INSTRUCTOR-LED, LIVE, VIRTUAL FORMAT | Daily Morning & Afternoon Sessions


February 26-29, 2024
Feb. 26-29, 2024 Registration Closed

May 20-23, 2024

Class size limited…Sign up today!

“There are lots of training classes available for professionals to take to further advance their knowledge. This class should rank at the top for all O&G professionals.”

“Dr. Cronshaw effectively presents petroleum economics in a style that is very entertaining and understandable to the non-economist.”

“Excellent course delivered by a talented and very experienced instructor who was able to engage course attendees effectively for the duration of the course even though it was delivered virtually.”

“Dr. Cronshaw…teaches technical concepts in a non-technical way. As he puts it, we first learn to ‘crawl so we can walk’. I would highly recommend this course for any professional working in the energy industry.”

“Very informative and interactive course that dove into the overview of the oil and gas industry, also was able to further my understanding and execution of energy economics.”

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. Mark recently published a textbook, ““Energy in Perspective” which provides a broad coverage of energy supply and use. 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.

“Mark Cronshaw is an extremely engaging professor. He provides an excellent refresher on basic finance and economic topics, while integrating how the petroleum industry uses these ideas and calculations to make important decisions for business operations.”

THIS COURSE BENEFITS…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

“As a geologist with little to no economic or financial training, I gained a huge understanding of how our company runs models and makes decisions with our private equity, and I now feel equipped with new tools and questions to become more engaged at this level.”

* 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


  • 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

* 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.


  • 13 PDHs (Professional Development Hours)
  • 1.3 CEUs (Continuing Education Units)

If you are needing your attendance submitted to an organization to receive professional development hours, we ask that you self-report your attendance to that organization. The organization will probably need a copy of your certificate, information about the course and information about the instructor (found on this website).
No prerequisites for attendance.

“Take Mark’s economics class for a great intro to how investment decisions are made in the oil and gas industry.”


GOOGLEMEET | Morning & Afternoon Sessions

Monday, Tuesday, & Wednesday:
* 10:00 am – 12:00 pm (Central) and
* 1:30 pm – 3:30 pm (Central) and
Thursday (morning session only):
* 10:00 am – 12:00 pm (Central)

NOTE: # of participants is LIMITED – enroll early!

You will receive a printed copy of the course workbook with exercises to use throughout the program.
Access to a Calculator during the course is recommended.


February 26-29, 2024

* BEST DEAL DISCOUNT ($1,295/person) ends January 9, 2024
* EARLY BIRD DISCOUNT ($1,695/person) ends February 6, 2024
* Registration Fee after Feb. 6, 2024: $1,995/person

Last Day to Register: Feb. 15, 2024

Registration Closed

May 20-23, 2024

* BEST DEAL DISCOUNT ($1,295/person) ends March 26, 2024
* EARLY BIRD DISCOUNT ($1,695/person) ends April 30, 2024
* Registration Fee after April 30, 2024: $1,995/person

Last Day to Register: May 9, 2024

CLICK HERE TO SIGN-UP for the May course

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