This Lecture is designed to raise ethical awareness and to develop insights in SPE members into the significance of the preamble and the twelve canons in SPE’s Code of Conduct. An understanding of professional and ethical responsibility is paramount to every SPE member working in the petroleum industry. However, the ethical dilemmas members experience while progressing through their career stages can vary in nature and complexity, spanning a broad spectrum from issues for students, for individual contributors or issues encountered at managerial and executive level positions. Common ethical issues include expert witness testimony, employment, competitive bidding, confidentiality, conflict of interest, copyrights, intellectual property, data selection and management, operating standards, regulations, reserves booking, third party opinions, corruption, plagiarism, and citations of others’ work. Ethical behavior is required to manage professional relationships with stakeholders including contractors, vendors, partners, land owners, competitors, governments, regulatory agencies, employees, management and coworkers. Members will take away from this Lecture a toolkit to enable them to make better decisions when faced with an ethical dilemma.