Description

Designed for you, if you are...

• A manager or supervisor wanting to improve your understanding of financial reports and make more effective use of financial information for strategic and operational decision-making
• A specialist in any discipline who has to interpret and work with financial information or has budget responsibilities
• An adviser who makes recommendations based on financial data
• A non-financial person at any level and in any discipline in the oil and gas industry wanting to develop a better understanding of finance and budgeting

How we build your confidence

The benefits from attending

• How to interpret, understand and act on financial information
• How to develop more effective decision-making skills
• Elements of financial management specific to the oil and gas industry
• A conceptual understanding of key E&P accounting topics including depreciation, reserves, decommissioning, and asset impairment tests

Topics

• Sources and uses of financial information
  - Sources of financial data
  - Financial information systems
  - Uses of financial information for decision-making
• Understanding financial information
  - Understanding basic principles
  - Profit and loss account
  - Balance sheet
  - Importance of working capital and how to control it
  - Difference between capital expenditure and operating expenditure
• Cash flow
  - Understanding the difference between cash flow and profit
  - How to control cash flow
  - Techniques for measuring financial performance
  - How to measure financial performance
  - How to compare the performance of different petroleum companies
• Oil & gas industry accounting policies
  - How to account for exploration and appraisal costs
  - Nature and classification of reserves and the use of reserve data in E&P accounting
  - DD&A: the basic concepts and examples of the Unit of Production calculation
  - Asset impairment tests
  - How to account for decommissioning
  - Review of a sample set of E&P company published accounts
• Effects of taxation
  - How tax effects profit and cash flow
  - Impact of tax on decisions
• Budget preparation and control
  - The role of financial planning
  - How to prepare a budget
  - How to control a budget

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