Learn
Short tracks that take you from how the industry works to how the models get built. Each lesson links out to a solid explainer. As you send me your favorite videos, they'll slot in right here.
The basics
How the industry fits together before you touch a model.
Upstream, midstream, downstream
The three sectors, what each does, and where the money sits.
EKT Interactive — Oil 101The four verticals
Majors, E&P, midstream, and oilfield services, and how they differ as businesses.
YouTube searchGeology & the subsurface, with Alan Foum
A veteran geophysicist's short, clear videos on how the rocks and the subsurface actually work. A great channel.
Alan Foum (YouTube)Reading a barrel
Gas vs oil vs NGLs, sour vs sweet, heavy vs light, and why price differs.
EIA Energy ExplainedCommodity pricing
WTI, Brent, and Henry Hub: the benchmarks and what moves them.
YouTube searchThe well's life
How a single well behaves, and how we forecast it.
Decline curves
Why production falls off fast, and how we model that decline.
YouTube searchType curves
The 'average well' for a play: the IP rate, the decline schedule, and the EUR.
Breaking Into Wall StreetEUR and reserves
Estimated ultimate recovery, and the difference between 1P, 2P, and 3P.
YouTube searchModeling
The core models an energy analyst builds.
Oil & gas modeling crash course
A full free walkthrough of how an E&P model comes together.
Mergers & InquisitionsThe NAV model
Net asset value for E&P: an asset-level cash-flow forecast with no terminal value.
Breaking Into Wall StreetWalk through a full E&P model
A start-to-finish walkthrough of an upstream oil & gas financial model.
YouTubeThe returns waterfall
How cash flows get split across debt, equity, and promote tiers.
YouTube searchModeling an upstream company
Production forecast to cash flow for an E&P.
YouTube searchModeling a midstream company
Volumes, tariffs, and the MLP/C-corp structures.
YouTube searchModeling an OFS company
Oilfield services: cyclicality, utilization, and margins.
YouTube searchModeling a downstream company
Refining: crack spreads, throughput, and complexity.
YouTube search