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Oil and gas

Oilfield services company financial model, built free.

A three-statement Excel model for an oilfield services and equipment, 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

Provides well services, completions and fracturing, wireline, subsea and offshore equipment and services to oil and gas producers, with revenue following drilling and completion activity or a project backlog.

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 trading multiples, 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
Oilfield services company sample model.xlsx
The Summary sheet of the sample oilfield services 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 oilfield services company.

  1. How it earns revenue3 formulas
    Oil, gas and LNG sales · Oil and gas asset 1
    Oil, gas and LNG salesOil, condensate and NGL salesGas sales
    Oilfield service revenue · Across the business
    New orders bookedBook-to-billOilfield service revenue
    Oilfield service revenue · Across the business
    Closing backlogOpening backlogNew orders bookedOilfield service revenue
  2. What drives its costs3 formulas
    Royalties and resource taxes · Oil and gas asset 1
    RoyaltiesWellhead valueRoyalty rate
    Production costs · Oil and gas asset 1
    Production costsNet productionfrom productionProduction cost per boe
    Direct costs (top-down) · Across the business
    Cost of salesRevenuefrom statementsGross margin
  3. What it invests in3 formulas
    Capex, depletion and exploration · Oil and gas asset 1
    Development and sustaining capexSustaining capexGrowth capex
    Capex, depletion and exploration · Oil and gas asset 1
    Depletion (units of production)Opening net book valueDevelopment and sustaining capexShare of the reserves produced
    Capex, depletion and exploration · Oil and gas asset 1
    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

23 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
  • Direct costs (top-down)Gross margin %
  • Operating expensesHeadcount build by function
  • 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
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Oilfield service revenueBacklog burn plus new ordersRevenue from services and equipment sold to producers, driven by drilling and completion activity or a project backlog.
  • Energy and utility KPIsUpstream unit metricsThe ratios investors and lenders use to judge energy and utility businesses.
  • LeasesLease register
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Discount rate (WACC)CAPM at target gearing
  • Field and project registerInterest, reserves and book valueWorking interest, reserves and carrying value of each field or LNG project.
  • ProductionExponential declineOil, 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. 01revenue per active rig or fleet
  2. 02backlog
  3. 03EBITDA margin
  4. 04capex to depreciation
  5. 05ROCE
  6. 06free cash flow
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.