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Volume 17 • Issue 4 • July 2017
Our Perspective

We are in the midst of the lazy, hazy, crazy days of summer.

But our industry has not gone to the beach: the combination of increased drilling activity, management of increasing inventories, mergers and acquisitions, and a changing regulatory landscape under a new administration in Washington is a lot to keep up with.

This newsletter focuses on two of those issues. Divesting of assets not in the core repertoire is a good way to raise cash for further investments and to bring focus to a company's portfolio. Not all organizations have been through a sale, and planning it can be daunting without processes and experienced staff in place. Here is a primer that you might consider as you embark on a divestment project.

And if you personally have been in the midst of a merger recently and are finding yourself in a new environment, then here are some ideas about what you could consider next. The secret is not to jump before you know how deep the water is…

Enjoy your summer, and keep in touch.

Your friends at Collarini

Upcoming Events^ Back to Top

NAPE Summer Expo

George R. Brown Convention Center
Houston, TX

August 16-17, 2017

SPE Liquids-Rich Basins Conference - North America

The Petroleum Club
Midland, TX

September 13-14, 2017

Employer Tips^ Back to Top

Divestments - Organized for Success

At some point in an E&P company's business cycle, divesting of oil and gas assets becomes part of the business plan, whether the motivation is to generate cash, shed non-core assets, or to steer operations in more profitable directions. A professionally prepared divestment process with a well-presented picture of the asset you are trying to sell will result in financial success, whereas poor data presentation may leave money for you on the table or, even worse, could prevent a divestment altogether. In addition, potential buyers have limited time to evaluate your offer in depth, so they have to come to a conclusion from your presentation quickly. The trick is to make it easy for them to do that.

Here are a few ideas from our experience to help make it easy for the potential buyer and to facilitate a successful sale:

  • Find all relevant data and documentation. Be thorough. Data should focus on land, legal, commercial, engineering, geoscience, and operational areas.
  • Organize the data. Logically indexed and sorted data wastes no time. If this is your first divestiture, there are certain acceptable standards of how oil and gas data is presented. Commonly it begins at the highest summary level. From here the data should be organized by field, then horizon, and then finally by well.
  • Show the value of the reserves. A professionally prepared reserves report gives the potential buyer the comfort and understanding of the displayed asset's value. If requested, back-up calculations should be available quickly and in a presentable fashion. Be prepared to have all the information readily available!
  • Quantify upside recovery and cost. In many respects, the asset's reserves and current production value are only a starting point for the buyer. The "pixie dust" lies in the upside potential: areas where production could be increased by utilizing new technologies, additional funds, and special in-house experience the buyer may possess. Be prepared to show as many details as possible to support the case for upside. If possible, find out each possible buyer's background and the particular experience they have in the areas your assets lay. Your sales pitch needs to hit home!
  • Explain liabilities. A good divestment process includes the open display of liabilities and risks that come with the assets. A certain amount of those are expected. Not showing them is not advisable and could even repel buyers. Using no assumptions and facts only, show the technical or regulatory challenges the buyer's operation might face.
  • Organize complex land data. The lower 48 states in the US have many rules and laws among them which are unique to each state and under the control of a number of different agencies. Clear data presentation in this area is of the utmost importance. Not doing the homework will turn off the buyer from a lucrative deal, because land and regulatory issues may just be too distracting. Consider hiring a regional expert to help present and explain specific regional requirements affecting the asset for sale.
  • Properly present the value of your asset in its market. Start before the data room by researching the market specifics, analyzing similar past transactions, and identifying the outstanding players in that market. Be focused when you solicit potential buyers and who you invite to the data room: you want to be sure that you select those with funds and real interest in the area. The more research and homework you do up front, the more likely a successful sale will be!
If your company is considering a divestment now and does not have enough professional staff with the right experience in-house, then outside firms can help with the process. Our firm has been involved in many transactions from both the sale and buy sides. We have seen excellence and carelessness in offerings and have learned a great deal from both. If you are not planning to be in the business of divesting, it might be better for your staff to focus on properties you plan to keep and allow an experienced team to get your assets ready for market. Ask for help to prepare from people who have done this successfully in the past!

Let us hear from you!

Talent Pool^ Back to Top

The following biographies are just a small sampling of the kind of talent available in our talent pool of over 24,000 experts. Please call our placement managers if you are interested in learning more about these professionals, or check out our website for more candidates.

Accountant with a bachelor's degree in accounting and 17 years of experience working for a large and small independent. Experience includes JOA and COPAS compliance, AFE review, cost reporting and analysis, accounts receivable, cash call and pre-payment reconciliation, joint interest invoicing, audit research, process and procedure development and maintenance, general ledger reconciliation, asset retirement obligations, leasehold tracking and booking, converting FERC accounting to GAAP purchase accounting, property depreciation, SOX procedures, bank reconciliations, and expense accruals. Computer skills include SAP, Energy Link (JIB Link), and Oracle Financials. Ask for A1802

Finance Professional and CPA with a bachelor's degree in accounting and 22 years of experience working for service companies and as an independent consultant. Managerial experience includes strategic development, key performance metrics, international process and procedure improvement, global accounts payable transition and reorganization, procurement system conversion, internal financial reporting, ERP system design and implementation, global statement consolidation, profit and loss, supply chain management, inventory management, and personnel recruitment. Additional experience includes budgeting, accounting, internal controls, and Texas property taxes. Computer skills include SAP and PeopleSoft. Ask for A1801

Executive and E&P Analyst with an MBA, a bachelor's degree in petroleum engineering, and 21 years of experience working for a major operator, a small independent, and investment banks. Executive experience includes mergers and acquisitions, divestiture potential of corporate assets, evaluation of acquisition candidates, investor relations management, financial, operator and shareholder tracking, transactional due diligence, rig count forecasting, breakeven analyses, play-by-play models, and presentations to E&P management teams, investors, and industry conferences. Additional business experience includes capital ranking preparation, strategic planning, capital budget evaluations, profitability modeling, proposal writing and analysis, and allocation modeling. Technical experience includes prospect evaluations, directional drilling software automation, field evaluation, capital development, and well-site operations management. Ask for BA551

Petroleum Economist and Engineer with master's degrees in petroleum economics and petroleum engineering, a bachelor's degree in geophysics, and 17 years of experience working for major operators and a service company. Experience includes developing an economic assurance process for shale AFEs, standardizing economic processes and controls for shale assets, SMOG guidelines and processes, SMOG training, economic modeling and evaluation, risk analysis, VoI analysis, budget planning, PVR, project post mortems, strategic analysis, development of a GIP matrix tool, Excel modeling, R&D evaluation, M&A evaluations, asset location matrix modeling, market research, economic studies, fiscal modeling, teaching risk analysis, and mentoring multi-disciplinary colleagues in economics. Computer skills include PEEP, DTK, ARIES, @Risk, and Crystal Ball. Languages include fluent Spanish. Ask for BA223

Geologist Geologist with an MBA, a bachelor's degree in geology, and over 40 years of experience working for major operators, a large independent, and service companies. Geoscience experience includes worldwide field development, conventional and unconventional reserves, exploitation, prospect generation, evaluation and development, deterministic and probable reserves analysis, risk analysis, A&D evaluation, new venture/basin analysis and planning, log analysis, modeling, and 2D/3D mapping. Business experience includes project management, budgeting, reserves value reporting, and commercial value analysis. Geographic areas worked include Alaska, Australia, Brazil, China, the Gulf of Mexico, Hungary, Kazakhstan, the Middle East, North Africa, Russia, South America, Siberia, Turkmenistan, West Africa, western Canada, and the US onshore and offshore. Computer skills include Paradigm/Geology, Geographix, Landmark, SMT, Petra, LOGIC, PRISM, REP, Crystal Ball, and state and federal databases. Ask For G227

Reservoir Technician with a bachelor's degree and 17 years of experience working in the medical arena and for a bank, service companies, and a major operator. Experience includes corporate reserve management, borrowing base lending support, reservoir and geoscience applications, ArcGIS map maintenance and editing, ARIES training, software integration, database management, writing macros and other programs, and creating drill-out models. Computer skills include ARIES, ArcGIS, DrillingInfo, Eclipse, Fekete, HIS Decline Plus, HIS RTA, Microsoft Office, OFM, Petrel, PHDWin, PI/Dwight's, and Powertools. Ask For TE494

Engineering Analyst with 21 years of experience working for a major operator and small independents. Experience includes SiteView implementation and integration, creating and maintaining SiteView libraries, data accuracy QA, writing manuals, technical training and support, establishing and managing teams, and documenting business processes. Additional experience includes determining and resolving data variances, creating production, HS&E, and contracts reports, generation and analysis of well operations data, creating wellbore schematics, regulatory reporting, cost tracking and preparation, budget preparation, KPIs, AFE packages, vendor contract negotiation, database development, Access queries, and web development. Computer skills include At Task, ARIES, BPC, COGNOS, Discoverer, Financial Analyzer, HPDI Online, Joomia, LiveLink, Microsoft Office Suite, OFM, OpenWells, P2ES on Oracle platform, PEEP, PRA, SCADA, Sitefinity, SiteView, SONRIS, Spotfire Lexco Owl, Visio, and WellView. Ask For TE572

Reservoir Engineer with an MBA, a master's degree in petroleum engineering, and 35 years of experience working for major operators, a large independent, a small independent, a service company, and an advisory firm. Experience includes asset and project management, project development and execution, executive advising, opportunity identification, business development, acquisitions and divestitures, strategic planning, reserves management and reporting, operations and technical leadership, reservoir and production engineering, well performance, well completion, production surveillance, new well planning, workovers, artificial lift, exploration, greenfield and brownfield, and conventional and unconventional resources. Geographic areas worked include south and west Africa, Alberta, Australia, the Beaufort Sea, deepwater Brazil, British Columbia, coastal California basins, offshore Canada, the Cook Inlet North Slope, the Ecuador rainforest, Egypt desert and offshore, the Gulf of Mexico, Indonesia, Italy, the Los Angeles basin, Louisiana, Malaysia, Mississippi, offshore Newfoundland, the North Sea, Pakistan, the Philippines, the San Joaquin basin, the Texas panhandle, south Texas, and Quebec. Software proficiencies include ARIES, PEEP, Petrel RE, PHDWin, and OFM. Ask For R1459

Land Manager with a bachelor's degree and more than 35 years of experience working for small to large oil and gas companies. Experienced in managing and executing land functions within E&P teams, acquiring leases, preparing surface use agreements, negotiating and preparing contracts, interfacing with accounting regarding royalty matters and division order interests, performing due diligence, monitoring A&D activity, and managing relationships with regulatory bodies. Geographic areas worked include Texas, Oklahoma, Alabama, Colorado, North Dakota, Kansas, Mississippi, California, Louisiana, Pennsylvania, New Mexico, and the Gulf of Mexico. Certified Professional Landman. Ask For L1160

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Career Advice ^ Back to Top

Post-Merger Career Advice

The oil and gas industry is going through another period of change: smaller companies are being absorbed by larger ones, same-sized companies are merging, and some companies are carving out entire business units. Your biggest concern, of course, is first that you have a position in the new organization. But once you have made the cut, all of a sudden you may find yourself in an unfamiliar environment with new managers, teammates, and work processes. It is understandable that you feel a little unsure about what's going on and where your career is heading. Here are a few ideas to help you take control:

  • From the beginning, keep up your concentration and hold your head high. It would be a disservice to yourself to fall into the trap of a negative attitude and consequent slip in your job performance. Change may be inevitable, but you don't know whether that represents challenge or opportunity for you. Be sure the new management team (even if they are your old managers) knows your value by your current attitude and work performance. Conversely, the manager's job is invariably collaborative. While managerial duties include mentoring and motivating, management also requires evaluating, hiring, and firing, which can be very stressful situations. Thus, an effective manager must be decisive and possess the strong communication and interpersonal skills necessary to give orders while also maintaining the ability to follow orders. In order to oscillate between these roles and maintain structure, a good manager must be organized and able to multitask.
  • Study the new company. It will take a little time and old-fashioned homework to understand the history and philosophy of the merged companies. And don't forget that upper management will be figuring it out as well for some period of time. Sure, some information may come from the business news, but you will feel better informed after you know the real history of the company up to now. As you do this, you may identify new opportunities, including some that may not have occurred to you, such as different divisions and product lines you did not know about. Maybe the new company will have a career development process that could advance some of your untapped talent. Learn all there is to know by talking to managers or representatives in HR.
  • Carefully evaluate your position in the new environment. Don't rush to judgment or make any hasty decisions! Give the new direction a chance to take hold, but keep your eyes open in this period of transition. Your position may be affected later as the details fall in place, but before contemplating the bigger picture, evaluate your future within the new organization. Could this be a change for the better with new possibilities? Find someone to talk to who is close(r) to the new strategy and direction and who can help put your position in perspective.
  • Take a look at the larger arc of your career; evaluate it holistically. Maybe you were already considering a career move before the company's changes took effect. This is an opportunity to contemplate your options, either within the new organization or outside of it. Now is a good time to take a look at yourself in a "big picture" sort of way and consider potential adjustments in order to reach your eventual goals.
  • Don't rush, and don't judge your new responsibilities too quickly; the same work you are used to doing may take a little longer in the new organization. The new company will choose the best of both companies' systems and processes, and these will take some time for everyone to get to know. Don't ever blame the "new guys" for mundane adjustments, such as working with a new IT system, tools, and templates. Just because some tasks take longer than before or look cumbersome at first sight, these day-to-day practices should not be confused with changes in strategy that could have much more of an impact on you. Take your time and separate form from function; acknowledge that new procedures actually represent a learning experience that can be of help in your performance and in your future career.
  • Connect with strong performers. Once a merger is complete, get to know as many peers and managers as who can guide you. Look around you carefully; every department has these special people to whom others look for advice. Have you ever noticed that there are individuals whom everybody mentions first as knowing the answer to a problem? They have their fingers on the pulse of the company's processes, systems, and information sources more than anybody else. Ask them for their help, and volunteer to return the favor. Introduce yourself, summarize what you have done in the past, discuss the problem with him or her, and find out the value you could bring; offer your assistance, too!

The initial phase after a merger can be trying and confusing. Make sure you have given the transition enough of a chance. Once you pass the initial frustrations of a merger, you will be in a good position to make sound decisions about your career. Whatever you decide, you will feel confident in a thoughtful and calculated decision.

Keep in touch!

About Us ^ Back to Top

Connecting the Industry's Experts...

Collarini Energy Staffing is a full-service agency specializing in the placement of personnel including the disciplines listed below.
Collarini Energy Experts manages projects to provide Fit-for-Purpose solutions for upstream oil and gas using these same experts.

Accounting and finance personnel
Administrative and clerical personnel
Business analysts
Civil and architectural engineers
Data Management
Drilling engineers
Drilling operations supervisors
Energy trading professionals
Facilities engineers
Geologists, geophysicists, and petrophysicists
Health, safety, and environmental personnel
Human resources personnel
Instrument and electrical engineers
IT professionals
Land, legal, and supporting personnel
Marine engineers and naval architects
Materials and corrosion engineers
Mechanical engineers
Operations supervisors
Pipeline, riser, and subsea engineers
Process engineers
Procurement personnel
Production engineers
Production operations supervisors
Project managers and support personnel
Quality control and inspection personnel
Reservoir engineers
Sales and marketing professionals
Technical writers
Technicians, drafting and graphic
Technicians, engineering and geoscience

Guiding Careers to the Next Level...

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1500 S. Dairy Ashford Road, Suite 350
Houston, Texas 77077

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