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PARTE: CHAPTER . FINANCIALMANAGFMFF¡T

3.1 AEEOUNTING.4EASURFMENTS

Accountings hescorecardfbuslness. nyeconomlcnterpi.lseeerJss transiatethe diverse ctivities f a companynto a,set of objective unnbershat provide

informaticnbout heirperformance,r.oblemsnd tssuccess.The inanciai ealth f a companys its inariciaitaternentsonsistingf a balancesheet, n ncome tatementnci cash iowstatemeni. alance heets a financialsnapshotakenai a pointntime,of al l he assets wned y hecompanyndal l heclairns gainsthoseasseis.

Assets LiabilitiesShareholders,quity.

INCOME TATEMENT

An nconre tatementecordshe lowof resourcesvei-time,Earnings Net Sales - Ccst of Sa.les CperatingExpenses NonoperatingExpense Ta.xes.

Earningsre eferred sprofits r ncome ndNetSales reknorryns revenues.

CASI-I LOWSTATEMENT

Thestatementfchangesn inanclal osition.

CASHFLOW

Cash low s theafter-tax oney vailable

in newprojects.After he initiation f an

inflows houldesult.

to a companyo payoff debtsand nvest

oi l fieldproject othcashcutflows nd

CashInflovvs

Gross evenuerom hesaieoi oil,gas, raturalas iquids rsulíur.-

Taxcreditsesultingromexpensedtems, epletionrdepreciation.Borrowedapital.

Occasionallyn nvestmentnoneplant educesheexpensesfa relatedacility.Netsalvagealue.

CZshOutftouts

Theroyalty.



rrocuciirJí i ef :u au vaalu!t t : l l r4^t=>.

Interest ndprincipieay¡¡s¡ts n bcrrowedapital'

Direct nd noirect peratingosts.

lncomeax.

Qeieutations

Expiorationost

.treated s a capital ostby essee.

Benusor LeaseRental ost - treatedas a capitai ostb)t esseeandas advance

royalt'yaymentsubjecto depietion)y essor.

Drilling ost

Tangible all equipmentlrathas a salvage alue casing, ellhead,omepartsof

lease ite)mustbe reated sa capitalnvestment.

lntangibie al l tems hatdo nothavea salvage alue !abor,mud,non-recotrerable

casing, tc.)may be capitalizedr deducted s an operating xpense uring ear

eircur¡bered.

FloyaltyPaymentsmay be treatedas mineral ncomesubject o depletion y the

royaityo\ffner treatedas an expense or subtracted eforecalculation f gross

income) y heoperator.

Capitalsubject o depletion explorationost, ntangible-drillingost when no

expensed,ntangibleevelopmentost.

Capitai ubjecto depreciationtangible rilling ost,physical roducingquipmeni

with a salvage alue pumps,anksseparationquipment,ipe

ngatheringines,

etc).

Gas iquidsecoveredn he ease resubjecto depletion gas iquidsecoveredn

a central asplant regenerallynlypartiallyovered y depletion.

Al ldepletionalculationsustbemade n hebasis f:

costdepletion

percent epletion take he arger mount.

CashFlow Diaaram

Taxable ncome gross ncome operating osts depreciation interest aid

depletion interestarned.

49



CashFlow= gross ncome operating osis interest aid+ interest arned

capitalnvestment reduction f principal income a.x, s ca.nbe seen n the

foliowingiagram

V1 lrcone t!:om Patents,

Stockholders Engineer ing, F.&D, etc.Borrov¡ed Capitai R&D

r Oucside investf ienlsguityCapi a 1

Cash Flow

DEPRECiATION

Taxable Income

INCO¡4E TAX

NET PROFIT

Cash Flow Diagram (Af ter Stermole)

CORPOP.ATIC}J

CAgH

nTpFarm

INVESTMENTSWORKTNG

CAPITAL



FiCEReturn n equity s the mostpopularinancial eiJormancemong irvestci's

and rnanagersecauset is a nreasure f he efficiency iihwhicti he irmemploys

owner's apiiai.ROE= ProfitMargin Asset urnover Financialeverage

Earning vaiiab!eor shai'eholders Earnings

RCE= -

Sales

Asseis

Asset

Sharehclder

Equity

Sales

Generallypeaking,nvestorsuiilook or ROE argetof 20 %; standardaluesor

the hydrocarbonndustry o rom 13-17 /o.

RCA Return n assets

FIOA Profiimargin Asseturnover Earning x Sales

Sa!es .Assets

It differs rom FiOE n that ROA measureprofitas a percentof total assetsas

opposedo profit s a percent f shareholder'squity nly.

A highprofitmargin nda highasset urnare dealbut attract onsiderableOIC

Return n nvested apital r competitioneturn n netassetsRONA.

EBIT 1-Tax ate)

ROIC

Debt Equity

EBIT earning eforenterest nd axes

Anexample f Financial ighlightsora companymaybeas ollows:

Millions f dollars,exceptpei sharedataand noted

Total evenuesNet ncome

Net ncome ershare basic)

Cashdividendsaid

Shareiiolciers' qu tir

Cashdividendsaidpershare

51



Capitai ndexplorationxpenditures 3,943 4,621

Totalassets 32.489- 32,i00 ¿

Shareholders'quity ershare tyear-end 33.7-9 33.00 2

Return naveragehareholders'quity 1,6.6% 18.1%

Return n avei'ageapita! mployed 13.zo/L 13.8%

Operating ighlights

Barrels erday,except s noted

Crude ilandnatural

'Gas iquids roduction

637, 662,000

ilaturalgasprociuction

(thousandubiceetperday)

! !: l -:::!-¿

4,f,42;0oo4,382,000

U.S. efined roductsold 1 213,0001,212,000

U.S=nputocrude nits 938,000 954,000

Chemicairoductevenues

(millionsfdollars)

$ :,,:15;953:$ 5,55717

3.3.RESERVOIR.ANAGEMENTHILOSOPHY

A profoundnowleclgef he eservoirock and luids nd heaquifersessentialo

optimize ydrocarbonsecovery nd maximize conomic,n order o produce n

economic rofit perationvenwith he owest nvisionedilprice cenario.

Duringieldor reservoirxploitationhere rekeyquestionso be answered:

o Reservoireornetrynei ontinuity.c Water rive resencendstrength.

c Locationsfwellsandplatforms.

n Completionsndperforationf wells.

. Recoveryystemsneed f luicinjection).

. Howmuch i!andgasmustbe available-¿

5Ji'



;** - ,-J,ffi;'*. ;;; ;;' ;';#--ri; ffi;

faciiities.

The illPVnetpresent alueof a project s givenby an integral ver irrret) :

NPV= qo_][] Price t)- Capex t) Opex t) Taxes tL Misc t)

('t+ discountaie)t

Themain asks re:

Opti : zeder¡eloprnentnei oductionii'ategy"

dt

. I F+":+Jil;i -fr- i Icnnex:{i-F-i ' lll fll [, ,.---.- in\I ^¡o

*l! ili\ i\ ,[-co

# .S-l l r

ír+t //-.&

-.'ti

¡-+__-- Inv.

/' cost

'/ l/l

/ '

'ocgssr* o! we¡ls, ooo,CaFac¡!tes

Fig. l.The netpresent aiueequation.

LEGEND

CAPEX=CapitalExpensesinvestments)

OPEX -Operation Mainlenance(oam)Expenses

NPV - Net PresentValue after ax)r ¡ Discount actor real)

?

-

Estimate ncerta¡n

L-y'

-"t N

/ ,o&n/ / cosr

/ /tt

i /rt

1l 'h l I'--1

' ).¿--- |

, ,g'r__if--, /¡ lrnice.Jf

_-*.--z ,/

i t_/I lime + .//

Maximizeecoveryactor,NPVand productionates educingapital xpenditures

andoperatingxpenses.

The project's istoryand the presentworthof curnulativeet cash low s positive

ensureshat heproject atisfieshecorporate oirstraintn nvestment.

53



(Present lVofihs¡,n¡¡¿¡ivenetcashlow)ft

_ = i(netuashlow)r.l-

; f (1+P'; t I

o.E

Eo

üo

.o

G

Fo

actoo

q)

.E

G

Eg¡o

o0

toi

q)a0)

0-'

It--rl

FigfS!fl.*en-tworthof cumulariveetcashlowprofile:dequffiffieofmaximumxposure,J,i""üiñ?tffii,t;íand equalsprojectrre.

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