The Industry’s Reserves

Estimation Meeting:

June 20-21, 2018

Houston, TX

Day One
Wednesday June 21 2017

Day Two
Thursday June 22 2017

Chair’s Opening Remarks

Impacts of the Lower-For-Longer Oil Pricing Environment on Reserves Estimation: Improving Development for Investment Decision-Making & Booking Reserves

Exploring the Impact of Lower-For-Longer Pricing on Reserves Estimation & Positioning Operators for Projected Growth in Drilling & Completions

  • Chris J. Haugen Vice President, Corporate Reserves, Continental Resources


  • How have the past three years impacted on reservoir engineering and the priorities in reserves estimation for forecasting and booking reserves
  • Supporting management commitment to evolving field development plans through documenting and building a track record
  • Adjusting schedules, approvals and development in a timely fashion and intelligently reacting to price upswings in terms of new drilling, reserves forecasting and supporting investment
  • Is SEC’s five-year rule relevant in the current environment?

Panel Discussion: Overcoming Practical Limitations & Challenges for More Reliable Forecasting & Reserves Bookings

  • Dr John Lee Professor of Petroleum Engineering, Texas A&M University
  • Elizabeth DeStephens VP Reserves & Corporate Development, California Resources Corporation
  • Chris J. Haugen Vice President, Corporate Reserves, Continental Resources
  • Ken Tubman Vice President Subsurface, ConocoPhillips
  • Rod Sidle Chair of the Reserve Definition Committee, Society of Petroleum Engineers (SPEE)


  • Revisiting statistical analysis and evaluation of undeveloped reserves: How closely are Monograph 3 tools matching actual observations
  • Intertwining newer completion technologies with reserves bookings on unproved reserves
  • Approaches to EUR forecasting: Moving beyond strict decline curve analysis using Arps and reliably booking re-fractured wells
  • Understanding variations in older wells and application of refined formulae
  • Showing the importance of dependable reserve forecasting for internal development and investment decision-making
  • Benchmarking peer practices for reserves estimation to minimize uncertainty for internal decision-making

Breakouts: Sharing Personal Observations from the Panel Discussion on the Main Challenges Being Faced with Estimating Reserves; & Iterations That Operators Are Using for Dependable Forecasting

Speed Networking & Morning Refreshments

Driving Better Value through Focusing on the Most Economic Field Development Planning, including Recompletions & New Drilling Projects

Practical Applications of Analysing Well Drilling, Completion and Production Data for More Accurate EURs and Field Development Planning


  • Well type analysis for choosing appropriate areas for type curve analysis
  • Using type curve analysis to build a clearer picture and for acquisitions investment decision-making
  • Making cost reduction and appropriate investment decision-making sustainable

Machine Learning Approach for More Efficient Production Forecasting & Improved Investment Decision Making

  • David Fulford Staff Reservoir Engineer, Exploration Evaluation, Apache Corporation


  • Validity of automated forecasting; when can this be used, and what are the benefits to the business?
  • Reduce the time-intensive nature of DCA on hundreds or thousands of wells and improve the scale-up of RTA
  • Integration of human judgement and computerized data analysis to reduce bias in estimation
  • Improving the statistical power of public data analysis for better competitive information
  • Creating better type wells for field development planning and investment decisions

California Resources Corporation (CRC) & Val Nav: The Case for an Integrated Forecasting, Economics, & Reserves Management System


  • Integrating forecasting, economics and reserves into a single, robust solution, streamlines workflows, for efficiency, productivity and lower software cost of ownership
  • Utilizing Val Nav’s assisted-forecasting technology, data handling, and decline curve analysis for faster, easier, more reliable well forecasts and greater data integrity
  • Streamlining routine tasks to allow engineers to focus on value-creating analysis work that yields increased efficiency and creates high visibility for growth potential


Embedding Data Analytics, Visualization & Automation Tools for More Dependable Forecasting & Lower Cost Reserves Estimation

Minimizing Forecasting Uncertainty through Information & Analytics in an Era of Data Overload

  • Ace Alexander Vice President of Engineering, Constellation Energy


  • Driving the maximum value from the explosion of data being recorded at wellsites
  • More efficiently interpreting information from the growth in physical number of unconventional wellsites in operation and continuous nature of wellsite datasets
  • Combining performance, geologic and completion data to understand and analyze the multidimensional changes that completion and production has on wells for production forecasting

Case Study: Improving on Decline Curve Analysis as a Base for 1P /2P Reserves Estimates in Unconventional Plays – The Data Analytics Path


  • Exploring the shortcomings of decline curve analysis now many fields have moved beyond the ramp-up phase
  • Case studies of using data analytics on 2P calculations with far better predictivity than with DCA
  • Moving towards a consensus on accepting the use of data analytics approaches for 1P calculations as an alternative to decline curve analysis – How should we go forward with the SEC?

Afternoon Refreshments

Understanding the Past and the Present to Better Predict Future Performance


  • While “Resources” are just a number, it’s the details behind the number that drives the future Reserves and Value of the company
  • Due to the large volume of information, integration and automation of the process is critical. From type curves, to mass updating well information or contracts, to intelligently categorizing changes based on the information captured on the well.
  • Using visualization and analytics tools: one can utilize lookbacks to see how actual performance has met expectations; use waterfall charts to analyze how ones position has changed over time; and view resource progression charts to get an understanding of how the company will evolve into the future
  • Accuracy – using best of breed tools at each stage of the reservoir life-cycle (including exploration), one can reduce the number of times that data is touched by pulling directly from source systems, thus reducing the potential for error.
  • How Integration of Reserves and Planning can scale efficiencies, improve investment decision making and overall alignment of the organization. Plus providing SEC “value”, internal valuation and even bank borrowing base information

Panel Discussion: Incorporating Data Analytics, Machine Learning & Visualization for Assigning Better Formation Parameters & Reliable Forecasting


  • Building a visualization platform such as Spotfire analytics dashboard to determine impact of different parameters to build more reliable type curves
  • Advances in innovative tools such as Machine Learning and how this is starting to be applied to subsurface analysis and visualization
  • Digging more deeply into the data to make better forecasting and decisions throughout the year

Chair’s Closing Remarks

Close of Day One and Drinks Reception Hosted by aclaro softworks