Petro-Tech: Philosophies of Cashflows and Error Checking
You’ve properly formatted all the inputs, pressed all the right buttons and the Year End cashflow runs are complete. The summaries are published, management has signed off on the preliminary second version of the final run and the auditors are waiting for their export. Can you reproduce the correct results? If you can’t, why not? How do you know the correct results are really correct? If you don’t know, how does management know? These are the questions that separate a software expert from an engineering technician. They require judgment and an understanding of how a cashflow works, what it models and how it’s used. Unfortunately most of the training techs receive focuses on software and programming skills, necessary but insufficient to make the leap from software expert to a more rewarding and challenging key contributor role.
The engineering tech is at the intersection of engineering, geology, accounting, lease administration and land functions that impact not only reserves cashflows but asset performance. In this presentation, we’ll walk through a cashflow and discuss what each section models and how to verify that it’s correct. We’ll also discuss who you can approach, and how, to understand what you’re modelling and verify that it’s modeled correctly.
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