Energy
Oil & Gas Guides
Type curves and EUR, PRMS 1P/2P/3P, F&D recycle ratios, and NAV vs EV/DACF for E&P companies.
18 free guides · 18 company profiles · 3 primers, each with an Excel model
Oil & Gas
Reserves, decline curves and a going-concern NAV
7 guides · 6 profiles
Guides 7
Decline Curve Analysis Explained
Exponential vs hyperbolic decline, b-factor, EUR, basin type curves.
How to Read a Reserves Report
PRMS classification, 1P/2P/3P, SEC vs NI 51-101, what to check in footnotes.
F&D Cost Benchmarks by Basin
Finding & development costs, recycle ratio, capital efficiency metrics.
NAV vs EV/DACF for E&P Valuation
When to use each metric, blowdown vs going concern NAV, worked comparison.
PV-10 vs NAV: What the Standardised Measure Misses
SEC pricing rules, the PUD five-year rule, and the reconciliation workflow.
Operating Netback per BOE: Calculation and Benchmarks
The line-by-line netback build, the WCS differential variant, recycle ratio.
Shale Breakevens by Basin: the Dallas Fed Survey
New-well vs operating vs corporate breakevens, with Dallas Fed survey breakevens by basin.
Company research 6
Midstream & Pipelines
Distributable cash flow, coverage and contract quality
5 guides · 6 profiles
Guides 5
Distributable Cash Flow vs FCF for Midstream
DCF is the MLP distribution-policy metric; FCF is the C-corp residual. Never compare one column without labels.
MLP vs C-Corp: K-1s, Taxes and Who Owns Which
The wrapper sets the tax form, holder base, and multiple. KMI's 2014 roll-up and AMZI vs AMEI spreads.
EV/EBITDA by Midstream Asset Type
Pure-MLP indices screen lower than C-corp-heavy ones. Illustrative 8–10× band anchored to AMZI, AMEI, and Wells Fargo 9.0×.
Take-or-Pay Contracts and Pipeline Revenue Quality
Fee-based percentages are non-comparable without the denominator. EPD 82% GOM vs KMI 96% budget EBDA.
Distribution Coverage Ratio: the MLP Safety Metric
Coverage = DCF ÷ distributions paid. EPD 1.7×, ET ~1.80×, MPLX 1.4× floor; below 1.0× the payout is drawing on the balance sheet.
Company research 6
Refining
Crack spreads, capture rates and mid-cycle EV/EBITDA
6 guides · 6 profiles
Guides 6
The 3-2-1 Crack Spread: Calculation and What It Misses
EIA formula (2 gasoline + 1 ULSD − 3 LLS per bbl); what the indicator ignores (RINs, basis, complexity, turnarounds).
Nelson Complexity Index: Why Refinery Complexity Matters
NCI build-up (CDU = 1.0); complexity buys crude-slate optionality. OGJ 9.5 is a 1996 snapshot.
Crack Spread Capture Rate: Comparing Refiners Properly
Capture = realised ÷ indicator; worked capture examples and the 85 to 110% reading band. Never rank $/bbl against capture %.
Refinery Operating Cost per Barrel: FY2025 Ranked
Seven US refiners ranked, Valero $4.93 to PBF $8.38 a barrel, with each company's definition and turnaround treatment.
RIN Costs and the RFS: the Refiner's Hidden Line Item
Obligated-party mechanics, D6 RINs in EPA EMTS; RVO cost as the scale anchor from filed results.
Mid-Cycle EBITDA: Valuing Refiners Through the Cycle
LTM multiples whipsaw at crack extremes; normalise off the $25/bbl planning crack + 92% utilisation; 5–7× band.
Company research 6
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