IN-PERSON CLASSROOM SEMINARS

Midstream Assets - What They Are, What They Do, and How They Make Money

• An overview of the world natural gas industry and how changes in the US are affecting that industry and leading to new investment opportunities.
• An overview of the economics of the entire natural gas supply chain, including production, processing, fractionation, transportation, liquids markets, storage and distribution, and liquefaction. 
• Who are the key players and what roles do they play?

Industry Overview and Evolution

• A discussion of how the history of the natural gas sector in the US and worldwide has shaped the present state of the industry and the resulting value drivers
• What has changed and what does this mean about the future state of the industry?

Refreshment Break

How Midstream Assets are Financed and Owned - Advantages and Disadvantages of Each Structure

• How FERC regulates pipeline and storage tariffs and how that affects financing strategies
• Why some midstream assets are owned as standalone entities, some as partnerships, others as corporate subs, and some owned under the MLP structure
• The role of "open seasons" and how they enable projects to attract financing.
• A more in-depth exploration of how and why the MLP structure is becoming an increasingly important ownership structure in the midstream
• Recent drivers of growth in midstream assets
• Real life examples of the financing methods used by midstream firms. 

Lunch

Oil and Gas Reserve Assets - Investment Decision Process

• Much of the value of midstream assets may be dependent on the viability of production assets, so no discussion of midstream assets would be complete without covering the production assets they are attached to
• How the value of a production asset drives the value of a midstream asset and how risk allocation through contracts may reduce the risk and increase value.
• High-level methods for estimating the value of these assets, as well as some of the associated terminology, like proved, developed, producing vs. non-producing, etc.

Refreshment Break

Gathering & Processing Financial Evaluation

• A discussion of how the liquids and commodity values affect the revenues of these assets and the estimation of the risks and costs
• Allocation of liquids and commodity value risk in contracts
• Real life of examples of the allocation of liquids and commodity value risks  

Contractual Commitments

• The different types of contracts employed in the execution of midstream transactions, like per MMBTU, life of field and other structures
• Real-life examples
• Common rights and responsibilities of parties to these transactions

Day One concludes

DAY TWO

Interstate Natural Gas Pipelines

• A  discussion of the history of the interstate natural gas pipeline system and how regulation affects the revenue potential of these assets
• Examples of recent and ongoing pipeline new construction and expansions
• Some of the common contracts and features of pipeline assets
• The valuation methods used with these assets - e.g., original cost vs. reproduction cost

Refreshment Break

Storage Facilities

• The physical differences between different types of storage assets that drive value
• An overview of the valuation methods used with storage assets, including a discussion of how the option value is considered

Lunch

LNG Liquefaction Facilities

• Who are the players?
• A discussion of the factors that affect the value of liquefaction facilities
• Contracting and allocation of risk and potential rewards

Refreshment Break

Case Study: Major Mid-Stream Provider

• Issues surrounding midstream assets, values, and business strategies

Future of Midstream Market and Wrap-up

• A look at how the industry is shaping up, given moves in consolidation, involvement of non-traditional asset owners, government incentives and geographic constraints

Day Two concludes