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Enhancing E&P Performance: Insights from the Schroder Bank/Prudential Survey (1994-1998)

This report summarizes key findings from the Schroder Bank and Prudential Survey, focusing on the performance indicators of exploration and production (E&P) within the oil and gas sector from 1994 to 1998. It highlights crucial metrics such as adjusted production costs, cash flow, quality of earnings, and production replacement ratios. The study emphasizes the importance of central coordination, systematic probabilistic approaches, and integrated geotechnical teams to improve E&P project outcomes, while also addressing challenges faced during periods of decentralization.

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Enhancing E&P Performance: Insights from the Schroder Bank/Prudential Survey (1994-1998)

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  1. Schroder Bank / Prudential Survey • Key Performance Indicators (KPI): • Adjusted production costs • DD&A costs • Production income per BOE • Quality of earnings • Cash Flow • Production replacement ratios • F&D costs • Discounted FNCF • Upstream returns • Total Ranking: Running 5-year Averages Rose & Associates, LLP

  2. ’94-’98: 65% BEST MID WORST ’89-’93: 53% KEYS TO IMPROVING E&P PERFORMANCE 1994-1998 GROUPS 80 60 % PRODUCTION REPLACEMENT VIA EXPLORATION 40 • INTEGRATED GEOTECHNICAL TEAMS • SYSTEMATIC / PROBABILISTIC • CENTRAL COORDINATION 20 1 2 3 4 5 6 COF, $ / BOE Carragher, 2000

  3. COMPANY INSTITUTES CONSISTENT RA OF E&P PROJECTS, CENTRAL COORDINATION OF PORTFOLIO DECENTRALIZATION CAUSES DECLINE OF CENTRALLY COORDINATED E&P PORTFOLIOS, SYSTEMATIC PROSPECT RA, & POST-AUDIT REVIEWS COMPANY ANNOUNCES RETURN TO PREVIOUS E&P MANAGEMENT PROCEDURES Schroder Bank / Prudential Survey A Rose & Associates, LLP

  4. START OF ALL STAFF TRAINING & ADOPTION OF SYSTEMATIC RA PROCESS FOR ALL E&P PROJECTS #1 PERFORMER FOR 2 YEARS INTENSIVE COMPANY-WIDE SOUL-SEARCH & REORGANIZATION AFTER POOR PERFORMANCE CONSISTENT RANKING OF E&P PROJECTS USING CENTRALLY COORDINATED PORTFOLIO Schroder Bank / Prudential Survey B Rose & Associates, LLP

  5. LOSS OF CENTRALLY COORDINATED E&P PORTFOLIO THROUGH RE-ORGANIZATION & DECENTRALIZATION SUSTAINED CAMPAIGN FOR CENTRAL COORDINATION OF E&P PORTFOLIOS, SYSTEMATIC RA, POST-AUDIT REVIEWS RIGOROUS HQ CONTROL OF E&P PROJECTS, SYSTEMATIC RANKING Schroder Bank / Prudential Survey D Rose & Associates, LLP

  6. ID OF WORLD PETROLIFEROUS BASINS W LARGE FIELD POTENTIAL APPLICATION OF STRATEGY W / RA, HQ COORDINATION, TECHNICAL PERFORMANCE MEASUREMENT, & ACCOUNTABILITY Schroder Bank / Prudential Survey NEW CEO DESIGNS FOCUSED STRATEGY F Rose & Associates, LLP

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