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Pettit Justin. The Final Frontier: E&P's Low-Cost Operating Model
Acknowledgments
Abstract
CHAPTER 1. Introduction
A VITAL INDUSTRY
WHAT NOW?
INDUSTRY EVOLUTION
TEN REASONS TO UPDATE YOUR OPERATING MODEL
E&P NEEDS A NEW AGENDA
CHAPTER 2. The New Agenda
UPSTREAM COST TRANSFORMATION
“CUT COSTS AND GROW STRONGER”
E&P CAPABILITIES
RESOURCE‐BASED KEY CAPABILITIES
CHAPTER 3. E&P Operating Model Redesign
INTERNAL OPERATING MODEL
BUSINESS DELINEATION AND PERFORMANCE MEASUREMENT
ORGANIZATION STRUCTURE, CAPABILITIES, AND WORKFLOWS
OPERATIONS MANAGEMENT PROCESSES
DELEGATION OF DECISION RIGHTS
INFORMAL SOCIAL NORMS AND CORPORATE CULTURE
IMPLICATIONS OF INDUSTRY EVOLUTION
BUSINESS MODEL CONSIDERATIONS
CHAPTER 4. PMI and Other Event‐Driven Redesigns
THE SEARCH FOR A PERFECT OWNERSHIP MODEL
PREPARING TO GO PUBLIC
KEY SUCCESS FACTORS
EVENT‐DRIVEN REDESIGN
CHAPTER 5. National Oil Company Considerations
NATIONAL OIL COMPANY CONTEXT
SOVEREIGN AND NATIONAL OIL COMPANY STRATEGIES
BUSINESS MODEL IMPLICATIONS
CHAPTER 6. Collaborative Operating Models
WHO USES JOINT VENTURES?
JOINT VENTURE STRATEGIC INTENT
JOINT VENTURE VALUE AND VALUATION
DEAL STRUCTURE
JOINT VENTURES IN PRACTICE – THE “HOW”
CHAPTER 7. Financial Implications
FINANCIAL STRATEGY AND POLICY
HEDGING AND TRADING
Glossary of Terms
OTHER USEFUL LINKS
Works Cited
About the Author
Index
WILEY END USER LICENSE AGREEMENT
Отрывок из книги
I wish to thank the many people with whom I have had the pleasure of working over the past many years, for kindly providing the impetus, expertise, and resources to produce this book, especially my former partners and colleagues from Booz, UBS, and Stern Stewart & Co. I would also like to thank my previous editors, including David Champion, Don Chew, Art Klein, and Krista Pettit, for teaching me not to write like a scientist.
However, the views expressed herein are solely my own. Moreover, any errors or omissions are strictly my own.
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2. What to do differently (i.e., defining the operating model)
The first question (i.e., the “what”) establishes a strategic agenda, and relates to choices in terms of the corporate and business unit strategies, asset portfolios, and business models. Setting the strategic agenda demands choices about what businesses to be in and what assets to own. Perhaps more importantly, the strategic agenda must establish in which “key capabilities” to invest and which activities to “in‐source.” It is impossible to be “world‐class” in every capability – every aspect of activity of the business and therefore critical choices must be made.
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