Essential Petroleum Economics & Decision-Making

Economics is the primary link between decision-making and profitable operations. This course will explain how to apply tools from petroleum economics which help make better decisions for upstream oil and gas opportunities.

You will be introduced to the economic concepts, strategies, and basic tools utilized in the oil and gas industry which will help you learn how to assess the economic attractiveness of upstream investments in the face of uncertainty. Plus you will learn how to recognize attractive opportunities and avoid bad ones.

Oil and gas companies routinely use economic tools to make decisions about investments and divestitures. This course will both provide background on the upstream oil and gas industry and also introduce you to the economic and decision-making tools used to make high stakes decisions in uncertain environments.

You will learn why the following are important to petroleum economics: Optimal Choice; Decline Curves; Reserves; Cash Flows; Before and After Tax Economics; Discount Rate; Incremental, Acquisition, and Exploration Economics; Value of Information, Monte Carlo Methods; and an understanding of Oil and Gas.

The instructor, Mark Cronshaw, has extensive experience in economics, business and engineering, both domestically and internationally. This combination brings to light the many aspects of oil and gas opportunities.

Past Participants are Saying:
“Excellent class, fantastic instructor, and helpful materials made this class a valuable and worthwhile two days.” – Lease & Title Analyst III, PDC Energy
“Very effective course content and instruction.” – Geo Mgr, Parsley
“Very informative & well taught/presented – Mark keeps your attention and provides great explanation of the materials.” – Sr. Regional Landman, PDC Energy
“Fantastic course, very glad I was able to follow the course topics with the instructor’s guidance!” – Production Analyst, Ultra Resources, Inc.

2019 Brochure and Registration Form (pdf)

BEST DEAL DISCOUNT: $1,195 per person (register super early to get this deal)

Contact our office to sign-up today. Online registration available!
The University of Tulsa, CESE
Phone: 918-631-3088
Email: cese@utulsa.edu

Register for Upcoming Classes

June 18-19, 2019 * Denver, CO
BEST DEAL DISCOUNT Deadline: Expired
Early Enrollment Discount Deadline: May 21, 2019
Registration Form (pdf)
Register Online

In-Company Training

This course is also available for on-site training. In-company courses for our group simplifies scheduling and maximizes training dollars. Request a Course Quote for In-company Training



Mark Cronshaw, PhD MBA
Resource Economics, LLC

Who Should Attend

    • Entry- and Mid-Level Managers
    • Landmen
    • Accountants
    • Bankers
    • Project Managers
    • Government Officials
    • Production Engineers
    • Financial Analysts
    • Geologists
    • Reservoir Engineers
    • Regulators
    • Planners
    • Policy Analysts
    • Petroleum industry personnel who would like to develop or increase their knowledge in basic economic analysis, cost estimation, and profitability assessment

*There are no prerequisites for attendance.

During this two-day seminar, you will learn…

  • How to organize and frame economic problems in the oil and gas industry
  • Apply and compute basic economic criteria
  • Build and evaluate cash flows
  • Increase your knowledge in basic petroleum economic analysis, cost estimation, and profitability assessment
  • Understand the differences in risk and return of conventional and unconventional assets
  • Recognize and use basic units, conversions, and classification systems common in the industry.

Program Highlights

  • Understand the essential elements of how cash flow components are estimated using real-life examples
  • Economic criteria for screening and ranking projects
  • Field development profiles and cash flow streams
  • Case studies and current events will be used to illustrate the application of the course material

Course Outline Summary

  • Oil and Gas industry
  • Predicting the Future
  • Choices, Uncertainties, Objectives
  • Conventional and Unconventional Resources
  • Production and Reserves
  • Prices and Costs
  • Cash Flows
  • Discount Rate
  • Financial Metrics
  • Before and After Tax Economics
  • Examples and Exercises


  • Professional Development Hours (PDHs) = 12.5
  • Continuing Education Units (CEUs) = 1.25

Course Fee:

  • BEST DEAL DISCOUNT: $1,195 per person(register super early to get this deal)
  • Team Discount (2 or more): $1,395 per person
  • Early Enrollment Discount: $1,395 per person
  • Regular Tuition Fee: $1,695 per person

Dates, Times & Locations

The seminar meets from 8:30 am to 4:30 pm each day.

March 27-28, 2019 * Oklahoma City, OK

Skirvin Hilton Hotel
1 Park Avenue, Oklahoma City, OK 73102
Contact the hotel directly to make room reservations under the University of Tulsa master account. 405-272-3040.
Tulsa University rate: $165.00

June 18-19, 2019 * Denver, CO
Grand Hyatt Denver
1750 Welton Street, Denver, CO 80202
Contact the hotel directly to make room reservations at 303-295-1234.
Tulsa University rate: $239.00