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Oil & Gas Valuation

Euromoney Learning
Course summary
Professional Training
4 days
4,195 GBP excl. VAT
London, Online courses
Course Dates
Online courses
Please inquire for more information

Course description

Oil & Gas Valuation

This 4 day course provides necessary practical skills to model and value upstream, midstream, and downstream assets, from the perspective of an investor, equity analyst, or as part of a corporate transaction.

Analysis and valuation in the energy sector is complicated by its division into three main segments – upstream exploration and production (E&P), ‘midstream’ gathering and transmission, and ‘downstream’ refining and marketing. The sector also has unique and highly industry-specific ‘metrics’ for performance measurement and valuation. Finally, substantial changes in organizational forms – especially the division of E&P from midstream and downstream assets, and the further organization of pureplay gathering/transmission assets – are a further challenge.

In appraising potential E&P investments, IPO opportunities, or M&A situations, a familiarity with reserve modelling is critical. Cash flows must be modelled so as to reflect the differing natures of developed vs. non-developed, producing vs. nonproducing, and proven vs. probable and possible reserves. Nonproduction ‘hard assets’ and unexplored production acreage also need to be included in any valuation. Cash flow models reflecting these differing assets, and which break down value into ‘going concern’ vs. ‘liquidation scenarios’, are invaluable in making analytical judgments.

Moreover, the breadth of the sector requires an understanding of the valuation of ‘midstream’ and ‘downstream’ assets. Investors are increasingly expressing strong preferences for ‘pureplay’ exposures, and such assets can have very attractive sustainable cashflow characteristics, which can be utilized to fund “upstream” activities. Comparable firm and comparable transaction analysis is critical in this area.

Suitability - Who should attend?

The course is suitable for:

  • Energy investment bankers
  • Sell-side securities analysts
  • Buy-side portfolio managers
  • Sovereign wealth and pension fund analysts
  • Corporate planners and strategists
  • Credit analysts
  • Accountants and lawyers working with energy clients and transactions

Training Course Content

The course will:

  • Provide practical exposure to reserve DCF modeling techniques, and contrast the different categories of reserves, both in 'going concern' and liquidation scenarios, and how these are modelled
  • Review methodologies for valuing non-reserve hard assets, as well as midstream and downstream activities
  • Define key industry-specific metrics, such as BOE, MMCFE, DACF, EBITDAX, distribution yields, etc.
  • Highlight public market valuation of upstream, midstream, downstream, and integrated assets, as well as explore structures such as royalty trusts and gathering/transmission MLPs
  • Illustrate these techniques in the M&A context, while exploring credit issues and the financing of energy firms

Why choose Euromoney Learning

4.75/5 rating on course check for service

25,000 professionals trained across public courses

99 countries where training is delivered


The cost of this course may vary by location. See above or request information for prices.


Euromoney Financial also delivers in-house training for finance teams and departments, giving companies the opportunity to save up to 50% on training costs.

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About provider

Euromoney Learning

We develop bespoke learning experiences with the perfect blend of technologies and techniques to help you succeed. An organisation’s ability to continuously learn and evolve rapidly is the ultimate competitive advantage. To achieve your strategic goals, it is essential to...

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Contact info

Euromoney Learning

8 Bouverie Street,
EC4Y 8AX, London

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