utulsa.edu

Essential Petroleum Economics & Decision-Making

NEW ONLINE FORMAT | September 29-October 2, 2020 | Virtual GoogleMeet Morning Sessions

Save $$$ Register before August 14th


  • Is it best to make an investment in a field, a well, or a workover?
  • How do I make optimal decisions when the future is uncertain?
  • Is it worth investing in something to reduce costs?
  • Do we gather information to reduce uncertainty, such as seismic, or not?

This course will help you answer these questions. The instructor, Mark Cronshaw, introduces the economics concepts, strategies and basic tools utilized in the oil and gas industry which are needed to learn how to assess the economic attractiveness in the face of uncertainty.

You will learn how and why applying the following ‘tools’ will help you make better decisions and how to recognize attractive opportunities and avoid bad ones:
Optimal Choice; Decline Curves; Reserves; Cash Flow; Before and After Tax Economics; Discount Rate; Incremental, Acquisition, and Exploration Economics; Value of Information; Monte Carlo Methods; plus a basic understanding of oil and gas.

Oil and gas companies routinely use these economic tools to make decisions about investments and divestitures. This course provides an overview of the entire oil and gas industry (upstream, midstream, and downstream), will teach upstream economics, and introduces the economic decision-making tools used to make high stakes decisions in uncertain environments.

WHY IS IT IMPORTANT TO UNDERSTAND PETROLEUM ECONOMICS?
* Managers and senior executive use economics to make capital decisions, and economics analysis is used both for investments and divestitures
* Optimal oil and gas decisions and operations enhance the success of a company, which in turn, enhances your career

INSTRUCTOR:
Mark Cronshaw, PhD is a principal with Resource Economics, LLC in Boulder, Colorado. He has years of experience as a resource economist, financial analyst, and engineer. His domestic and international projects have included valuation, gas market development, regulatory review, project planning, cost contingency, and assessment. He has taught at the Colorado School of Mines and the University of Colorado. Dr. Cronshaw has a PhD from Stanford, an MBA from Southern Methodist, and MS (Chem.E.) from Caltech and a BA (Chem.E.) from Cambridge UK.  Mark’s extensive combination of experience in economics, business and engineering, brings a rare perspective on many aspects of oil and gas opportunities.

YOU WILL LEARN:
* How to make optimal decisions in the oil and gas industry
* Construct and evaluate cash flows
* Apply and compute basic economic criteria
* Increase your knowledge of global and local oil and gas, basic petroleum economic analysis, cost estimation, and profitability assessment
* Model risk and return in the face of uncertainty
* Learn and use basic units, conversions, and classification systems common in the industry

DESIGNED FOR…petroleum industry personnel who would like to develop, or increase, their knowledge in basic economic analysis, cost estimation, and profitability assessment. Participants have included:
Entry and Mid-Level Managers; Landmen; Accountants & Finance Personnel; Project Managers; Government Officials; Finance Analysts; Production Engineers; Geologists; Regulators; Reservoir Engineers; Planners; Policy Analysts
COURSE OUTLINE SUMMARY

  • Introduction & Setting the Stage
  • Optimal Choice
  • Oil and Gas Industry Overview
  • Energy Data
  • Cash Flow
  • Economic Value – Before Tax
  • Income Tax
  • Acquisition Economics
  • Discount Rate
  • Incremental Economics
  • Exploration Economics
  • Value of Information
  • Monte Carlo Methods
  • Course Review/Epilog & Predictions
  • Examples and Exercises throughout program

COURSE DATE:
September 29 – October 2, 2020
ONLINE FORMAT:
GoogleMeet Morning Session Each Day
Tuesday – Friday | Times TBD

ACCREDITATION INFORMATION

  • 12.5 PDHs (Professional Development Hours)
  • 1.25 CEUs (Continuing Education Units)
  • No prerequisites for attendance.

    PROGRAM HIGHLIGHTS:
    * Exercises and examples based on real-world economics will be used throughout the course to illustrate economic concepts.
    * 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 materials.
    * Network, learn from, and share experiences and personal experiences with the other participants and the instructor in a virtual setting.

    ONLINE COURSE REGISTRATION FEES:

  • $695.00/person: BEST DEAL DISCOUNT Deadline: August 14, 2020
  • $995.00/person: EARLY BIRD DISCOUNT Deadline September 11, 2020
  • $1,195.00/person: Course Fee after Sept. 11, 2020
  • You will receive a printed copy of the course workbook with exercises to use throughout the program. Please have a calculator handy.

    TESTIMONIALS
    “Excellent class, fantastic instructor, and helpful materials made this class a valuable and worthwhile two days.” – Lease & Title Analyst III
    “Very informative & well well taught/presented. Mark keeps your attention and provides great explanation of the materials.” – Sr. Regional Landman
    “This course was engaging and highly educational. I was impressed with the efficiency and value of the information.” – Treasury Analyst
    “Fantastic course!” – Production Analyst

    REGISTER HERE:

    ONLINE PROGRAM: September 29-October 2, 2020
    GoogleMeet Morning Session Each Day Tuesday-Friday
    Times TBD
    Register

    In-Company Training:

    Contact us about an exclusive educational training experience for your organization! Request a Course Quote for In-Company Training