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Oil and gas

Integrated oil and gas company financial model, built free.

A three-statement Excel model for an integrated oil and gas company, built from your own figures and checked to balance.

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We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Combines upstream production, LNG, refining, fuel marketing, trading and often chemicals and low-carbon businesses, reporting by segment and allocating capital across them.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued four ways

    Discounted cash flow, trading multiples, sum of the parts and net asset value, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Integrated oil and gas company sample model.xlsx
The Summary sheet of the sample integrated oil and gas company model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for an integrated oil and gas company.

  1. How it earns revenue3 formulas
    Refining margin, product sales and crude cost · All refineries
    Crude and feedstock costCrude and feedstock processedfrom crude runs and product yieldsDelivered crude cost
    Refining margin, product sales and crude cost · All refineries
    Refined product salesCrude and feedstock costGross refining margin
    Oil, gas and LNG sales · All oil and gas assets
    Oil, gas and LNG salesOil, condensate and NGL salesGas sales
  2. What drives its costs3 formulas
    Refinery operating costs · All refineries
    Refinery operating costsFixed refinery costsVariable refinery costs
    Royalties and resource taxes · All oil and gas assets
    RoyaltiesWellhead valueRoyalty rate
    Production costs · All oil and gas assets
    Production costsNet productionfrom productionProduction cost per boe
  3. What it invests in3 formulas
    Refinery capex, turnarounds and depreciation · All refineries
    Refinery capexSustaining capexProject capex
    Refinery capex, turnarounds and depreciation · All refineries
    Closing net book valueOpening net book valueRefinery capexDepreciation
    Capex, depletion and exploration · All oil and gas assets
    Development and sustaining capexSustaining capexGrowth capex
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

36 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Exchange rate (US dollar)Exchange rate by financial year
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • Corporate fixed assetsStraight-line over remaining life
  • DebtAmortising term loan
  • Equity raisingDistribution reinvestment plan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Net asset valueBook net asset value
  • Hydrocarbon inventory and price effectsDays of cover at replacement costCrude and product stocks and the gains or losses from valuing them at historical versus replacement cost when prices move.
  • Wholesale and commercial fuel volumesVolumes by channelLitres (or tonnes or gallons) sold through wholesale, commercial, aviation, marine and dealer channels.
  • Wholesale fuel revenue and product costVolume × price with margin in cents per litreRevenue from fuel sold outside the company's own sites and the cost of product, giving the distribution margin.
  • Terminal, freight and delivery costsDistribution cost per litreThe cost of receiving, storing and delivering fuel — import terminals, road and rail freight, and bulk and cylinder delivery fleets.
  • Exploration programme and risked resourcesExpected monetary value of prospectsExploration and appraisal spend, farm-outs, and the risked value of prospects and discovered but undeveloped resources.
  • Trading gross marginStructured origination marginGross margin from buying and selling energy and environmental products, structured origination and asset optimisation.
  • Decommissioning and restoration provisionsPresent value with accretionProvisions to remove generation assets, abandon wells and restore sites — recognition, unwinding and spend.
  • Energy and utility KPIsUpstream unit metricsThe ratios investors and lenders use to judge energy and utility businesses.
  • Interest-rate hedgingHedged share at a fixed rate
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Discount rate (WACC)CAPM at target gearing
  • Sum of the partsRegister of parts on mixed bases
  • Wholesale electricity price curveCurrent price escalatedThe wholesale electricity price forecast used by the revenue and cost parts that need it.
  • Enterprise value to equity bridgeNet debt at the valuation date
  • Crude runs and product yieldsRefinery plan by monthCrude processed and the products made from it.
  • Refining margin, product sales and crude costBenchmark margin × capture rateProduct revenue, crude and feedstock cost, and the gross refining margin between them.
  • Refinery operating costsFixed plus variableCash operating costs, including energy and carbon.
  • Refinery capex, turnarounds and depreciationSustaining capex, straight-lineSustaining and project capex, capitalised turnarounds and depreciation.
  • Field and project registerReserves and resources by categoryWorking interest, reserves and carrying value of each field or LNG project.
  • ProductionLNG train throughputOil, gas and LNG volumes produced each period (net to the company's interest).
  • Oil, gas and LNG salesBenchmark × differential by productRealised prices × volumes for oil, condensate, gas and LNG.
  • Royalties and resource taxesRoyalty on wellhead valueGovernment and private royalties, production sharing and petroleum resource taxes.
  • Production costsCost per boeLifting, processing, transport and liquefaction costs.
  • Capex, depletion and explorationUnits-of-production depletionDevelopment and sustaining capex, exploration spend, and depletion of oil and gas properties.
Key numbers

The numbers it tracks.

  1. 01production (boe/d)
  2. 02refining margin
  3. 03segment earnings
  4. 04replacement-cost profit
  5. 05capex split
  6. 06gearing
  7. 07shareholder distributions
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
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The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.