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Learning about Oil and Gas Industry


vinod1
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I am trying to learn about the Oil and Gas industry and want to find out if anyone has any suggestions on any books, websites or other resources to learn about the industry. I have tried reading a few of the annual reports but there is much industry specific jargon and accounting that is needed for evaluating any company in this industry.

 

On google I found the most basic information from Wikiinvest and investopedia but want to really learn in much more detail something along the following lines

 

1. Industry Terminology

2. Activities along the value chain Acquisition/Exploration/Development/Production.

3. Industry specific accounting (capitalizing/expensing of acquisiton/development costs, full cost/successful effort accounting, asset retirement, etc)

4. Common industry valuation methods

 

I found one book on "Valuing Oil and Gas Companies" by Rob Arnott but it is about $300 on Amazon and I am not sure if it would be that helpful.

 

Thanks

 

Vinod

 

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I really liked "Oil 101" by Morgan Downey. It provides an excellent overview of the entire industry from a business/finance oriented perspective. I wish there were more books like this written on other industries. (Business opportunity?)

 

http://www.m.amazon.com/Oil-101-Morgan-Downey/dp/0982039204

 

Here's the table of contents:

 

Part One: Oil fundamentals

Chapter 1: A brief history of oil

Chapter 2: A crude oil assay

Chapter 3: Components of oil liquids

Chapter 4: Chemistry of oil

Chapter 5: Industry overview

Chapter 6: Exploration and production

Chapter 7: Refining

Chapter 8: Standards

Chapter 9: Finished products

Chapter 10: Petrochemicals

Chapter 11: Transporting oil

Chapter 12: Storage

Chapter 13: Seasonality

Chapter 14: Reserves

Chapter 15: Environmental regulations

Chapter 16: New engine technologies

 

Part Two: Oil markets

Chapter 17: Oil prices

Chapter 18: Forward oil markets - futures and swaps

Chapter 19: Forward oil markets - options

Chapter 20: Managing oil price risk

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Follow Contango, as one way of learning. Very interesting and very straight forward. They also do a great job of breaking down the industry. I think if you have any sort of accounting / investing background you will pick up the other stuff overtime.

 

Here are some good links

 

http://www.contango.com/investor/events/20100809/The%20Contango%20Story.pdf

 

http://www.contango.com/investor/events/20100809/Contango_Roadshow2010.pdf

 

http://www.contango.com/investor/events/Thinking_Inside.ppt

 

http://www.contango.com/investor/events/E_P_101_The%20Short%20Course.ppt

 

http://www.contango.com/investor/events/Ohio_Presentation.ppt

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