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Oil and gas

Oil sands producer financial model, built free.

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

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  • Usually ready within the hour

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

Produces bitumen by in-situ thermal recovery (steam-assisted gravity drainage) or surface mining and extraction, selling it blended with diluent at heavy-oil prices or upgrading it to synthetic crude.

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 two ways

    Discounted cash flow 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: its structure and its inputs, ready for your own figures.

Annual · 10 years · Low detail
Oil sands producer sample model.xlsx
The How It Works sheet of the sample oil sands producer model

The sample describes no real business. Yours is calibrated to your own figures, so its results are your business’s.

How it works

How the model works for an oil sands producer.

  1. How it earns revenue1 formula
    Oil, gas and LNG sales · All oil and gas assets
    Oil, gas and LNG salesOil, condensate and NGL salesGas sales
  2. What drives its costs2 formulas
    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
    Capex, depletion and exploration · All oil and gas assets
    Development and sustaining capexSustaining capexGrowth capex
    Capex, depletion and exploration · All oil and gas assets
    Depletion (units of production)Opening net book valueDevelopment and sustaining capexShare of the reserves produced
    Capex, depletion and exploration · All oil and gas assets
    Closing net book valueOpening net book valueDevelopment and sustaining capexDepletion (units of production)
  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

20 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
  • DebtAmortising term loan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Net asset valueBook net asset value
  • 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
  • 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. 01bitumen production (bbl/d)
  2. 02steam-oil ratio
  3. 03WCS differential
  4. 04netback per bbl
  5. 05royalty payout status
  6. 06free cash flow
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
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Looking for an oil sands producer financial model template? Ours arrives built for your business, with your figures in it.

See a finished model, sheet by sheet

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.