Expires: Oct. 31, 2023 | | Estimated average burden | | hours per response:
12 | # **ANNUAL REPORTS FORM X-17A-5 PART III** | SEC FILE NUMBER | | |-----------------|--| | 8-66878 | | **FACING PAGE** **Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** | FILING FOR THE PERIOD BEGINNING | 01/01/2022 | AND END NG | lz/J
12/31/2022 | | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|----------------------------------------|-------------------------------------------------|--|--|--|--|--| | | MM/DD/YY | | MM/DD/YY | | | | | | | A. REGISTRANT IDENTIFICATION | | | | | | | | | | Mitchell
Energy
namf
OF FIRM | Advisors,
LLC | | | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
K
Broker-dealer
Security-based swap
Major
dealer
security-based swap
participant
Check here if respondent is also an OTC derivatives dealer | | | | | | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not | | use a P.O. box no.) | | | | | | | | Greenville
7515
Avenue,
STE | 905 | | | | | | | | | (No. and Street) | | | | | | | | | | Dallas | | TX | 75231 | | | | | | | (City) | (State) | | (Zip Code) | | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | | | Mike
Mitchell | 469-916-7484 | | mmitchell@mitchellenergypartners.com | | | | | | | (Name) | (Area Code -Telephone Number) | | (Email Address) | | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports | | filing*
are contained
in
this | | | | | | | | Turner,
Stone
Company,
L.L.P.
& | | | | | | | | | | (Name -if | individual, state last, first, and middle name) | | | | | | | | | 12700
Drive,
Park
Central
STE | 1400
Dallas | TX | 75251 | | | | | | | (Address) | (City) | | (State)
(Zip Code) | | | | | | | 09/29/2003 | | 76 | | | | | | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | •Claims for exemption from the requirement that the annual reports be | | | covered by the reports of an independent public | | | | | | accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(l)(ii), if applicable. 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 OMB control number. {1}------------------------------------------------ #### **OATH OR AFFIRMATION** | Mike
Mitchell | swear (or affirm) that,
to
the best of my knowledge and belief, the | |----------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------| | financial report pertaining to
the firm
of
December
31
2 022
, | ,
Energy
Advisors,
Mitchell
LLC.
as of
,
and correct. I
swear (or affirm) that
j\$ true
further
neither the company nor any | | partner, officer, director, | or equivalent person, as the case may be, has any proprietary
interest in any account
classified solely | | as that
of a customer. | | | | | | | | # **This filing\*\* contains (check all applicable boxes):** - K (a) Statement of financial condition. - (b) Notes to consolidated statement of financial condition. - ® (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - X (d) Statement of cash flows. - X (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - (f) Statement of changes in liabilities subordinated to claims of creditors. - X (g) Notes to consolidated financial statements. - XI (h) Computation of net capital under 17 CFR 240.15c3-l or 17 CFR 240.18a-l, as applicable. - (i) Computation of tangible net worth under 17 CFR 240.18a-2. - (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240 15c3-3. - (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - iXl (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240 15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - IX (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-l, 17 CFR 240.18a-l, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - IX (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - X (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (t) Independent public accountant's report based on an examination of the statement of financial condition. - X (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - X (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-le or 17 CFR 240.17a-12, as applicable. - (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - (z) Other: \*\*To request *confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable.* {2}------------------------------------------------ **Mitchell Energy Advisors, LLC** **Financial Statements** **and** **Report of Independent Registered Public Accounting Firm** **For the Y ear Ended December 31, 2022** {3}------------------------------------------------ ### **TABLE OK CONTENTS** | OF
INDEPENDENT
PUBLIC
ACCOUNTING
REPORT
REGISTERED
FIRM
1 | |---------------------------------------------------------------------------------| | OF
3
STATEMENT
FINANCIAL
CONDITION | | 4
STATEMENT
OF
OPERATIONS
AND
MEMBER'S
CAPITAL | | STATEMENT
OF
FLOWS
5
CASH | | TO
6-9
NOTES
FINANCIAL
STATEMENTS | | SCHEDULE
10
1 | | OF
REPORT
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
11 | | EXEMPTION
REPORT
12 | {4}------------------------------------------------ *Your 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, as of December 31. 2022, and the related statements of operations and member's 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 Mitchell Energy Advisors, LLC as of December 31, 2022, 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 entity's management. Our responsibility is to express an opinion on these 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 Mitchell Energy Advisors. LLC 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. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included 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. #### *Supplemental Information* The supplemental information contain on Schedule I has been subjected to audit procedures performed in conjunction with the audit of Mitchell Energy Advisors, LLC's financial statements. Schedule I is the responsibility of Mitchell Energy Advisors, LLC management. Our audit procedures included determining whether Schedule I 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 Schedule I. In forming our opinion on Schedule I. we evaluated whether Schedule I, including its form and content, is presented in conformity with 17 C.F.R. §240.17a-5. In our opinion. Schedule I is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as Mitchell Energy Advisors, LLC's auditor since 2005. Dallas. Texas March 2, 2023 > Turner, Stone & Company, LLP Accountants and Consultants 12"00 Park Central Drive. Suite 1400 Dallas.Texas "5251 Telephone:9"2-239-1660/Facstmile: 972-239-1665 Toll Free: 8""-853-4195 Web site:tumerstone.com ![](_page_4_Picture_15.jpeg) {5}------------------------------------------------ ### **MITCHELL ENERGY ADVISORS, LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022** #### Assets Current assets: | Cash | \$ | 26,410 | |-------------------------------------------------------------|----|-----------| | assets
Total
current | | 26,410 | | Furniture,
and
at
cost:
fixtures
equipment, | | | | Furniture
and
fixtures | | 133,908 | | Equipment | | 72,464 | | Use
Asset
of
Right | | 64,260 | | Less
accumulated
depreciation | | (206,372) | | Total
furniture,
fixtures
and
equipment,
net | | 64,260 | | assets
Total | S | 90,670 | | Capital
Member's
and
Liabilities | | | | Current
liabilities: | | | | Accounts
payable | \$ | 3,608 | | Lease
liability | | 65,178 | | Total
Liabilities | | 68,786 | | (Note
and
contingencies
2)
Commitments | | | | Member's
capital | | 21,884 | | Total
and
member's
capital
liabilities | \$ | 90,670 | The accompanying notes are an integral part of the financial statements. {6}------------------------------------------------ ### **MITCHELL ENERGY ADVISORS. LLC STATEMENT OF OPERATIONS AND MEMBER'S CAPITAL FOR THE YEAR ENDED DECEMBER 31, 2022** | Revenues | | |-------------------------------------------------|---------------| | Advisors
and
private
placement | \$
468,542 | | Reimbursed
expenses | 11,870 | | | 480,412 | | | | | Costs
and
expenses: | | | Travel
and
entertainment | 123,737 | | Salaries
and
benefits | 239,751 | | General
and
administrative | 34,252 | | fees
Legal
and
professional | 39,388 | | Rent
expense | 47,503 | | Property
expense
tax | 208 | | Total
costs
and
expenses | 484,839 | | Net
operating
loss | (4,427) | | Other
(expense):
income | 0 | | Net
loss | (4,427) | | Member's
of
capital,
year
beginning | 11,311 | | member
Contributions
from | 15,000 | | Member's
of
year
capital,
end | \$
21,884 | The accompanying notes are an integral part of the financial statements. {7}------------------------------------------------ ### **MITCHELL ENERGY ADVISORS, LLC STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER** 31, 2022 | OPERATING
ACTIVITIES | | | |------------------------------------------------------------|----|---------| | Net
loss | \$ | (4,427) | | Adjustments
to
reconcile
net
loss | | | | cash
to
net
used
operations:
in | | | | lease
Amortization
of
liability | | 612 | | Assets
Changes
Operating
and
Liabilities
in | | | | Accounts
payable | | 3,376 | | Net
cash
used
in Operating
Activities | | (439) | | FINANCING
ACTIVITIES | | | | from
member
Contribution | | 15,000 | | Net
cash
provided
Financing
by
Activities | | 15,000 | | cash
Net
increase | | 14,561 | | at
Cash
of
year
beginning | | 11,849 | | at
Cash
year
end
of | S | 26,410 | NON-CASH INVESTING AND FINANCING Recognition of Right of Use Asset 64,260 The accompanying notes are an integral part of the financial statements. {8}------------------------------------------------ ### **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, 2022, the Federal Deposit InsuranceCorporation (FDIC) provided insurance coverage of up to \$250,000, per depositor, per institution. At December 31, 2022, the Company's cash was not in excess of federally 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, 2022, 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. {9}------------------------------------------------ #### Revenue recognition On January 1, 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 of revenue 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 advisory services it provides and recognizes revenue when the Company has completed its contractual obligations which is the point in time its customers receive the benefit of such services being provided and collection is reasonably assured. The Company incurs expenses which are reimbursed by the client and the related expenses are recorded under Travel Expense. #### Client concentrations For the year ended December 31, 2022, the Company's revenue was represented by four clients at 34%, 31%, and 19%. #### Fair value of financial instruments In accordance with the reporting requirements of the Financial Accounting Standards Board (FASB) 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, 2022, 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 liabilitiesstill held during the year ended December 31, 2022. #### 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, asinputs, 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. {10}------------------------------------------------ #### Recent accounting pronouncements During the year ended December 31, 2022 and through March 2, 2023, there were several new accounting pronouncements issued by the FASB. 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 has had or will have a material impact on the Company's financial statements. ### Subsequent events In preparing the financial statements, the Company has reviewed, as determined necessary by the Company's management, events that have occurred after December 31, 2022, up until the issuance of the financial statements, which occurred on March 2, 2023. ### **2. COMMITMENTS AND CONTINGENCIES:** #### Operating lease The Company leases its office space under the terms of an operating lease, which expires on August 31, 2024. For the year ended December 31, 2022, rent expense totaled \$47,503 and included maintenance, and other costs as required by the Company's lease. | 31,
Year
ending
December | Amount | | | |-----------------------------------|--------------|--|--| | 2023 | 38,862 | | | | 2024 | 26,316 | | | | Total | \$
65.178 | | | 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. {11}------------------------------------------------ ### **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, 2022, there were related party transactions of \$15,000 capital contribution from Mitchell Energy Partners LLC and expense reimbursements of \$16,500 to M2 Investment Properties LLC. ### **5. NET CAPITAL REQUIREMENTS:** The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (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, 2022, the Company was in compliance with \$302 of aggregate indebtedness and net capital of \$21,884. ### **6. RULE 15c3-3 EXEMPTION:** The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients, and the Company, (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. {12}------------------------------------------------ ### **MITCHELL ENERGY ADVISORS, LLC SCHEDULE I DECEMBER 31, 2022** | requirement,
the
of:
Net
capital
greater | | \$ | 5,000 | |-------------------------------------------------------------------------------|-----------|----|--------| | of
1/15%
aggregate
indebtedness | \$
302 | | | | requirement
Minimum
dollar | 5,000 | | | | Net
capital | | | 21,884 | | net
Excess
capital | | s | 16,884 | | of
to
net
Ratio
aggregate
indebtedness
capital | | | 20.68% | | of
120%
required
net
capital | | | 6,000 | | of
of
Net
capital
in excess
120%
required
net
capital | | \$ | 15,884 | | Total
assets | | \$ | 90,670 | | Less:
total
liabilities | | | 68,786 | | Less:
lease
liability | | | 64,260 | | Aggregate
indebtedness | | | 4,526 | | worth
Net | | | 21,884 | | Deductions
from
and/or
charges
to
net
worth | | | | | Total
assets
non-allowable | \$
- | | | | Other
deductions
or
charges | | | | | Bond
Deductible
Excess
Fidelity | | | | | Total
deductions
from
net
worth | | | | | haircuts
on
Net
capital
before
securities
positions | | | 21,884 | | on
of
Haircuts
certificates
and
deposit | | | | | commercial
paper | - | | | | Other
securities | | | | | Other
positions | | | | | Total
of
haircuts
securities | | | | | Net
capital | | \$ | 21,884 | There are no material differences between the amounts presented above and the amounts reported on the Company's FOCUS report as of December 31, 2022. {13}------------------------------------------------ *Your Vision Our Focus* ![](_page_13_Picture_1.jpeg) #### Report of Independent Registered Public Accounting Firm To the Member of Mitchell Energy Advisors, LLC We have reviewed management's statements, included in the accompanying Mitchell Energy Advisors, LLC Exemption Report, in which (1) Mitchell Energy Advisors, LLC does not claim an exemption under paragraph (k) of 17 C.F.R. §15c3-3 and (2) Mitchell Energy Advisors, LLC is filing an Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R §240.17a-5 because the Company limits its business activities exclusively to: (1) receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients and the Company (2) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, (3) did not carry accounts of or for customers; and (4) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. Mitchell Energy Advisors, LLC management isresponsible 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 Rule 15c3-3 under the Securities Exchange Act of 1934 and Footnote 74 of the SEC Release No. 34-70073. Dallas, Texas March 2, 2023 > Turner, Stone & Company, L.L.P. Accountants and Consultants 12700 Park Central Drive, Stute 1400 Dallas, Texas 75251 Telephone:972-239-1660/Facsimile: 972-239-1665 Toll Free: 877-853-4195 Web site: tiunerstone.com ![](_page_13_Picture_10.jpeg) {14}------------------------------------------------ ## Mitchell Energy Advisors, LLC. **7515 Greenville Avenue, Suite 905 / Dallas, TX 75231 469-916-7484** ### **Mitchell Energy Advisors, LLC. Assertions** **Mitchell Energy Advisors, LLC.** (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 1 7 C.F.R. § 240.1 7a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following: (1) The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15c3-3, and (2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to: (1) receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients, and the Company, (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 1 5c3-3) throughout the most recent fiscal year without exception. ### **Mitchell Energy' Advisors, LLC.** 1, 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 5, 2023 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.