San Joaquin Valley SPE Section Subsurface Study Group Meeting
PRMS Definitions Overview and CRC Best Practices
Thursday, February 6th @ 11:30 AM
California Resources Corporation Plaza
900 Old River Rd, Bakersfield, Ca 93311
Speaker: Benjamin McDaris, Business Development Engineering Manager, CRC
Reservations: RSVP by Feb. 3rd to avoid walk-in payments
Pay Online: Online Payment Link
Or Email Lena Wang at Guang.Wang@crc.com
Managing a petroleum resource portfolio based on the Petroleum Resource Management Systems (PRMS)
From the first API established standards for “Proved Reserves” in 1936 through the initial SPE reserves definitions in 1965, and more recent 2007/2018 PRMS update, the need for a universal set of standards in petroleum portfolio management has been apparent. This overview will cover the details of the PRMS and how these definitions apply. There are numerous areas of overlap between the PRMS and the Securities and Exchange Commission’s rules for Reserves Reporting in the United States, as well as some slight differences. After spinning off from Occidental in late 2014, California Resources Corporation (CRC) redesigned internal reserves processes with the PRMS and SEC guidelines in mind. The main goal of the redesign was to have a single centralized “source of truth” Reserves database to provide the base of SEC Reserves reporting, business planning, and business development transactions, among other varied internal uses.
Benjamin McDaris is the Business Development Engineering Manager at California Resources Corporation. Before moving to his current role earlier this year, he spent the prior 6 years on the corporate reserves team for both Occidental and California Resources. He has a Bachelor of Science degree in Petroleum Engineering from the Colorado School of Mines in 2009.