The Industry’s Reserves
June 20-21, 2018
Wednesday June 20, 2018
08.30 Chair’s Opening Remarks
Industry Trends & Optimizing Evaluation & Reliability of Well Performance Forecasting With Minimal Data
08.40 Understanding the Impacts of the Commodity Price and Costs on Reserves Estimation: Lessons Learned from the Past and Innovations to Take Us Into the Future
Managing Director – Engineering, Constellation Energy
- Commodity price forecasting basics for engineers
- Delving into industry trends on reserves development and reserves economic evaluations
- Increasing recoverable resources in light of the pricing environment and impact of technology
- Price sensitivities in reserves and planning: Handling the challenges of expected higher vendor costs and how improved reserves estimation can better support investment decisions
- Driving value from increasingly reliable forecasting to develop a balanced portfolio of new wells, infills and refracs within the FDP
- Sustaining and growing profitability through deeper subsurface understanding
09.10 Panel Discussion: Leveraging Minimal Data for the Optimal Evaluation and Reliability of Well Performance Forecasting
- Evolutions of the B factor and terminal decline discussion within and outside of the typical model
- Which decline curve analyses are most accurately tracking longer-term decline across major basins, and why?
- Understanding the uncertainties of decline curve analysis vs production time evaluated – how does that error bar shrink with time?
- Exploring developments and practical limits of Arps and other methods: Applicability for field development and reporting
- Optimizing type well selection for reliability
- Benchmarking well performance using 60 month estimated cum vs EUR
- Understanding data requirements and sources for data gathering, including collaboration within the industry
10.00 Speed Networking & Morning Refreshments
Improving Reserves Evaluation & Reporting to Better Meet SEC & Investor Requirements
11.00 Panel Discussion: Better Understanding the Reserves Evaluation Parameters that Investors Are Most Focused On
- Responsible financial metrics to understand unconventional investments: Long-lived, front-end and dominated forecasts
- Reserves in a private equity world: Exploring the balance between full-field and mid-field in terms of risk, return and field development
- How are people qualifying proved volume beyond the standard 1 offset rule?
11.50 SEC Keynote: Trends and Developing Issues in Reserves Reporting and Enforcement
Senior Counsel, Securities & Exchange Commission
- Gaining knowledge from the regulator to provide investors with “apples-to-apples” comparison of their investment options
- SEC Enforcement priorities for oil & gas industry reporting and examples of enforcement actions
- The importance of effective internal controls over proved reserves reporting
- Comments and issues from the 2017 filings season
14.00 Refresher on 2007 Principle-Based Reserves Estimating and Auditing Standards
- Professional qualifications for preparers of petroleum reserves estimates or audits
- Discussing standards pertaining to the estimating and auditing of oil and gas reserves information
- Gaining industry alignment on estimates or audits
- Clarifying audit guidelines
14.20 Panel Discussion: Clarifications on the Five Year Rule as We Move into the Mature Phase of the Rule
Manager, Business Development & Evaluations, PDC Energy
Chairman Emeritus, Ryder Scott
Industry Advisor - Reserves Management, 3esi Enersight
- Exploring previous letters for comment: What are the core experiences and aspects to learn from?
- What the rule means for acreage trades and asset swaps that aren’t cash transacted, and accounting for these in the reserves record
- How do we marry SEC reporting requirements with increasingly reliable technical estimations that may not be accepted by SEC, but work for field development planning?
- Understanding the balance of drivers for level or accuracy of estimation
- Is it accurate to declare reserves technically proven but not SEC proven in specific cases?
15.00 Afternoon Refreshments & Networking
15.30 When Disclosing 3P Reserves Makes Sense: A Jones Energy Case Study
- Exploring the financial drivers surrounding the decision
- Providing background on Anadarko “Merge” development and upside
- What reserves process made Jones Energy comfortable with the disclosure?
- Considering the business impacts
16.00 Session Topic to be Confirmed
Vice President Reserves and Corporate Development, California Resources Corporation
16.30 Chair’s Closing Remarks