GFE Controls

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GFE Controls
2013-02-17 17:50:25

GFE controls
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  1. What are financial policies and procedures
    They are how a company interprets internal contol laws
  2. What is internal control and processes
    Based on SOX, makes it a law that if a financial statement is wrong, jail time could be spent. Financial statements are to be made public every quarter
  3. Name 4 Key internal controls and decribe them
    Segregation of duties - splitting up duties so more than one person is responsible

    Proper authorization - a manager can only approve or expense so much before it needs to move up the food chain.

    Physical safeguards (FP24) - safeguards in place so assets cannot be sold or money stolen i.e fuel cards and laptops (asset stamped on laptop)

    Audits of ICQ and balance sheet - make sure they are correct and everything is being done correctly

    Delegation of authority - One person can purchase it but someone else must approve it
  4. What is Revenue Cycle
    Company cash flow since its capital is used to offer a service until its returned with ot without profit

    ***Flow of cash in - through - and out of company***
  5. What is Sarbanes and Oxley?
    It was a law passed after the Enron incident, and it says that the company is liable for their financial statements and must be made public every quarter
  6. M&S Process...what is it?
    There must be a PO, what is ordered is what I got is what I was billed for....then the PO matches up and can be sent for invoice

    Over $1000 3 quotes must be submitted
  7. Revenue Recognition
    Are they able to pay (credit), signed contract, do the service, and have ticket signed
  8. OFM - Oilfield financial manual
    • Need 3 quotes on purchases over $1000
    • Enter competitve bidding on purchases bw 5K and 100K
    • Supply chain organization must be involved in purchases over $100K

    Its a SLB financial guide
  9. What are the 3 Revenue categories on the NIS?
    Service, product, and reimbursable
  10. Whas it cost recognition/cost indicators?
    The invoice matches what we got and what we were told

    We also need to recognize cost in the period they were incurred.

    (We cant make a provision for the xmas party in August just bc that was a really good month)
  11. What are the 3 different financial statements?
    Cash flow, NIS, Balance sheet
  12. Whas it cash flow sheet?
    Cash in- cash out
  13. What is the NIS
    NIS is the bottom line (a snapshot of a certain time frame)

    Revenue, and costs
  14. What is a balance sheet
    • A company's net worth
    • Assets-liabilities
  15. What are key indicators on the NIS?
    Compensation, Depreciation, and M&S
  16. What is the depreciation time for tools?
    4 years
  17. What is the depreciation time for Cables?
    2 years
  18. What is the depreciation time for buildings?
    10 years
  19. What is the depreciation time for Trucks?
    5 years
  20. What is depreciation?
    • What "worth" it loses every month due to age, etc.
    • in SLB all fixed asstes are depreciated

    • GBV/USeful life in months
    • or
    • GBV-NBV
  21. What is considered a Fixed Asset?
    >$5K, serial number, and more than a 2 year lifespan
  22. What would go under lease/rent?
    Apartments, printer up front
  23. What would go under transportation/mobilize?
    Hotel rooms for a job, hotels for SOS hands (its in relation to revenue)
  24. Legal and professional fees?
    Visas or if we get sued
  25. What goes ounder HSE?
    Gloves, harhats, safety glasses, H2S class
  26. What goes under fixed asset disposal?
    Junking of tools
  27. Who are in the field segment costs?
    Management and so forth up to Groody
  28. Segment G&A?
    Up to Catherine
  29. Who is under OFS Management??
    Drummond to the CEO
  30. What are 4 of the Domain groups and name 3 ppl who are champions
    • Resevoir - Tex Burraco
    • Petrophysicst - Peter Hook
    • WI - Bob Whelty
    • Acoustics
    • Geoogy?
  31. What are the 3 new groups?
    RPG, RCG, and Drilling
  32. What are the functions of SLB?
    HSE, Quality, Supply chain, IT, Legal, Marketing
  33. What are the operations of SLB?
    SLR, MEA, EAF, NAM, LAM, China, Shale Gas, IP
  34. What is EMS?
    Engineering, manufacturing, and sustaining
  35. What is IBT and how is the percentage calculated?
    IBT is income before taxes and its the best way to compare revenue bw districts and countries. Its % is calc by IBT/Revenue
  36. What is EPU? and how does it work
    Equipment plan update - it is forecasted for 8 quarters (CAPEX) and is a list on everything thats needed, updated every 2 quarters, and is sent way up the Food chain (Catherine) she will allocate for NAL, Groody will allocate then for the basins, and then Will allocate for his districts
  37. What is CAPEX?
    Capital expenditure, good indicator on investment and growth

    • How much money will we get for Fixed assets
    • usually around 10% of revenue
    • 8 quarters, update every 2, allocated funds

    Older ur tools get, more M&S u may need to fix, new toold, and M&S goes down
  38. What is DIR? DSO?
    DIR is days invoice and its how long it takes for as soon as job ends to the ticket being invoiced.

    DSO - days sales outstanding, how long it takes to pay (Invoice, client sends back, we send back) get paid
  39. What is Age profile?
    NBV/GBV (20% is a good #) we are at 30 due to FMI-HD, Lithoscanner, ADT, etc

    Too high, too much new tech, too low, might need some new tech
  40. What are 3 asset indicators and what do they mean?
    • GT is Revenue/GBV and should be >1
    • ROA  and that we have atleast $1 revenue for every $GBV

    TT - Jobs/tool/month

    Age profile (NBV/GBV)
  41. What is MBO?
    • Management by objectives - FEW and SMART
    • SMART - Specific, measurable, attainable, relaistic, time bound

    FEW -Focused, Eight as optimum, written down
  42. FTE? NFTE?
    Field tech equipment (Anything used to generate revenue)

    NFTE - Non-field tech equip - Laptops, pickup trucks, etc
  43. What is ROI
    Return on investment - How the investment is doing


    ROI - inventory days (according to speedia)
  44. What are 4 business policies and explain?
    Business ethics policies - We are big on trust and repsect and it takes awhile to build that up with our clients - one ethical mishpa and that trust could be gone

    Anticorruption - no bribes, no gifts given or received over $200

    Competition law policy - no monopoly, no abuse of market share, do not withhold services

    Confidentiality and Information security policy - do not give competitiros crucial info, do no leak logs to other competitors, etc
  45. What is a cell concept
    Smalled division of the organization - Each cell has a leader, and is in cahrge of them (training, maintaining equip, discipline, etc)

    It can operate independantly

    basic unit that performs a serviced to generate revenue
  46. What is org chart
    Me - Barbara-Jennifer-Will-Groody-Catheirne-Aaron Floridia-Satish-Paal

    • Will support - Srikant, Jorge, David Fairhurst
    • Groody - Chuck Catchings (Sales), Peter Brenner (Asset manager), Jeff Jacket (Maintainance), Satoshi (Personnel), Tom Pullick (HSE), Stephen Richmond (Quality safety)
  47. What is a matrix organization
    So we have the groups heirarchy then it branches out to OFS

    Ex) Brian Groody reports to Catherine (WL) and to Robert Drummond (OFS)
  48. Whats different bw shared and direct costs?
    Shared costs is what a certain group splits cost (i.e Wills salary split bw his districts)

    Direct cost is what is directly your own cost
  49. How do we plan and forecast?
    RAMP and CAPEX

    RAMP = Revenue*Activity*Marketshare*Price
  50. Balance sheet? Indicators?
    Assets-Liabilities = Equity
  51. What is liquidity?
    The ability to have the cash to keep going

    is good when NI is up, DSO under control, fixed assets at optimum, inventory as low as possible
  52. What are accruals/provisions
    Pain and gain at same time

    i.e We lost a tool in hole - we accrued that money but first we have to pay for it

    or we make provisions for tax that we accrue for the year
  53. What are receivables?
    Money owed to us by clients

  54. What are top 5 clients in district?
    Oxy, Energen, Pioneer, BHP, Apache
  55. What are the top 5 clients in Basin?
    Oxy, Energen, Pioneer, Apache, COG
  56. What are the top 5 clients in USL?
    Shell, Oxy, Chevron, Energen, Pioneer
  57. What is the client organization like for the biggest cleint in district
    OXY - Mark jones is sales, and in dallas

    Drilling and geo report ro resevoir group
  58. What is the market share for district?
    • 13.2% Gross market share (Includes wells not logged)
    • 28.2% net market share
  59. What is market share for SW Basin?
    • SW Basin Gross - 12.3% and Net - 29.7%
    • NAL Gross - 14.3% and Net - 31.3%
  60. Who are local competitors?
    Weatherford, Halliburton, Baker Hughes, Allied, Cased hole services,
  61. What is UBV?
    Unique business value - its like if it werent for SLB's quality service and for a certain tool, then their company wouldnt be where it was at today
  62. What is SWOT?
    Anaylsis of competition - gives competitive advantage, but can also can hurt us in that we might not have what market favors
  63. What is CSAM?
    Competitors service assesment matrix - assesment of competitors technology, strengths and weaknesses
  64. What is Value pricing?
    Certain deals we can give clients - i.e if they log 20 wells with us 5% discount....
  65. What is CRM? TAS?
    Customer relationship manager - manages customer accounts, sales, relationships, etc

    TAS - Target account selling - a sales plan for achieving success - business profile, opportunities, competitor analysis
  66. What were the 3 majors we had last year
    HRLA parting, cable parting during fishing, and TLD unrecoverable data
  67. How many serious's have we had this year alone
  68. What is considered a light?
    less than 10K, and less than 4 hours
  69. What is considered a serious?
    • 10K-100K
    • 4hrs-24hrs
    • multiple lights
    • truck replacement
  70. What is considered a major?
    • 100K to 1 Mil
    • 24-48hrs LT
    • Multiple serious
    • loss of primary data
  71. Equipment assurance indicators??
    • NPT rate, JBI, CMS, Runs/misruns, closures on all reports
    • DFP/DFR - ours is approx 4.6%
    • Crosscheck - 9.1
  72. What does FEC mean? CAB? MEC? ELE? OTH? SON? WHE?
    • Field equipment cell
    • Cable
    • Maintainence Efficiency
    • Electronics
    • Others
    • Sonde
    • Well head equip
  73. What is Archies Equation?
  74. What are dips
    • They are tadpoles telling you direction of a dip
    • The head part is magnitude and the tail part is downdip direction
  75. Why would the client want dips?
    • To see where layers are going
    • To Drill up dip
    • Find the trends
  76. Why does caliper calibration need to be correct on FMI
    It could cause to get wrong angles on dip
  77. What is a rosette plot?
    • Cluster every 100 ft on dip log
    • 4x1 is less filtered - general structure
    • 12x2 more filtered better overall pic
  78. Why would you follow a strike instead of a fault?
    The strike would intersect all the faults its opposite of a fault
  79. What is a stratographic log and why would you want to look at it?
    Looking at very small intervals (0.5 ft) and if you want to produce a river and therefore log several FMI wells and pick pts
  80. Why FMI-HD here in Midland
    We have high res. and high salinity wells, the other FMI easier to get saturated
  81. If i wanted to confirm open fractures what other tool would I use?
    FMI and UBI

    Always run SS as well
  82. What is in a petroleum system
    Source, trap, resevoir, migration path, seal, T,P, and Time

    • Trap - Structural and sedimentary
    • Seal - Rock, no perm, cant pass through
  83. What is difference bw Fault and fold?
    Fold comes from ripping the rock apart, and fold comes from compression overtime
  84. Difference bw Carbonate vs claustic
    Carbonate is very well sorted, and claustic has decreased perm due to poorly sorted

    • Carbonate - Reef
    • Claustic - River fishing
  85. How is a vug made?
    Percipitation buildup and then dissolution
  86. How is SS diff from DSI?
    SS is characterized, more trans, more receivers, chirp freq, can measure all freq at once
  87. What is default for ECS and its also the parameter we log in
  88. Arkose and subarkose are what?
    Parameters that can be change din ECS related to feldspars
  89. What gives us best indicator in clay? Organics?
  90. What percentage of clay do you need in order to perform Archies and consider a clean formation?
  91. How could u see a water wet zone? and what is an example of one
    High poro, low res - carbonates and sands are water wet before they come into contact with crude oil
  92. How to tell if there are HC in well?
    High poro, high res, clean
  93. What is CMRs main product?
    Pore size distribution

    Lg pore size is better than small
  94. How do you find archies (Sw) in a non clean zone?
    Find a clean zone on log and get Rt from there Rw = Rt. Then go back to zone of interest and find Rt and use the previous Rt for Rw. Cross plot porosity
  95. What does WCLP mean in ELAN?
    Wet clay porosity
  96. What is dual water model
    Swb= Poro(Wb)/Poro(Total)

    • This derivation of the Dual Water equations is valid for any rock with any mixture of fluids
    • It is possible to use the Dual Water Model to make a manual computation of a shaly zone.
    • However computer programs are best equipped to handle the calculations.
  97. What is effective saturation?
    • Sw that is in free fluids
    • Swf = poro (free water)/poro(effective)
  98. How would u calc using Dual water model?
    • Calc Rwf from RWA (Rwf = Rwa)
    • Calc Rwb from nearby shale using Rwa method
    • Get poro of cross plot
    • Determine Vs from Gr
    • Compute Swb from Vshale and WCLP
    • Calc Swt and Swf
  99. Poisons ratio? Youngs modulus?
    • Mechanical property - how fat will a marshmellow get if u squish it
    • Stress on a rock --> fractures
  100. How do we know anisotropy?
    • Times are different in slow and fast shear
    • Left to right is different form north to south
  101. What is anisotropy?
    • Directionally dependant (not the same)
    • Same in all directions
  102. what are 4 types of dispersion?
    • Homo Iso - Natural Rock
    • Homo Aniso - Fractures parallel
    • Inhomo Iso - damaged BH
    • Inhomo Aniso - Crossover stress induced
  103. Why are horizontal properties important and what wave can see these ?
    Bc its direction of max/min stress and stonely waves can due to flowing up the BH (vertical wave)
  104. Sonic scanner can correct for dispersion and so can DSI

    T or F?
    False, only SS can correct for it
  105. What 2 elements are as clay?
    • Illite and chlorite
    • Dolomite and calcite
  106. Why is ELAN present on sonic log
    need it to do mechanical properties bc static young modulus gives pressure needed to make fracture compress but wont grow back
  107. Why is ADT formation salinity independant?
    Interacts with water molecule only
  108. What do bins for CMR represent?
    8 of them and each a diff pore size
  109. What is a good percentage to perf at porosity wise?
    If effective poro is >8% then maybe
  110. ELAN density and ECS density, which one will be lower and why?
    ELAN density due to kerogen
  111. ELAN density higher than ECS dens when?
    When heavier minerals are there like Chlorine
  112. Whats life cycle of rock?
    Its like a crayone at the Igneous model and then more u use it the more i breaks down (Sedimentary), then melts down into ME rock, and back to IG
  113. What is diff bw Pay and Res flags?
    • RES just takes into account poto
    • Pay is perm, % HC, poro