Breaking Into Wall Street – Oil and Gas Modeling

Breaking Into Wall Street – Oil and Gas Modeling

How to Learn Oil & Gas Valuation and Financial Modeling and Dominate Your Investment Banking Interviews

Learn oil & gas fundamentals

You’ll learn the accounting rules + revenue and expense drivers

Master financial modeling

Get up to speed with the NAV Model, projections, and valuation multiples

Complete 2 detailed case studies

You’ll build a traditional “corporate-level” model and a complex NAV model

Get a ~60% discount off the normal price

This is a “legacy” course, so you can sign up for a ~60% discount

I’ll skip the clever introductions and cut to the chase: This course is the best and most economical way to learn Oil & Gas Modeling from the basics up through the advanced nuances.

Nothing else on the market covers both “standard” corporate-level models, with an oil & gas spin, and highly specific oil & gas methodologies, such as a complex Net Asset Value (NAV) model that aggregates drilling and revenue forecasts over multiple regions and well types.

All that said, this is a legacy course that we discontinued – but we’ve now brought it back at a ~60% discount off its old price.

We discontinued the course because there was little interest in the energy sector a few years ago, the course was based on older case studies, and we didn’t want to spend 12 months producing a new version.

Also, this course doesn’t quite line up with our current approach to modeling (i.e., provide a few short case studies that teach the basics and then move into longer case studies that each take 2-4 hours to complete).

This Oil & Gas Modeling course, by contrast, is based on two long and in-depth case studies.

So, back in 2021, we decided to discontinue this course for all these reasons…

…but then something interesting happened.

Students and professionals started coming back and saying, “Hey, what happened to your Oil & Gas Modeling course? I still want to learn about it.”

We explained the issues above, pointed out that it was older material and that the course wasn’t quite up to our current standards, and so on, but most of them didn’t care.

Instead, the back-and-forth exchanges always came down to:

“OK, OK, I understand it’s older and the training isn’t quite as optimized, but I still want the course. Where do I sign up?”

So, we gave into the public pressure and have now restored the course.

It’s still not openly marketed on this site, and it’s not listed on the “Courses” page – but if you do a quick search, you can find it (which is probably why you’re reading this right now).

You can review the course outline if you want to get all the details, but here’s what the training offers you:

• Understand accounting differences (Successful Efforts vs. Full Cost) and the key revenue and expense drivers in oil & gas.
• Learn the key lingo, such as “Working Interests,” Royalty Rates, EUR, D&C Costs, LOE, IDC, and more in the alphabet soup of energy jargon.
• Model the 3 financial statements for a dedicated Upstream or Exploration & Production company and a global, diversified company (Exxon Mobil).
• Build a simple valuation for an E&P company based on comparable companies, precedent transactions, and a simplified NAV model, all with an oil & gas spin (e.g., multiples based on EBITDAX, Proved Reserves, and Daily Production).
• Create merger and LBO models for the Exxon Mobil / XTO M&A deal, including differences in the synergies, purchase price assumptions, accretion/dilution, and contribution analysis.
• Gather data from investor presentations, annual and quarterly reports, and reserve reports to build a more complex NAV model for Ultra Petroleum [UPL].
• Set up scenarios for future drilling activity, commodity prices, and reserve credits.
• Forecast drilling and production on a regional level, with splits for PDP/PDNP wells and PUD/PROB/POSS wells.
• Learn how regional differences in drilling schedules, IP (Initial Production) rates, and decline rates for individual wells affect the output.
• Model an asset acquisition for additional oil-producing acreage and understand how it affects the results.
• Draft a 20-page stock pitch for the company based on your analysis and outside research.

Yes, there’s a lot here, but that’s the point.

This course covers all your bases, whether you want to get up to speed quickly on oil & gas or you want to review the nuances of complex formulas in a region-by-region NAV model.

And if you don’t have time for everything, no worries: We also have study plans for 5-10 hours with specific, key lessons highlighted.

Plus, if you don’t have time to watch the videos, you can refer to the 15 written guides in the course to get the most important points.

If you want to answer interview questions and case studies with ease and leap up the ladder once you start working, this is the course for you.

Here’s What You’ll Get When You Sign Up for This Oil & Gas Modeling Course:

Oil & Gas Introduction and Overview

WHY IT’S IMPORTANT: These lessons introduce you to the main concepts, the financial statement differences, and the accounting methodologies for oil & gas.

This course introduction module explains the main topics, how the financial statements of oil & gas companies differ, and how to move from a company’s reserves and production to its statements.

You’ll also learn the key metrics and ratios you can use to analyze oil & gas companies, such as the Reserve Life Ratio, F&D Costs, and Production Replacement Ratio.

Exxon Mobil / XTO Energy – M&A Case Study

WHY IT’S IMPORTANT: This training teaches you oil & gas modeling in the context of the corporate-level modeling and valuation you should already know.

This case study walks you through the major model types you’ll always build at banks: 3-statement projection models, valuations, merger models, and LBO models.

You’ll analyze XTO Energy, just before it was acquired by Exxon Mobil, and use the company’s filings and presentations to build each model, taking an “oil & gas angle” via different valuation multiples and projection methods.

You’ll also build a different 3-statement model for Exxon Mobil, a much larger, more diversified oil & gas company, and understand how the projection methods differ.

Finally, you’ll complete a full merger model for the deal, build an LBO model for a potential buyout of XTO, and understand how oil & gas-specific factors make these deal types more or less viable.

Ultra Petroleum – Complex NAV Model Case Study

WHY IT’S IMPORTANT: This case study gives you a full crash course to a detailed, “on the job” valuation model as it is built at the top investment banks.

This case study starts with the fundamentals, such as gathering data from different filings and investor presentations and using it to build in different price decks and drilling assumptions.

Then, it goes into the nitty-gritty details, such as the differences between production, revenue, and expenses for existing wells (PDP and PDNP) and brand-new ones (PUD, PROB, and POSS) in different regions.

We cover IP rates, drilling costs, EUR, production decline curves, and methods of aggregating the production via the INDIRECT function.

After that, you’ll learn to forecast the potential cash flows from an acquisition in the Uinta region of Utah, and you’ll see how they contribute to the overall valuation.

Finally, you’ll wrap up by factoring in hedging and accelerated depreciation and net operating losses to get the implied NAV per share – which you’ll use in a detailed stock pitch and investment recommendation for the company.

Certification Quiz

WHY IT’S IMPORTANT: This end-of-course certification quiz lets you test your knowledge and prove it to employers.

This quiz consists of 61 challenging questions that are based on the case studies in the course.

If you pass the quiz with a 90% score (no restrictions on time or the number of attempts), you’ll gain our Certificate in Oil & Gas Modeling, which you can add to your LinkedIn profile and present in interviews.

What’s Your Investment In The Oil & Gas Modeling Course?

To put this in context, let’s consider your Return on Investment in this course…

The pay for entry-level investment banking jobs varies from year to year, but it’s safe to say that even entry-level Analysts right out of university earn $150,000 USD at the bare minimum.

And the pay range is often more like $150,000 – $200,000, depending on your region and firm.

At the MBA level, that climbs to $300,000 – $400,000 USD or more (again, just in your first year out of school).

And as you progress, your total compensation only gets higher and higher; top senior bankers earn over $1 million USD annually.

And every top banker had to start at the entry level and get their foot in the door – just like you today.

We could sell the 4 core components of this course for their “old price” of $497…

…but since this is a legacy course that was discontinued once before, we’re discounting it to just $197, or 60% off the original price.

Think of it like a “Greatest Hits” album – sure, it may not be the latest from your favorite band, but it’s still a great deal.

Compared with your potential upside – jobs that pay well into the six-figure range – your investment in the course is nominal.

By investing just $197 in this course, you’re greatly improving your chances of landing a job that pays upwards of $150,000 in Year 1 – that’s more than a 700x return on investment!

Even if this training only helps you win an internship, that’s still at least $10,000 USD at any reputable firm, for a 40x ROI.

There is no other way to get this level of training… this level of on-demand support… this level of testing and case study practice… and this level of access to a community of thousands of peers…

…at ANY price!

So yes, you have to invest in yourself to gain access to this specialized Oil & Gas training, but it will be one of the smartest, highest-return investments you ever make – we guarantee it!

We’ve bent over backward to deliver the best, most comprehensive program on the market that gives you everything you need to land a great job and start a long-term career in the energy sector.

To date, over 56,763+ people have invested in BIWS training and gone on to secure lucrative jobs in the industry. I want you to be next, and I want to make this a “no-brainer” decision for you.

Here’s What Happens Within Minutes Of You Signing Up

Once you sign up, you’ll immediately have access to the 95 instructional videos and 15 detailed written guides that cover all aspects of Oil & Gas Modeling.

And the best part: We’ll be here to guide you every step of the way because your enrollment comes with a full 5 years of expert support. If there’s something you don’t understand, just go to the “Question/Comment” area below each lesson and ask your question, and we’ll respond with a detailed answer.

Let’s very quickly recap what you’re getting here:

• 95 instructional videos created by experts and designed for online learning, along with captions and transcripts for everything.
• 2 detailed case studies, including one from more of a “corporate” angle and one from an asset-level valuation angle.
• 15 handy written guides, so you can quickly review the material, look up key points, and prepare for interviews.
• Expert Q&A and support from experienced bankers.
• And our 90-Day Money-Back Guarantee.

Decision and Action Time

Of course, there are other options for learning this material.

For example, you could complete a course on this topic from another provider, buy a generic course on a random e-learning site for $10 or $20… or read a long book about the energy sector.

These methods have their merits, but they won’t get you the same results because they’re designed for “generalist” audiences – not people currently interviewing for the most competitive roles in oil & gas groups.

So, if you want to learn everything, from the fundamental sector drivers up through advanced modeling skills, and hit the ground running on day 1 of your internship or full-time job, this training is your best option.

Yes, it is more of an investment than a book or an AI-generated online course, but ask yourself about the value of your time and interview opportunities.

If you win a coveted interview spot in the oil & gas group at a top investment bank or hedge fund, do you want to “wing it?”

Or do you want to ensure that you’ve prepared in the most comprehensive way possible?

If you’re serious about your future career in the finance industry, you should not even have to think about this one.

And if you have any doubts, it’s all backed by our no-questions-asked, no-hassle, 90-Day Money-Back Guarantee.

In fact, the ONLY risk is that you might apply for a job or walk into an interview without this course – and lose out to another candidate who has completed it.

The next move is up to you.

You can hope that a top energy group hires you without knowledge of these topics and the ability to complete case studies and make investment recommendations…

…or you can confidently tell them you’ve completed the most targeted oil & gas modeling training available, based on 2 detailed case studies and authored by finance professionals who have collectively worked on dozens of deals.

I know you’ll make the right choice.

To YOUR success,

Brian DeChesare
Breaking Into Wall Street Founder