# MITCHELL ENERGY ADVISORS, LLC X-17A-5 (2024-03-27) — Broker-dealer annual report - Company: MITCHELL ENERGY ADVISORS, LLC - Form: X-17A-5 - Filed: 2024-03-27 - Period: 2023-12-31 - Accession: 0001321919-24-000001 - 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/1321919/000132191924000001/2023mitchellaudit-.pdf --- {0}------------------------------------------------ OMB APPROVAL **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** | ANNUAL
REPORTS | |-------------------| | X-17A-5
FORM | | III
PART | | OMB Number: 3235-0123 | | |---------------------------|--| | Expires: Nov. 30,2026 | | | Estimated average burden | | | hours per response:
12 | | | | | 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 01/01/2023 AND ENDING 12/31/2023 MM/DD/YY MM/DD/YY **A. REGISTRANT IDENTIFICATION** # NAME OF FIRM: Mitchell Energy Advisors, LLC TYPE OF REGISTRANT (check all applicable boxes): 0 Broker-dealer Security-based swap dealer Major 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.) | 7515
Greenville | 905
Avenue,
Suite | | | | |--------------------------------------------------|---------------------------------------------------------------------------------------|----------------------------------------------|------------|--| | | (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 are contained in this filing*
Company, | | | | | Turner,
Stone
& | L.L.P.
state last,first,and
(Name -if
individual, | | | | | 12700
Park
Central
Drive, | middle name)
Dallas
STE
1400 | 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 | Mitchell Energy Advisors, LLC
, as of | | 12/31
2023 | . is true and correct. I further swear (or affirm) that neither the company nor any | | partner,officer, director, or equivalent pers^ | iasithi^
se may be,has any proprietary interest in any account classified solely | | 'V
^
as that of a customer. | .fc.LA G/a
&;} | | | !
/ | | | | | 'A s | Chief Financial Officer | | | | | Notary Public | | | This filing** contains (check all applicable boxes): | | | B
(a) Statement of financial condition. | | | (b) Notes to consolidated statement of financial condition. | | | H | (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). | | | H
(d) Statement of cash flows. | | | B
(e) Statement of changes in stockholders' or partners' or sole proprietor's equity. | | | (f) Statement of changes in liabilities subordinated to claims of creditors. | | | B
(g) Notes to consolidated financial statements. | | | B | (h) Computation of net capital under 17 CFR 240.15c3-lor 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. - **B** (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. - **B** (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. - **B** (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. - **B** (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. - **B** (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. - **B** (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 Year Ended December 31, 2023** {3}------------------------------------------------ #### **TABLE OF CONTENTS** | OF
INDEPENDENT
REPORT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
1 | |---------------------------------------------------------------------------------| | STATEMENT
OF
3
FINANCIAL
CONDITION | | MEMBER'S
4
STATEMENT
OF
OPERATIONS
AND
CAPITAL | | STATEMENT
OF
CASH
FLOWS
5 | | 6-10
NOTES
TO
FINANCIAL
STATEMENTS | | SUPPLEMENTAL
INFORMATION
1 1 | | SCHEDULE
12
I | | REPORT
INDEPENDENT
REGISTERED
ACCOUNTING
FIRM
13
OF
PUBLIC | | REPORT
EXEMPTION
14 | {4}------------------------------------------------ *Your Vision Our Focus* ![](_page_4_Picture_1.jpeg) #### **Report of Independent Registered Public Accounting Firm** To the Members 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, 2023, 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 Mitchell Energy Advisors, LLC as of December 31, 2023, 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 orfraud. Our audit included performing proceduresto assessthe 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 contained 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. Turner, Stone & Company, L.L.P. Accountants and Consultants 12700 Park Central Drive,Suite 1400 Dallas,Texas 75251 Tekphooe972-239-1660/Facsimile:972-239-1665 Toll Free: 877-853-4195 Web site:tumerstone.com ![](_page_4_Picture_12.jpeg) {5}------------------------------------------------ Our audit proceduresincluded determining whether Schedule I reconcilesto the financialstatements orthe 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. *Junut. t Compwft. Up.* We have served as Mitchell Energy Advisors, LLC's auditor since 2005. Dallas, Texas March 26, 2024 {6}------------------------------------------------ ## MITCHELL ENERGY ADVISORS, LLC STATEMENT OF FINANCIAL CONDITION **DECEMBER 31. 2023** #### Assets Current assets: | Cash | \$
25,827 | |---------------------------------------------------------|--------------| | assets
Total
current | 25,827 | | Furniture,fixtures
equipment,
cost:
at
and | | | and
Furniture
fixtures | 133,908 | | Equipment | 72,464 | | Less
accumulated
depreciation | (206,372) | | furniture,fixtures
equipment,
Total
and
net | | | of
Use
Asset
Right | 25,704 | | assets
Total | \$
51,531 | | Capital
Member's
and
Liabilities | | | liabilities:
Current | | | Accounts
payable | \$
210 | | Lease
liability | 26,316 | | Total
Liabilities | 26,526 | | (Note
2)
Commitments
and
contingencies | | | Member's
capital | 25,005 | | member's
Total
and
capital
liabilities | \$
51,531 | 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, 2023** | Revenues | | |-------------------------------------------------|---------------| | Advisors
and
placement
private | \$
220,000 | | Total
revenue | 220,000 | | expenses:
Costs
and | | | Travel
and
entertainment | 54,350 | | and
Salaries
benefits | 126,886 | | General
and
administrative | 29,968 | | fees
Legal
and
professional | 28,484 | | Rent
expense | 47,081 | | Property
tax
expense | 210 | | Total
costs
expenses
and | 286,979 | | Net
operating
loss | (66,979) | | Net
loss | (66,979) | | capital,
Member's
year
beginning
of | 21,884 | | from
member
Contributions | 70,100 | | capital,
Member's
end
year
of | \$
25,005 | The accompanying notes are an integral part of the financial statements. {8}------------------------------------------------ ## MITCHELL ENERGY ADVISORS, LLC STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2023 | OPERATING
ACTIVITIES | | |------------------------------------------------------------|----------------| | Net
loss | \$
(66,979) | | to
net
Adjustments
reconcile
loss | | | operations:
to
net
cash
used
in | | | of
lease
Amortization
liability | (306) | | Changes
Operating
Assets
and
in
Liabilities | | | Accounts
payable | (3,398) | | Net
cash
used
Operating
Activities
in | (70,683) | | FINANCING
ACTIVITIES | | | from
member
Contribution | 70,100 | | Net
cash
Financing
provided
by
Activities | 70,100 | | Net
cash
decrease | (583) | | at
Cash
of
year
beginning | 26,410 | | at
Cash
end
of
year | \$
25,827 | | | | 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. #### Going Concern For the year ended December 31, 2023, the Company incurred a net loss of \$66,979 and had a net use of cash in operating activities of \$70,683. The Company also had a negative working capital of \$699 as of December 31, 2023. As a result of these negative indicators, management has determined that it raises a doubt about the Company's ability to continue as a going concern. Historically, the Company's member has provided capital contributions at amounts to offset such losses to allow the Company to continue as a going concern, and the member has indicated his willingness and desire to continue to do so for at least a period of time that will encompass the next year beyond the date of the issuance of the accompanying financial statements. #### Management estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) 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, 2023, the Federal Deposit InsuranceCorporation (FDIC) provided insurance coverage of up to \$250,000, per depositor, per institution. At December 31, 2023, the Company's cash was not in excess of federally insured limits. ## Furniture,fixtures and equipment Furniture,fixtures and equipment are stated at cost less accumulated depreciation.Depreciation offurniture, fixtures and equipment is being provided using the straight-line method for financial reporting purposes over estimated useful lives of five to seven years. #### Operating lease The Company follows the provisions of ASC Topic 842, Leases, in accounting for its operating lease agreements. ASC Topic 842 requires that operating lease agreements be recognized on the statement of financial position as Right-of-Use (ROU) assets and corresponding ROU lease liabilities. {10}------------------------------------------------ #### Revenue recognition The Company recognizes revenues in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 606,Revenue from Contracts with Customers. Under this guidance, the Company recognizes revenue from sales when performance obligations under the terms of a contract with a customer are satisfied by analyzing exchanges with its customers using a five-step approach (1) identify the contracts) with a customer; (2) identify the performance obligation in the contract(s); (3) determine the transaction price; (4) allocate the transaction price to the performance obligation(s) in the contract(s); and (5) recognize the revenue when (or as) the Company satisfies a performance obligation.. Such revenue isrecorded at the amount of consideration expected to be received in exchange forthe transfer of goods and services to its customers. 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. Generally, revenue related to investment banking services, ortransactionalservices is recognized at a point in time as the performance obligations related to such services are met. The Company also earns fees and commissions in connection with the advisory services it provides and recognizes revenue monthly as these activities are performed over a period of time. The Company's contracts typically do not have multiple performance obligations or variable considerations. The Company incurs expenses which are reimbursed by the client and such reimbursements are included in revenue when incurred and as the associated revenue is earned from the client. The related expenses are recorded under travel and entertainment within costs and expenses int the accompanying statement of operations and member's capital. #### Client concentrations Forthe year ended December 31, 2023, the Company'srevenue wasrepresented by four clients at 52%,27%, 14%, and 7%. #### Fair value of financial instruments In accordance with the reporting requirements of the FASB ASC Topic 825, *Financial Instruments,* the Company calculates the fair value of its assets and liabilities which qualify as financial instruments under thisstandard and includesthis additional information in the notesto financialstatements 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 adjustmentsfor assets and liabilities measured at fair value at December 31, 2023, nor gains or losses reported in the statement of operations and member's capital that are attributable to the change in unrealized gains or lossesrelating to those assets and liabilities during the year ended December 31, 2023. The estimated fair value of cash and accounts payable approximate their carrying amounts due to the nature and short maturity of these instruments. {11}------------------------------------------------ #### Fair value measurements ASC Topic 820, *Fair Value Measurement*, defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, 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. The three levels of the fair value hierarchy under FASB ASC 820 are described below: Level 1- Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access. ## Level 2 - Inputs to the valuation methodology include: - 1) Quoted prices for similar assets or liabilities in active markets - 2) Quoted prices for identical or similar assets or liabilities in inactive markets - 3) Inputs other than quoted prices that are observable for the asset or liability - 4) Inputs that are derived principally from, or corroborated by, observable market data by correlation or other means If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement. #### Recent accounting pronouncements During the year ended December 31, 2023 and through March 26, 2024, 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, 2023, up until the issuance of the financial statements, which occurred on March 26, 2024 and noted no items requiring an adjustment to or disclosure in the accompanying financial statements and notes to financial statements. {12}------------------------------------------------ ## 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, 2023, rent expense totaled \$47,081 and included maintenance, and other costs as required by the Company's lease agreement. The Company utilized a discount rate of 2.41% on the lease. The lease payments are recorded on a straight-line basis. The undiscounted future minimum lease payments under non-cancelable operating leasesfor the remaining term of the lease following December 31, 2023 are asfollows: | 31,
Year
December
ending | Amount | | | |-----------------------------------|--------|--------|--| | 2024 | | 26,316 | | | Total | \$ | 26,316 | | In preparing the accompanying financialstatements,theCompany'smanagement hasreviewed 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 theCompany issubject to that could result in a material loss or future obligation to the Company. ## 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 Parent'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, 2023, there were related party transactions of \$70,100 capital contribution from the Company's Parent. ## 5. NET CAPITAL REQUIREMENTS: The Company is subject to the SEC 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 providesthat equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1). At December 31, 2023, the Company was in compliance with \$822 of aggregate indebtedness and net capital of \$25,005. {13}------------------------------------------------ ## 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 orsecurities 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. {14}------------------------------------------------ #### SUPPLEMENTAL INFORMATION {15}------------------------------------------------ ## MITCHELL ENERGY ADVISORS. LLC SCHEDULE 1 DECEMBER 3L 2023 | requirement,
of:
Net
capital
the
greater | | \$
5,000 | |----------------------------------------------------------------------------------|----------|--------------| | 1/15%
of
aggregate
indebtedness | \$
55 | | | requirement
Minimum
dollar | 5,000 | | | Net
capital | | 25,005 | | Excess
net
capital | | \$
20,005 | | of
aggregate
indebtedness
to
net
capital
Ratio | | 3.29% | | 120%
of
required
net
capital | | 6,000 | | excess
120%
Net
capital
of
of
required
net
capital
in | | \$
19,005 | | Total
assets | | \$
51,531 | | Less:total
liabilities | | 26,526 | | Less:
lease
aggregate
reduction
for
indebtedness
liability | | 25,704 | | Aggregate
indebtedness | | 822 | | Net
worth | | 25,005 | | and/or
charges
Deductions
from
to
net
worth | | | | assets
Total
non-allowable | \$ | | | Other
or
charges
deductions | | | | Excess
Bond
Deductible
Fidelity | | | | Total
deductions
from
net
worth | | | | Net
capital
before
haircuts
on
securities
positions | | 25,005 | | Haircuts
certificates
of
on
deposit
and | | | | commercial
paper | | | | Other
securities | | | | Other
positions | | | | Total
of
haircuts
securities | | | | Net
capital | | \$
25,005 | There are no material differences between the amounts presented above and the amounts reported on the Company's FOCUS report as of December 31, 2023. {16}------------------------------------------------ *Your Vision Our Focus* ![](_page_16_Picture_1.jpeg) #### Report of Independent Registered Public Accounting Finn To the Members 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 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 Rule 15c3-3 under the Securities Exchange Act of 1934 and Footnote 74 of the SEC Release No. 34-70073. *Junur.* **\$** *Qmfxuyty. \JJp.* Dallas, Texas March 26, 2024 > Turner, Stone & Company, L.L.P. 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: tumerstone.com ![](_page_16_Picture_10.jpeg) {17}------------------------------------------------ ## **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 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 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 15c3-3) 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 24, 2024 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.