Reserves Engineer

Reserves Engineer Job Description:

The reserves engineer is a key member of a team that coordinates the year-end reserves process, semi-annual bank redeterminations and quarterly updates, ensures reserves compliance with all regulations and interfaces with area development team and third-party reserve auditors, monitors and analyzes reserve changes, tracks economics inputs, and prepares reconciliations and reports for senior management, accounting, and financial auditors.

Reserves Engineer Job Responsibilities:

• Assist with fiscal year-end reserves process, semi-annual bank redeterminations, and quarterly reserve updates
• Assist reservoir engineering efforts in reserves analysis, reconciliation and documentation
• Assist in preparation of Proved, Probable, Possible and Contingent reserve evaluations and coordinate data transfer and comparison with third-party reserve auditors and engineers
• Monitor and analyze reserve changes, based on production performance, drilling and workover activities, including revisions and additions, as well as acquisitions and divestitures
• Work with Business Analyst and Engineers to revise and maintain Reserves database year round
• Preparation of quarterly, semi-annual and year-end reserves processes including:
  • Production and forecast updates within PHDWin
  • LOE analysis and updates
  • Production reference prices and differentials, energy content in conjunction with marketing and accounting
  • Shrink and yield analysis in conjunction with marketing and accounting
  • Annual review and analysis of capital
  • Asset retirement obligation (ARO); maintain abandonment costs for yearly reporting
• Assist in the analysis of acquisition and divestiture opportunities
• Keeping up to date on changing well performance metrics, production analytics, and presenting to executive staff
• Manage and optimize the reserves database
• Tracking and categorization of wells from permit to abandonment
• Quarterly curve updates and analysis
• Interfacing with the land department when necessary
• Quarterly reserves reporting package to investors
• Semi-annual bank redetermination preparation, analysis and reporting with banks and third-party engineering firms
• Year-end reserves audit process with third-party auditing company
• Work with our proprietary big data applications to analyze our reserves and create reporting tools
• Use our proprietary applications to analyze and track new developments
• Work with engineering team to create new applications and processes to identify changing value trends
• Constantly re-assess the value of undeveloped acreage
• Aid in weekly AFE analysis and look backs
• Work with accounting and finance to better understand LOE
  • Workover and recompletion cost analysis
  • Differential and transportation costs as they affect reserves valuations
  • Actual versus anticipated well performance
• Assist team in larger acquisition and divestiture analysis
• Monthly production analysis and accrual process
• Form relationships with operators to help answer operations questions on production variances
• Preparation of quarterly and yearly reconciliations and reports for senior management, accounting, third party auditors
• Non-operated activity tracking, reserves forecasting and economics
• Preparation of economic valuations as necessary for potential acquisitions, divestitures, and trade activities for accounting