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BIWS Oil & Gas Financial Modeling

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If you’ve spent any time looking at Oil & Gas Modeling training, you’ve probably realized that most courses are terrible.

They tend to cover only the Upstream (Exploration & Production) segment, or they’re very basic and use normal companies and models with a few energy twists.

Now, there’s nothing wrong with focusing on just one vertical.

The Upstream vertical is the most different, with the most new jargon and accounting/valuation terminology…

…but it’s not the only one you need to know for interviews, internships, and full-time jobs.

They’ll fully expect you to know something about the other major verticals – Midstream and Downstream – and to understand how they’re similar and different.

“Skipping” these would be like taking the SAT but “forgetting about” the Math section.

Our course takes a completely different approach by devoting about 1/3 of the training to each major vertical.

You’ll build a NAV Model, 3-statement model, and valuation for Range Resources, a 3-statement model and valuation for Western Midstream Partners, and a 3-statement model and valuation for Saras S.p.A. (an Italian oil refining company).

It’s the most comprehensive way to learn the entire sector, which means all of the following:

  • Get crash-course overviews of the Upstream, Midstream, and Downstream verticals.
  • Understand the accounting differences (Successful Efforts vs. Full Cost) and the key revenue and expense drivers.
  • Learn the key lingo, such as EUR, IP Rates, Type Curves, D&C Costs, LOE, and more.
  • Build a Net Asset Value (NAV) Model for an Upstream (E&P) company based on Proved Developed and Proved Undeveloped Production, including new wells drilled, production decline rates, asset-level expenses, and scenarios for oil/gas/NGL prices and drilling activity.
  • Aggregate an Upstream company’s cash flows from all sources, including different Reserve types, corporate-level expenses, accelerated DD&A, and the impact of hedging (swaps and collars).
  • Value an Upstream company based on comparable public companies and precedent transactions with industry-specific metrics and multiples (EBITDAX, Proved Reserves, and Daily Production).
  • Build a 3-statement model for a Midstream company structured as a Master Limited Partnership (MLP), including revenue and expense drivers, Distributable Cash Flow (DCF), and Distributions to different investor groups.
  • Value the MLP based on comparable companies/transactions and industry-specific multiples (P / DCF and Distribution Yields), a Discounted Cash Flow Analysis, and a Discounted Distribution Analysis (DDA).
  • Model a Downstream company’s operations, including oil refining and an ancillary business in electricity production from renewables and natural gas.
  • Understand key metrics and performance indicators, such as the “Crack Spread,” Refining Margins, and more.
  • Value a Downstream company based on comparable companies, precedent transactions, and a Discounted Cash Flow Analysis that extends directly from the 3-statement model.
  • Draft a stock pitch for an Upstream company and two investment banking-style advisory presentations for Midstream and Downstream companies.

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

This course covers all your bases, whether you want to spend 1 hour on the highlights of each vertical or go down the rabbit hole of complex models.

And if you don’t have time for everything, no worries: We also have study plans for 5, 10, and 15 hours, with the exact lessons highlighted.

Plus, if you don’t have time to watch the videos, you can refer to the detailed written guides in the course to get the most important points (there’s one for each vertical).

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.

Brian DeChesare

Brian DeChesare
Founder, Breaking Into Wall Street

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

Module 1: Overview and Net Asset Value (NAV) Model for Upstream (E&P) Companies

$ 97

WHY IT’S IMPORTANT: This module sets you up to “drink from the firehose,” but you’ll be ingesting oil and gas rather than water as you learn about Type Curves, NAV Models, decline rates, drilling schedules, hedging, and more.

Individual oil and gas wells and the NAV Model are some of the most important parts of oil & gas modeling, which is why the course starts here.

This module walks you through concepts such as the Estimated Ultimate Recovery (EUR) and Initial Production (IP) Rate for new wells and explains how to put together all the pieces based on the historical data and investor presentations of an independent E&P company (Range Resources in the U.S.).

It covers “quick approximation” methods to solve for the decline rate of wells in the Proved Developed (PD) Reserves, but it also goes into granular detail with a well-by-well drilling and CapEx forecast for the Proved Undeveloped (PUD) Reserves.

By the end, you’ll have a robust NAV Model with support for cash-flow aggregation, hedging, and cash taxes calculated based on the unit-of-production (UOP) method of depletion/depreciation.

Module 2: 3-Statement Model, Comparable Public Companies, and Precedent Transactions for E&P Companies

$ 97

>WHY IT’S IMPORTANT: This training shows you how to extend the NAV Model into a full 3-statement model with separate schedules and a full valuation based on comparable companies and precedent transactions.

The NAV Model for E&P companies is a bit like “The One Ring” from Lord of the Rings – but remember that it took more than Frodo and Sam destroying the ring on Mt. Doom to win.

They needed the rest of their friends to distract the enemy and make their mission successful.

The 3-statement model and comparable companies/transactions for an Upstream company are like your version of Gandalf, Aragorn, Gimli, and Legolas, and you’ll need them to make your “valuation mission” work.

In these lessons, you’ll use the NAV Model output to build a full 3-statement model, with Income Statement, Balance Sheet, and Cash Flow Statement projections and a supplemental tax schedule.

Then, you’ll learn how to screen for E&P companies and deals and use industry-specific metrics, such as TEV / EBITDAX, TEV / Proved Reserves, and TEV / Daily Production, to value companies.

The final lessons walk you through the case study answers and a full stock pitch for Range Resources that lays out your views as if you were presenting them to the investment committee at a hedge fund or asset management firm.

Module 3: Midstream (Pipeline) Valuation and MLP Overview

$ 97

WHY IT’S IMPORTANT: This case study gives you a full crash course on the Midstream sector (pipeline and storage companies), including the Master Limited Partnership (MLP) structure common in the U.S.

After Upstream, Midstream is the next-most-important vertical within oil & gas, especially if you’re interviewing for buy-side roles (PE firms love pipeline companies due to their margins, cash flows, and predictable revenue).

This case study, based on Western Midstream Partners, walks you through everything from the data gathering process to the revenue and cash flow forecasts based on Capacity, Utilization Rates, Throughput, Per-Unit Fees, and Maintenance/Growth CapEx.

You’ll learn how to forecast the Income Statement, Balance Sheet, and Cash Flow Statement, including the Net Income and Distributions to each investor group (General Partners, Limited Partners, and Noncontrolling Interests), and you’ll calculate metrics such as the Distribution Coverage Ratio (DCR) to evaluate the company’s performance.

Then, you’ll select Public Comps and Precedent Transactions and set up Discounted Cash Flow and Discounted Distribution Analyses to value the company based on industry-specific metrics and multiples (Equity Value / Distributable Cash Flow, Distribution Yield %, etc.).

Finally, you’ll answer the case study questions and draft an IB-style pitch book to advise the company on its best strategic options, given its current valuation.

Module 4: Downstream (Refining & Marketing) Valuation

$ 97

WHY IT’S IMPORTANT: This training gets you up to speed on oil refining companies and refinery assets, from the key metrics and multiples to differences in 3-statement models and valuations.

This case study is based on Saras S.p.A., a major oil refining company in Italy, and its acquisition by Vitol, an energy trading company based in the Netherlands and Switzerland.

You’ll build a full 3-statement model and valuation, based on comparable companies and deals and a DCF analysis, and use this to determine whether the €1.75 / share offer price is reasonable.

Through this exercise, you’ll learn to forecast Oil Prices, Capacity, Utilization Rates, Refining Margins, Fuel Revenue, and “Other Sales” from sources such as Electricity Production.

The valuation deals with challenges such as a lack of comparable companies and deals in regions outside the U.S. and the calibration of long-term DCF forecasts with commodity price scenarios.

The last few lessons answer the case study questions and provide an investment banking-style pitch book to advise management on Saras’ proper valuation.

Module 5: Certification Quiz

$ 47

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

This quiz consists of 16 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.

Plus… This Course Comes With The Following
Valuable Tools To Accelerate Your Learning:


  • FULL Subtitles/Captions and Transcripts

  • 365-Day-per-Year Q&A

  • 3 Detailed Written Guides (1 per Vertical)

  • Free Updates

  • Watchable on ANY Device

  • Expert Support

  • Practice Quizzes with Full Answer Keys

…and Our Legendary, 90-Day
No-Questions-Asked Money-Back Guarantee

Take a full 90 days to review the Oil & Gas Modeling course and make certain it’s everything we promise.

You do not have to finish everything in that time – think of it as your “trial period” or “evaluation time.”

If you aren’t satisfied for any reason, simply ask for your money back, and we’ll issue a prompt refund – no questions asked.

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 5 core components of this course for a total of $435…

…but since this is a new version of the course that released very recently, we’re discounting it to just $197, or 55% off the “standalone” prices.

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.

Add to Cart
Just 1 Payment of $435 $197
100% Unconditional Money-Back Guarantee

And just in case you’re not absolutely convinced the BIWS Oil & Gas Modeling Course is right for you, let me remove any last shred of doubt.

You’re completely covered by our unconditional 90-Day Money-Back Guarantee:

You’re Also 100% Protected By Our Unique
90-Day, No-Questions-Asked, Money-Back Guarantee

Since I want to make this a “no-brainer” decision for you, the Oil & Gas Modeling course comes with the same iron-clad guarantee that we offer on everything:

You have 90 days to evaluate the course material and see if it’s right for you.

If you decide at any point during those 90 days that the Oil & Gas Modeling course doesn’t meet your expectations, simply request a refund.

We perform for you, or you get your money back – that’s how it always should be.

Here’s What Happens Within
Minutes Of You Signing Up

Once you sign up, you’ll immediately have access to the 80 instructional videos and 3 detailed written guides that cover each major vertical 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:

  • 80 instructional videos created by experts and designed for online learning, along with captions and transcripts for everything.
  • 3 detailed case studies for the Upstream, Midstream, and Downstream verticals.
  • 3 detailed written guides with summaries, interview questions and answers, and more (over 95 pages total).
  • 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, private equity firm, 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 3 detailed case studies and authored by finance professionals who have collectively worked on dozens of deals.

I know you’ll make the right choice.

click here to get oil & gas modeling
Just 1 Payment of $435 $197
(100% Unconditional Money-Back Guarantee)

To YOUR success,

Brian DeChesare
Breaking Into Wall Street Founder

P.S. Remember that you have NOTHING to lose and nearly unlimited upside – your future career in a high-paying industry – to gain. You have a full 90 days to evaluate the program and return it for a full refund if you’re not satisfied.

Of course, it’s much more likely that you’ll be writing in to thank me in the future – just like so many others have. Here’s what some of our BIWS students have said about their experiences:

"Thanks in large part to your O&G; specific modules, I managed to obtain the highest score that anybody had ever achieved since the introduction of this test, outperforming the other candidates by miles."

"I landed a job soon afterward at another energy fund. I have been using the videos to get me through the first few weeks!"

"I used your modeling oil and gas companies tutorial in my senior year in college, before I started my job, and it just made me leaps and [bounds] better than my peers."

"The course that I took far [exceeded] my expectation. They will not only explain to you about financial modeling, but will also walk you through your questions on every nuances of the business."

"I recently accepted an equity research offer from an elite boutique specializing in oil & gas (in less than 2 months after signing up for your course and website)."

"I was originally looking for a way to familiarize myself with upstream oil and gas modeling when I found BIWS but ended up with much much more than I paid for."

"One of the biggest pluses for me is that the course is explained in a very easy-to-understand, casual, digestable style."

"Excellent layout of the courses, clear explanation, transcript for lessons, etc., I loved it. The Exxon merger case study is awesome."

"I must say your O&G; Modelling Course has been extremely helpful in securing the position and preparing me for my duties."

"Breaking Into Wall Street has been the differentiating factor thus far in my confidence, interviews, and most importantly understanding of the concepts and technical skills which will be applied to my future career in investment banking."

"The course was very extensive and helped me tremendously. I liked the way you [had] each section broken down by topic."

"The O&G; course in BIWS is really helpful; it didn't only refresh all of my memory in financial modeling, but also [consolidated] all of my knowledge and experience in the industry and I'm now able to apply them into real-life [valuations] of assets/[companies]."

"Now I've gotten the job I always wanted in equity research. This class was a big reason I was able to get through the in-house modeling test."