Course Summary

This workshop introduces participants to the basics of analyzing oil and gas companies from operational and financial perspectives. The course addresses independent (IOC) and national (NOC) oil companies including analysis of upstream, downstream, and refining operations. The course will teach how to analyze integrated oil majors and juniors from a financial perspective and also identify key components of the competitive, corporate governance, and regulatory landscapes for both IOCs and NOCs.

Who Should Attend?

Global energy-related companies engaged in the due diligence process for potential partnering, joint venture, or opportunity assessment in the energy sector. Energy company employees in finance, human resources, logistics, operations (downstream and upstream), strategy, and treasury also would benefit. Any professional, seeking a better understanding of analyzing opportunities in the rapidly changing and increasingly complex crude oil industry would find the course beneficial. Such professionals could include analysts, bankers, lawyers or other industry participants <b>who do not necessarily have an accounting or finance background.

Course Contents

Day 1

Analyzing Crude Oil Operations

• For Investors: equity, bonds, operating assets
• Operational analysis to attract investors
• Analyzing reserves, 1P, 2P, and 3P evaluations, reserve replacement rates, and reserve production ratios
• Natural gas (associated and non-associated)
• Crude oil production cycles
• Offshore versus onshore production
• Downstream operations
• Refining operations - price takers (utilization, throughput, crack spreads)
• Regulatory environment and its evolution
• Competitive landscape and opportunities among integrated majors
• Reserves - the end game
• Case study

Day 2

Financial Considerations

• Key credit metrics
• Financial analysis
• Liquidity
• Cash flow considerations
• The capital structure - how to analyze and why it matters
• Capital expenditure planning
• Case study

Industry Perspectives

• The politics behind bidding and production rights
• Asset portfolio management upstream and downstream considerations
• State-owned versus independent oil company comparisons
• Case study and analysis of State-owned oil companies
• Corporate governance - why it matters