We are pleased to welcome Tor Meling, Senior Vice President at Haas and Cobb Petroleum Consultants, to our May 2026 meeting to present on the intersection of engineering with oil & gas finance. This lecture will demonstrate how engineering decisions, particularly those driven by simulation, translate directly into financial outcomes on the income statement and balance sheet.

Biography

Tor Meling is Senior Vice President at Haas and Cobb Petroleum Consultants.

Abstract

This presentation gives a quick overview of the income statement and balance sheet for a hypothetical small oil and gas company. We will then look at how increased reserves and OPEX reductions impacts the income statement and balance sheet.

One of our key jobs as engineers is to make more money for our company, and this typically comes from making better decisions, leading to increased reserves, decreased OPEX or CAPEX. To make better decisions, we need to use all the data we have available, and one of the best ways to do this is to use simulation. Simulation is typically seen as a difficult and time consuming speciality of engineering, but we will demonstrate an easy to use workflow that is accessible for everyone, not just experts.