Untitled Document
Day OneÂ
8:00 am
Registration and continental breakfast open
8:30 am
Midstream Assets - What They Are, What They Do, and How They Make Money
- An overview of the world natural gas industry and how changes in the US are affecting that industry and leading to new investment opportunities.
- An overview of the economics of the entire natural gas supply chain, including production, processing, fractionation, transportation, liquids markets, storage and distribution, and liquefaction.Â
- Who are the key players and what roles do they play?
9:45 am
Industry Overview and Evolution
- A discussion of how the history of the natural gas sector in the US and worldwide has shaped the present state of the industry and the resulting value drivers
- What has changed and what does this mean about the future state of the industry?
10:15 am
Refreshment Break
10:30 am
How Midstream Assets are Financed and Owned - Advantages and Disadvantages of Each Structure
- How FERC regulates pipeline and storage tariffs and how that affects financing strategies
- Why some midstream assets are owned as standalone entities, some as partnerships, others as corporate subs, and some owned under the MLP structure
- The role of "open seasons" and how they enable projects to attract financing.
- A more in-depth exploration of how and why the MLP structure is becoming an increasingly important ownership structure in the midstream
- Recent drivers of growth in midstream assets
- Real life examples of the financing methods used by midstream firms.Â
12:00 pm
Lunch
1:00 pm
Oil and Gas Reserve Assets - Investment Decision Process
- Much of the value of midstream assets may be dependent on the viability of production assets, so no discussion of midstream assets would be complete without covering the production assets they are attached to
- How the value of a production asset drives the value of a midstream asset and how risk allocation through contracts may reduce the risk and increase value.
- High-level methods for estimating the value of these assets, as well as some of the associated terminology, like proved, developed, producing vs. non-producing, etc.
2:00 pm
Refreshment Break
2:15 pm
Gathering & Processing Financial Evaluation
- A discussion of how the liquids and commodity values affect the revenues of these assets and the estimation of the risks and costs
- Allocation of liquids and commodity value risk in contracts
- Real life of examples of the allocation of liquids and commodity value risks Â
4:15 pm
Contractual Commitments
- The different types of contracts employed in the execution of midstream transactions, like per MMBTU, life of field and other structures
- Real-life examples
- Common rights and responsibilities of parties to these transactions
5:00 pm
Day One concludes
Day TwoÂ
8:00 am
Continental breakfast opens
8:30 am
Interstate Natural Gas Pipelines
- AÂ discussion of the history of the interstate natural gas pipeline system and how regulation affects the revenue potential of these assets
- Examples of recent and ongoing pipeline new construction and expansions
- Some of the common contracts and features of pipeline assets
- The valuation methods used with these assets - e.g., original cost vs. reproduction cost
Small Group Exercise:
- Use simplified model to value a new transmission pipelineÂ
- Reunite with the full class to explain findings and discussÂ
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10:00 am
Refreshment Break
10:15 am
Storage Facilities
- The physical differences between different types of storage assets that drive value
- An overview of the valuation methods used with storage assets, including a discussion of how the option value is considered
Small Group Exercise:
- Use simplified model to value a new storage facility
- Reunite with the full class to explain findings and discussÂ
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12:00 pm
Lunch
1:00 pm
Overview of SNL Product Features Useful in Midstream Asset Valuation
1:30 pm
LNG Liquefaction Facilities
- Who are the players?
- A discussion of the factors that affect the value of liquefaction facilities
- Contracting and allocation of risk and potential rewards
Small Group Exercise:
- Use simplified model to value a new liquefaction facility
- Reunite with the full class to explain findings and discussÂ
2:30 pm
Refreshment Break
2:45 pm
Case Study: Major Mid-Stream Provider
- Issues surrounding midstream assets, values, and business strategies
3:45 pm
Future of Midstream Market and Wrap-up
- A look at how the industry is shaping up, given moves in consolidation, involvement of non-traditional asset owners, government incentives and geographic constraints
4:30 pm
Day Two concludes
This two-day seminar will be held at the hotels listed below. The seminar will start promptly at 8:30 AM and will finish at 5:00 PM on the first day followed. On the second day, the seminar will resume at 8:00 AM and will finish at 4:30 PM. The program includes all program materials, continental breakfast on both days and lunch. Dress is business casual for all seminars.
COVID 19 Information:
Please
click here for the PGS Covid-19 policy.
You can confirm each hotel's specific COVID 19 policy using the link(s) provided below.
The price for this comprehensive
two-day seminar
is
$1,995 (USD).
Payment is due prior to the start of the seminar by Visa, Master Card, American Express, or corporate check.
Seminar fees will be charged to your credit card at the time of registration unless other arrangements have been made.
Please make checks payable to "PGS Energy Training" 26 Teal Lane • Hilton Head Island, SC 29926.
Cancellations will result in a credit that is good for 2 years which can be transferred to a colleague.
Substitutions may be made at any time.
For more information on PGS policies regarding administrative matters and complaint resolution, please contact our offices at (440) 853-1038.
This live group seminar is eligible for 10.5 CPE credits.
Be aware that state boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
As of January 1, 2002, sponsored learning activities are measured by program length, with one 50-minute period equal to one CPE credit.
One-half CPE credit increments (equal to 25 minutes) are permitted after the first credit has been earned in a given learning activity.
You may want to verify that the state board from which your participants will be receiving credit accept one-half credits.