Essential Petroleum Economics & Decision-Making

ONLINE FORMAT | Virtual GoogleMeet Morning & Afternoon Sessions

November 16-19, 2020

Register Here for the November class

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.

* 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

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.

* 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

  • 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

November 16-19, 2020
GOOGLE MEET | Morning & Afternoon Sessions:
– Monday – Thursday:
9:00 am – 11:00 am (MST)
12:30 pm – 2:30 pm (MST)

# of participants is limited — enroll early!
Enrollment Deadline: November 10, 2020


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

No prerequisites for attendance.

* 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.


  • $695.00/person: BEST DEAL DISCOUNT EXTENDED Deadline: October 20, 2020
  • $995.00/person: EARLY BIRD DISCOUNT Deadline October 30, 2020
  • $1,195.00/person: Course Fee after October 30, 2020

You will receive a printed copy of the course workbook with exercises to use throughout the program. Please have a calculator handy.

“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


ONLINE PROGRAM: November 16-19, 2020
GoogleMeet Morning & Afternoon Sessions Monday – Thursday
Register Here
Contact us about an exclusive educational training experience for your organization! In-Company Course Quote