Oil & Gas E&P NAV Valuation Model (Multi-Asset Sum-of-Parts)

Financial Model, Mining Industry, Oil & Gas

Cap Rate (Capitalization Rate), Cash Flow Analysis, Cash Flow Projections, Consolidation, Cost Calculation, Cost Projections, Dashboard, DCF Model, Discount Rate, Financial Analysis, Financial Feasibility, Financial Model, Financial Modeling, Financial modelling, Financial Projections, Forecast, Forecasting, Free Cash Flows, IRR (Internal Rate of Return), KPIs (Key Performance Indicators), Mine Life, NPV (Net Present Value), Pro-Forma, Profitability Analysis, Project Finance, Revenue Projections, Scenario Analysis, Sensitivity Analysis, Terminal Value, Valuation, WACC (Weighted Average Cost of Capital)

Most corporate-level DCFs miss everything that matters in E&P: the production decline profiles, the different fiscal terms on each licence, the varying commodity exposures across the portfolio. This template does it properly — field by field, with each asset getting its own 20-year production and cash flow forecast.

Three field tabs cover the main upstream archetypes. A conventional oil field with a shallow decline. A natural gas asset with different pricing dynamics. A shale play with a steep initial decline and high first-year capital intensity. Each one is pre-populated with realistic assumptions so you can trace exactly how the model works, then replace every input with your own data.

Each field tab models gross and net production (accounting for working interest and net revenue interest), calculates revenue by commodity stream, deducts royalties, operating costs, and capital expenditure, and arrives at an unlevered free cash flow. The terminal value treatment handles both finite-life assets where production runs to an economic limit and longer-life fields where a growth rate applies.

The Assumptions tab sets commodity prices (Brent, WTI, Henry Hub) with three scenario toggles for bull, base, and bear cases. Change a price deck here and it flows through every field automatically. Discount rates by field category (PDP, PDNP, PUD), tax rates, inflation, and corporate adjustments all live here too.

The Consolidated tab sums the field-level DCFs, layers in any midstream or corporate assets, subtracts net debt, and produces a per-share NAV alongside valuation multiples (P/NAV, EV/DACF, implied production multiple). The Sensitivity tab runs one-way and two-way tables across commodity prices and discount rates, plus breakeven oil and gas price analysis. The Dashboard provides a single-page visual summary with the NAV bridge, production profile chart, and reserve category breakdown.

Nine worksheets. 1,970+ formulas. No circular references, no macros. Works in Excel 2016+ and Google Sheets. Designed for energy equity analysts, upstream-focused investment banking teams, and anyone who needs a clean, auditable NAV model they can adapt to any E&P company.

Reviews

Oil & Gas E&P NAV Valuation Model (Multi-Asset Sum-of-Parts) .

By Willem De Meyer on June 5, 2026 at 07:43 (Verified Purchase)

I like the structure of the model, but the depreciation and tax calculations are too simplistic.
For depreciation, at least a unit of production approach and ideally, also a declining balance and straight-line approach needed.
Tor taxable income the model should allow an assessed loss carry forward calculation.
For fiscal terms, it would be good to also provide for production sharing (PSC) calculations: cost oil and profit oil.

Thank you for your feedback.

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