|Location||League City, Texas|
|Date Posted||February 9, 2016|
|Min. Years Experience Required||5|
INEOS is a global private manufacturer of petrochemicals, specialty chemicals and oil products. It comprises a production network spanning 65 manufacturing facilities in 16 countries throughout the world. The Group is headquartered in Switzerland with a major manufacturing presence in USA.
The Olefins & Polymers (O&P) USA division of INEOS is one of the largest producers of olefins and polyolefins in North America. From its manufacturing locations at Chocolate Bayou and the Battleground Manufacturing Complex, it is a merchant marketer of butadiene, ethylene, polypropylene and high-density polyethylene with annual revenue of over $4 billion.
INEOS has recently back integrated into Upstream by acquiring natural gas assets in the North Sea and has also taken lease acreage in the U.K. to develop shale gas around the Grangemouth manufacturing complex and other portions of the country. INEOS is also shipping NGLs from U.S. shale production to supply cracker complexes in Europe.
The O&P division is leading an effort to back integrate fuel and feedstock demand into operated natural gas assets in onshore U.S. or Canada.
How the Role Fits in:
The INEOS O&P Marina View organization has a position open for a Reservoir Engineer to become a member of the due diligence team supporting acquisition efforts Upstream during current commodity downturn. The Reservoir Engineer will be part of a small team leveraging internal resources as well as consultant support for evaluation of acquisition targets. It is expected that this role will be part of an Upstream operational organization in the U.S. beyond the initial due diligence and acquisition.
The Main Purpose of the Role:
The Reservoir Engineer will support the Upstream acquisition evaluation effort by conducting due diligence of target assets and companies. The role is of an analyst who can bring technical expertise of geology, wells and reserves to bear on evaluation of the quality and quantity of especially Proven and Probable reserves. This position will also help prepare presentation materials and acquisition recommendations to Management.
Responsibilities & Accountabilities:
This role will take the lead in technical evaluation of Reservoirs with the support of geologists and external consultants. The role is responsible for running production/reserves modeling using software such as ARIES to adapt the Seller’s view of reserves, revenue, and cost from Lease Operating Statements to what is economical under current forward strip pricing and accepted geological risk. The output of reserves modeling will also have to be converted to a DCF model with INEOS Group assumptions for tax and return thresholds. Integration of geological, land, reserve, production data, cost forecast, development plans, and capex forecast accurately in modeling is critical as the team develops bid recommendations. The role will also analyze upside opportunities and jointly with other team members reach a consensus on suitability of acquisition target. The role will then summarize the analysis into presentation material for internal discussion.
The position works closely with the Finance function to meet Group standards of financial and tax modeling. Post-acquisition, this role will become part of an Upstream team that will manage the assets of the new business. Since INEOS is an acquisitive company with a proven track record of growth, it is expected that this role will have opportunity to grow through a newly formed business in the U.S.
The ideal candidate will have a proven track record as an analyst with an investment bank having conducted A&D activity in the energy sector or is part of an oil and gas company having evaluated reservoirs and conducted technical and financial evaluation of prospects for acquisition or have prepared data room material for divestiture. Key activities of this role include:
• Evaluation of Seller’s Proved, Probable and Possible hydrocarbon reserves
• Develop model for reserves and DCF analysis integrating revenue, cost and development forecasts
• Conduct due diligence of potential E&P assets and companies through data rooms or directly with Seller
• Evaluate well type curves, forecast production of natural gas and NGLs
• Work closely with the Business Development Director and other key stakeholders to ensure acquisition evaluation is done accurately and timely in a fast paced A&D market environment
• Network with financial and technical advisors to accurately assess opportunities
• Seek information from Sell Side advisory banks or Seller to assess value and risks
• Provide technical support and leadership solving issues in an integrated cross-functional team
• Builds and maintains positive relationships with colleagues, consultants, and key stakeholders to ensure acquisition evaluation runs smoothly and to resolve concerns promptly and efficiently
• Monitor market precedent activity to use appropriate comparison metrics in evaluation
• Maintain confidentiality of information received from third parties
• Responsible to maintain Reservoir modeling software such as ARIES or PHDWin with updates
• Identify and champion ways to create value in potential acquisitions
• Own and maintain the organization and knowledge of entire drilling prospect database post-acquisition for purposes of long range valuation and project execution
Skills & Knowledge Required:
• Proven Reservoir Engineering and analytical experience (5 - 7 years desired) with an oil and gas production company, Private Equity Firm, Reserve Consulting, or Investment Bank in the U.S.
• Bachelor of Science Degree in Petroleum Engineering; MBA or Finance degree is a plus.
• The ideal candidate will have expertise in ARIES or PHDwin modeling with strong Excel and PowerPoint skills to prepare financial evaluations and presentations.
• More generally, viable candidates will have some specialization in Reserves evaluation and will have at least three (3) years of experience supporting A&D activity or internal Reserve report preparation to satisfy lending banks.
• Understanding of key economic drivers in acquisitions
• Experience developing DCF models for financial valuation of target acquisitions
• Strong knowledge of Reservoir engineering, decline curve analysis, well operations, project management, and financial evaluation methodologies (creation of complex reservoir models is not expected to be part of the initial duties of the position)
• SEC Reserves Reporting experience
• Experience in Upstream activities and tax regimes in North America
• Understand the technical aspects of exploration and production in both conventional and shale plays
• Experience and knowledge of field operations and regulations
• Proficiency in one or more of the following specialties:
- ARIES or PHDwin
- IHS and PLS databases
- DrillingInfo tools for mapping
• Able to manage multiple asset evaluations under tight deadlines
• Strong analytical and data management skills
• Strong organizational skills along with the ability to handle a fast paced environment.
• Good verbal and written communication skills
• Good computer skills; Excel, Access, PowerPoint
• Able to network effectively across all levels of the organization and with different business units
For full consideration, you MUST include your salary requirements.
We are proud to be an EEO/AA employer M/F/D/V. We maintain a drug-free workplace and perform pre-employment substance abuse testing.
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