2016Spring - IECA...Craig enochs, Reed Smith LLC robert Markham, Southern Company Services John savage, Exelon Corporation tamika tyson, Noble Energy, Inc. Executive Vice Presidents

2016SpringE D U C AT I O NCONFERENCE

APRIL 10-12 | CHANDLER, AZSHERATON WILD HORSE PASS RESORT

2016SpringE D U C AT I O NCONFERENCE

APRIL 10-12 | CHANDLER, AZSHERATON WILD HORSE PASS RESORT

Look for registration to open mid-april.

24th

savethe

date

CanadianConferenceJune 5-8, 2016 • Calgary, Alberta

sheraton suites calgary eau claire

1

InternatIonal energy CredIt assoCIatIon

2016 IECA Spring Education Conference

April 10-12, 2016 Sheraton Wild Horse Pass Resort

Chandler, AZ

Please read the Anti-Trust Guidelines included on pages 34-35 of this program.

The dress code for all IECA events is business casual.

The printing of this conference program is sponsored by S&P Global Market Intelligence.

2

Welcome to the IECA Spring Education Conference! By joining us here, you have shown that you take your role and your profession seriously. Take advantage of everything we have to offer at this conference. Then, let’s get you more involved. How? Contact any of our officers, directors, committee or taskforce chairs, our staff, or me. You can spot us by the ribbons on our name tags. It’s easy to get more out of your membership, and we can tell you how.

Our industry faces new challenges every day. As energy professionals, we are obligated to “Stay Informed” on the latest news, tools, and research, and to “Be Connected” to our peers. This conference is rich with learning and networking opportunities. I’d like to encourage you to make a special point of attending the following:

• Sunday,April10at11:45a.m.:KeynotespeechofPeterZeihan,ageopolitical strategist (http://zeihan.com/about-zeihan/), who will provide his insights on the future of global energy;

• Sunday,April10at2:00p.m.:GettoKnowtheIECALeadershipTeam;and

• Sunday,April10at6:00p.m.:TheEducationGroupsReception(thatmeans free appetizers and drinks!) This event gives you another chance to network, while introducing you to our education groups. It’s ok to show up for this, even if you haven’t registered and don’t know what an education group is.

If you’re new, or relatively new, to the IECA or to our conferences, here are a few other thoughts to help you get the most of this event:

• Downloadoureventapp.Notonlywillthisgetyouthefullscheduleandall the materials for every session, but it also contains the attendee list;

• Takethetimetoreviewtheattendeelistandintentionallyplanonwhoyou would like to see while you are here; and

• LearnmoreabouttheAssociationbyattendingtheFirstTimeAttendee/NewMemberReceptiononSunday,April10,at5:00p.m.Ifyouhaven’tregistered for it, show up anyway.

I ask you to join in me in expressing appreciation to our sponsors. As you talk with them throughout the event, please tell them thank you. Their support is very important in order to bring you high quality events such as the Spring Education Conference.

OnbehalfoftheIECABoardofDirectors,thankyouforjoiningusandwelcometothebeautifulSheratonWildHorsePassResort.Ilookforwardto saying hello!

Best regards,

ZackStarbird IECA President BP-Global Oil Americas

President’s Message

Zack Starbird

3

OfficersZackary starbird, President, BP-Global Oil AmericasJames Hawkins,FirstVicePresident,CenovusEnergy,Inc.John early,Treasurer,LG&EandKUEnergyLLCamanda Kenly, President, Ameren Services Company

Vice PresidentsIvan Melamud,VicePresidentofMembership,TrafiguraPteLtdJamie swartz,VicePresidentofEducation,ColumbiaPipeline

GroupMichael dutka,VicePresidentofCommunications&Technology,NexenEnergyULC,

Directors 2013-2016steve Harwitz,DeltaAirLines,Inc.Jay Hoellen, Tenaskasteve srinivasan, Citidennis Veltre,NewJerseyResourcesCorporation

Directors 2014-2017Mike deluca,OneSourceRiskManagementandFunding,Inc.ginger Price,IberdrolaRenewables,LLCJohn treasure, Credit Agricole CIBsamantha Walker-tayfel, Suncor Energy Services Inc.

Directors 2015-2018Craig enochs,ReedSmithLLCrobert Markham, Southern Company ServicesJohn savage, Exelon Corporationtamika tyson,NobleEnergy,Inc.

Executive Vice PresidentsHeather Buerger,NorthAmericadavid stone, Europe

Officers & Directors

4

Past Presidents

2015A.KENLY,AmerenServicesCompany

2014I.PLESTER,BMOCapitalMarkets

2013M.SOULLIERE,Tenaska

2012P.KREBS,KansasCityPower&LightCompany

2011G.CORTEZ,HessCorporation

2010J.EVENSTAD,ConcordEnergyLLC

2009D.VERMETTE,SequentEnergyManagement,L.P.

2008K.BELKNAP,KochSupply&Trading

2007E.VEITH,Samuel&JeanBaughFamilyPartnership,Ltd.

2006H.G.WIJSMAN,EnCanaCorp.

2005D.STONE,BPOilInternationalLtd.

2004D.YI,GearyEnergy

2003S.E.HAMLIN,TauberOilCo.

2002J.W.BURT,TXUEnergy

2001R.R.FRUTH,AshlandOilInc.

2000P.M.HARROD,Aquila,Inc.

1999D.G.ANDERSON,ShellCanadaLimited

1998R.G.GILBERT,ElfTrading,Inc.

1997T.B.MARKLEY,CalcasieuRefiningCo.

1996M.E.LABADIE,AmocoCorp.

1995H.E.ACKERMAN,GoldmanSachs

1994R.P.RAICHLE,CCE,AmocoCorp.

1993R.J.MARTINEZ,TexonCorp.

1992W.R.HARP,CCE,OccidentalCrude

1991W.A.RONNE,ConocoInc.

1990A.D.CORNWELL,ChevronU.S.A.Inc.

1989J.L.HILLER,OXYUSAInc.

1988R.W.SEVIERCCE,OccidentalPetroleumCorp.

1987R.F.CLARKE,ExxonCompanyU.S.A.

1986B.V.LOCKE,Conoco,Inc.

1985T.W.ESTES,MobilOilCreditCorp.

(1923-1984notlisted)

5

Registration Desk HoursTheregistrationdeskislocatedintheAkimelBallroomFoyer

saturday, april 9 3:30p.m.–6:30p.m. AkimelBallroomFoyer

sunday, april 10 7:00a.m.–7:00p.m. AkimelBallroomFoyer

Monday, april 11 7:00a.m.–12:00p.m. AkimelBallroomFoyer

tuesday, april 12 7:00a.m.–12:00p.m. AkimelBallroomFoyer

BadgesIECA badges must be worn at all functions. Lanyardsaresponsoredby:Citi

GuestsGuests are required to register if they are planning to attend any meal function. Co-workers must register separately under the applicable registration category rate and may not be included in the guest category.

IECA is MobileThe IECA is excited to unveil our new Spring Education Conference mobile event site. Instead of downloading a mobile app, you simply need to save the website on your mobile device.

Visithttp://springconference.ieca.netfromyourmobilephoneordevice, then follow the instructions for adding this Web app to your device’s home screen.

Once added, you’ll have instant access to the following great features:• Fullconferenceschedule• Personalizedcourseschedule• Sessiondescriptions• Speakerbiosandpresentations• Sessionevaluations• Attendeelistwithcellphonenumberstoconnectwith

colleagues onsite

General Information

6

Complimentary Wi-Fi will be available in the meeting space using: network: sheraton-Meeting room Password: IeCa2016

Have questions? Stop by the registration desk and a member of the IECA staff will be happy to assist you.

Early Bird ReceptionSaturday,April9•6:30p.m.–8:00p.m.Location: Akimel Patio

Sponsoredby:RapidRatingsInternational

First Time Attendee & New Member ReceptionSunday,April10•5:00p.m.–6:00p.m.Location: Pipai Kave 2

Sponsoredby:MUFG

If you are a new member of the IECA or if this is your first time attending the Spring Conference, you are invited to join the IECA BoardofDirectorsforthismeetandgreetreception.

Networking ReceptionSunday,April10•6:00p.m.–7:00p.m.Location: Pipai Kave 1

Sponsoredby:BNPParibas,ConcordEnergyLLC, LowensteinSandlerLLPandPepperHamiltonLLP

All conference attendees are welcome to attend. The reception will feature the opportunity to learn about the IECA’s exciting EducationGroupCommitteeswhichincludeContractsandLegalEducationGroup(CLEG),CreditAnalyticsEducationGroup(CAEG),DevelopingEnergyProfessionalsGroup(DEPG),andProfessional Women in Energy Group (PWEG).

General Information & Networking Events

7

Networking DinnerSunday,April10•7:00p.m.–9:30p.m.Location: Akimel Lawn

Sponsored by: BP America Inc. and S&PGlobalMarketIntelligence

First Time Attendee/New Member DinnerMonday,April11•7:00p.m.–9:30p.m.Cost:$50/personLocation: Little Cleo’s, Phoenix, AZ

Sponsoredby:OneSourceRiskManagement&Funding

IfyouarenewtotheIECA,weinviteyoutojoinusattheFirstTimeAttendee/NewMemberdinneratLittleCleo’s.Duringthedinner,youwillhavetheopportunitytomeetwithIECALeadersand Committee Chairs, while building your networking circle with otherIECAmembers.Roundtriptransportationwillbeprovided.

Networking Events

Volatile Commodity Prices? Protect Your Profits

Customized Products & Services | Consultants | Brokers

When was the last time you had a thorough analysis? One Source Risk Management is one of the most recognized Industry Experts by

the IECA for Risk Mitigation Solutions. We are offering a complete, no cost, no obligation review of your portfolio.

What is the risk rating of you’re A/R Portfolio?

Contact: Mike DeLuca, Senior Partner 281-240-3121 or [email protected]

Website: onesourcerm.com

8

Conference Sponsors

TheIECAandtheU.S.EducationCommitteerecognizeandthankour sponsors for their enthusiastic and generous support of the IECA and request that each attendee convey their personal thanks to the sponsors. A very special thank you goes to all the member companies who sponsored various conference events, as you enable the IECA to continue to offer a quality educational program at a reasonable registration fee. Thank you!

Pleaserefertopage32-33foracompletelistingofconferencesponsors by events.

DIAMOND SPONSORSAt BNP Paribas, we are committed to being your partner in this changing

world,drawinguponexpertisebuiltover160yearsandaglobalpresencespanning75countriesandmorethan189,000employees. The Bank offers a comprehensive range of banking and investment advisory services through two core businesses: Corporate&InstitutionalBankingandRetailBankingandServices(comprisedofDomesticMarketsandInternationalFinancialServices).BNPParibasisfocusedonbuildingandgrowingrelationships with clients through dedicated coverage teams for corporate and institutional clients as well as investor relationship management support, enabling the Bank to provide integrated services across a comprehensive range of products. Whether inNorthAmerica,Europeoracrosstheglobe,BNPParibasiscommitted to providing clients with the banking solutions they need to achieve their goals. The Bank has served the global Energy&NaturalResourcessectorforoveraquarter-century,offering an integrated worldwide platform backed by the Group’s robust network and solid credit ratings.International Sponsor

9

One Source Risk Management and Funding, Inc. is pleased tobea2016Diamond

Sponsor of the IECA. One Source is the premier specialist brokerforCreditInsuranceandRiskMitigationproductswitha particular emphasis and knowledge of how to mitigate risk in the energy sector. We work with all of the insurance carriers and banks on your behalf, in order to design the most cost effective and comprehensive program possible. By using us to do the work of leveraging the entire market, you are guaranteed not only the best possible solution available, but also access to our suite of energy-specific policy endorsements that will allow you to have a trulycustomizedpolicy.Nootherbrokercanprovidethelevelofpersonal service, industry knowledge and policy customization as One Source.International Sponsor

Reed Smith LLP is a leading international law firm with morethan1,800lawyersin26offices throughout Europe, the MiddleEast,AsiaandtheUnited

States.Foundedin1877,thefirmrepresentsleadinginternationalbusinesses from the largest public companies to mid-market and emerging enterprises. Its lawyers provide litigation and other dispute resolution advice in multi-jurisdictional and high-stake matters, deliver regulatory counsel, and execute the full range of strategicdomesticandcross-bordertransactions.ReedSmithrepresents many of the world’s leading companies in a number of specific industry sectors: energy and natural resources, shipping, financial services, life sciences, health care, and advertising, andtechnologyandmedia.Formoreinformation,pleasevisit reedsmith.com.International Sponsor

Conference Sponsors

10

Conference Sponsors

S&P Global Market Intelligence, formerlyS&PCapitalIQandSNLFinancial,isadivisionofMcGrawHillFinancial(NYSE:MHFI).Thefirmis

a leading provider of financial and industry data, research, news and analytics to investment professionals, government agencies,corporations,anduniversitiesworldwide.S&PGlobalMarketIntelligenceintegratesnews,comprehensivemarketandsector-specific data and analytics into a variety of tools to help track performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform valuation andassesscreditrisk.Formoreinformation,visitwww.spglobal.com/marketintelligence.International Sponsor

PLATINUM SPONSORSBMO Capital Markets is a leading, full-service NorthAmerican-based

financial services provider offering equity and debt underwriting, corporate lending and project financing, merger and acquisitions advisory services, securitization, treasury management, market risk management, debt and equity research and institutional salesandtrading.BMOCapitalMarketshasapproximately2,200professionalsin29locationsaroundtheworld,including16officesinNorthAmerica.BMOCapitalMarketsisamemberofBMOFinancialGroup(NYSE,TSX:BMO),oneofthelargestdiversifiedfinancialservicesprovidersinNorthAmericawithUS$499billiontotalassetsandcloseto47,000employeesasatJanuary31,2016.International Sponsor

BP America Inc.Overthepast10years,BPhasinvestedmorethan$90billionintheU.S.–morethananyotherenergy company. BP is a leading producer of oil and gas and produces enough energy annually to light nearly the entire country for a year.

Employingabout16,000peopleacrossthecountry,BPsupportsmorethan170,000additionaljobsthroughallofitsbusinessactivities.International Sponsor

11

Citi Treasury and Trade Solutions is a core offering of Citi’s Treasury and Trade Solutions business, a unit of Citi’s Institutional Clients Group.

CitiTradeFinanceleveragesitsglobalfootprintandon-the-groundrelationships to serve corporates, financial institutions, and public sectororganizationsaroundtheworld.Fromriskmitigationtofinancing, settlement to information, Citi’s trade experts deliver comprehensive solutions to suppliers, buyers and financial institutions worldwide through its market-leading proprietary network. With Citi as your partner, you’ll benefit from innovative ideas and advanced technology, enabling you to: manage risk and inject finance into your supply chain, improve working capital, control trade flows and multiple currency cash flows and access information to facilitate the management of your trade activities.International Sponsor

MUFG Union Bank, N.A.MUFG(MitsubishiUFJFinancialGroup) is one of the world’s leading

financialgroupswithassetsofapproximately$2.3trillion.TheglobalMUFGnetworkencompasses1,100officesinmorethan40countries.Named2015BestGlobalCorporateBankbyGlobalFinance.MUFG,throughitssubsidiariesBankofTokyo-MitsubishiUFJandMUFGUnionBank,N.A.,offerscorporate,commercial, and consumer banking services including credit facilities, capital markets, treasury management, foreign exchange, derivatives, credit cards, investment management, leasing, corporate trust, custody, and traditional banking services. Formoreinformation,pleasevisitusatwww.mufgamericas.com.International Sponsor

Foundedin1992,OpenLink (www.openlink.com) is the global leader in Transaction

LifecycleManagementsoftwareforthecommodity,energyandfinancialservicesindustries.OpenLink’sproductsaddressportfolio management, trading, risk management and operations processing for both financial and physical assets.Owned by leading private equity investment firm Hellman &Friedman,OpenLinkisaglobalsoftwareandservicesbusiness that has grown both organically and through strategic acquisitionstoachieverevenuesinexcessof$300million.Thecompanyservesover600clients,including12oftheworld’slargestcommodityandenergycompanies,9ofthelargestfinancialinstitutionsand13ofthelargestcentralbanks.OpenLinkhas1,200employeesin14globalofficesonfivecontinentswithheadquartersoutsideNewYorkCityandfieldofficesinHouston,Manhattan,London,Berlin,Vienna,Toronto,Tulsa,SãoPaulo,

Conference Sponsors

12

Conference Sponsors

MexicoCity,Bangalore,Singapore,DubaiandSydney.OpenLinkhasreceivednumerousindustryawardsandrecognition, including citations as the industry leader in Commodity/EnergyTradingandRiskManagement(C/ETRM)systemsandfirst-in-classrankingbyEnergyRiskmagazine,withanalystfirmsGartnerandChartiscitingOpenLinkasaleaderinfinancial platforms.

Rabobank International, leaders inEnergyFinanceRabobank’sTrade&CommodityFinance(TCF)groupprovidesfinancial services to importers, exporters and marketers of commodities worldwide. TheglobalTCFEnergyteamisactivewith energy companies in the Americas, Europe,andAsia.Foundedoveracenturyago,Rabobankisoneofthelargestbanks

intheworld,withnearly$1trillioninassets,andoperationsinmorethan40countries.Letusputourexpertiseandtremendousresources to work for your business.International Sponsor

Rapid Ratings International is the creator oftheproprietaryFHR®

(FinancialHealthRating),theindustry’sleadingassessmentof public and private company financial health. Our disruptive methodology, scalable solutions, and unparalleled support enables businesses to effectively manage and price risks associated with the financial health of counterparties including customers, trading counterparties, suppliers, vendors, and investments. Hundreds of leading organizations across industry verticalsrelyontheFHR’s®datavisualizationanddetailedreporting tools to provide visibility and early warning of financial deterioration.RapidRatingsistheonlycompanytoratepublicand private companies, globally and with the same depth of analysis.Learnmoreatwww.rapidratings.com.

13

Conference Sponsors

Our Energy & Natural Resources Group is multidisciplinary, combining regulatory, transactional, financial and litigation disciplines with a focus on clients operating in energy & natural resources, and related industries. Our lawyers are located in all of our offices in the United States, Europe, the Middle East and Asia.

Energy and Natural Resources

reedsmith.com

GOLD SPONSORSAIG*Concord Energy LLC*Euler Hermes EnergyExelon CorporationGlobal Credit Services*NGX*Tenaska

SILVER SPONSORSLowenstein Sandler LLP

BRONZE SPONSORSPepper Hamilton LLP

*International Sponsors

14

Hotel Floor Plan

Pool

Akim

el L

awn

Akim

el B

allro

om

Akim

el F

oyer

Akim

elPa

tio

Elev

ator

s

Ret

ail S

hop

Kave

Bal

lroom

Inte

rnet

Caf

eB

usin

ess

Cen

ter

Sivl

ikG

rill

Whi

rlwin

dG

olf C

lub

Aji

Spa

Pim

aW

ing

To P

ool

and

Res

ort L

obby

Wed

ding

Law

n

To R

esor

tLo

bby

Res

troom

sJa

ck-

rabb

itB

irdR

oad-

runn

erD

eer

Sco

rpio

n

Pim

aA

rtifa

cts

Hor

seA

ntQ

uail

Patio

sB

oat

Doc

k

Res

troom

Hal

l

Thun

der 1

Mes

quite

Terra

ce

Thun

der 2

Res

troom

s &

Pho

nes

Bee

hive

Patio

Brid

ge

Ram

ada

Ram

ada

Boa

tD

ock

Brid

ge

Four

Thre

e

Two

One

Banq

uet K

itche

ns

Kave Foyer

Patio

s

Coy

ote

Buz

zard

Eag

le

Tenn

is C

ourts

Boa

t Doc

k

Restro

oms

Hem

apik

Law

n

Mar

icop

aA

rtifa

cts

One

Two

Thre

e

Law

n

Flag

ston

e

Con

cret

e

Ope

ning

Jun

e 20

09

Res

troom

s

War

min

g

Kitc

hen

Serv

ice

Cor

ridor

D

Pref

unct

ion

Cov

ered

Wal

kway

Porte

Coc

here

Prefunction

Out

door

Ser

vice

Are

a / L

oadi

ng D

ocks

A

B

C

E

F

G

Kom

atke

Ballr

oom

Rat

tleSn

ake

Gila

Mon

ster

15

Pre-Conference Activities

Saturday, April 9

3:00 p.m. – 6:30 p.m. registration open Location: Akimel Ballroom Foyer

6:30 p.m. – 8:00 p.m. early Bird reception Location: Akimel Patio

Sponsoredby:RapidRatings International

LEARN MORE: spglobal.com/marketintelligence

16

Conference Program Day 1

Sunday, April 10

7:00 a.m. – 7:00 p.m. registration open Location: Akimel Ballroom Foyer

7:30 a.m. – 8:30 a.m. Continental Breakfast Location: Akimel Ballroom Foyer

Sponsoredby:BMOCapitalMarkets

8:30 a.m. Concurrent Breakout Sessions

CrMCP Fundamentals of Credit risk analysis: session one (B/I)Location: Pipai Kave 3

LearningObjective:Learnaboutthedifferentriskdriversas part of the overall risk assessment.Speaker: dennis Blum,Director–SeniorTrainingSpecialist,Moody’sAnalytics

This seven-session program is part of the Credit RiskManagementCertificationProgram(CRMCP),apartnershipbetweenIECAandMoody’sAnalytics.Itprovides participants with a solid foundation of skills that help them reach sound, reliable judgments of a company’s creditworthiness. Applying a structured framework, participants will be able to identify and assess key qualitative and quantitative factors in determining credit risk. The program is targeted for the new-to-intermediate level credit professional and serves as a great refresher for the more seasoned credit or risk management professional. Participants are required to attend all seven sessionsinordertoreceivecreditfortheCRMCP.

This first session begins with an overview of credit assessmenttools–fromfundamentalcreditassessmentto quantitative tools. Credit risk drivers, including industry, management, and financials, will also be covered. Blum will discuss in detail the macroeconomic, industry and management risk drivers for different sectors. This session includes a group exercise.1.5hrsCPE–ManagementAdvisoryServices;1.5hrsCE

17


learn from litigation results and Bankruptcies (I/a)Location: Akimel 1

LearningObjective:Learnaboutthecreditramificationswithin a bankruptcy. Speakers: Jonathan scott davis,Manager,Governance,Regulatory&RiskStrategy,Deloitte&ToucheLLPand d. Brent Wells,President&Founder,Wells&Cuellar,P.C.

There are a multitude of fundamental factors that lead to a bankruptcy.Inthissession,JonathanScottDavisand D.BrentWellswillfocusonthecreditanalysisandredflags that can be found prior to an actual bankruptcy. They will present and review the key credit factors that lead to the eventual bankruptcy of the subject company. The legal ramifications and occurrences, from a contract and legal perspective, will be presented in a follow-up session later in the day; however, attendance of both seminars is not required. If you are interested in the follow-up, please attend the session entitled, “A Case Study of an Energy CompanyChapter11”sessiontodayat10:15a.m.1.5hrsCPE-Finance;1.5hrsCE

Creating your own opportunity – Branding yourself (B)Location: Akimel 2

LearningObjective: Professional development to enhance your career at any point.Speaker: robert swanson,CEO,RAS&Associates

RobSwansonleadsaninteractivesessionfocusingonleadership, personal transformation and vulnerabilities in the workplace. This professional development session will be valuable to those just starting their careers, as wellastoseasonedveterans.Robdiscussesthevalueof agreements with people and understanding goals as driving factors in making one’s own opportunities in the workplace. Attendees will leave the session with valuable tools that can immediately be applied to their current job function to enhance career growth.1.5hrsCPE-PersonalDevelopment

10:00 Coffee BreakLocation: Akimel Ballroom Foyer

Sponsored by: Tenaska

18


10:15 Concurrent Breakout Sessions

CrMCP Fundamentals of Credit risk analysis: session two (B/I)Location: Pipai Kave 3

LearningObjective:Learnaboutcashmovementdynamicsand their importance in the credit analysis process.Speaker: dennis Blum,Director–SeniorTrainingSpecialist,Moody’sAnalytics

This session will cover the asset conversion cycle, key cashflowconceptsincludingrelevanceofEBITDA,andcomparison of the direct, versus indirect, cash flow formats. This session includes a group exercise. 1.5hrsCPE–ManagementAdvisoryServices;1.5hrsCE

a Case study of an energy Company Chapter 11 (I/a) Location: Akimel 1

LearningObjective:Learnaboutthelegalramificationswithin a bankruptcy. Speaker: Michael etkin,Partner,LowensteinSandlerLLPand d. Brent Wells,President&Founder,Wells&Cuellar,P.C

Asanadjuncttothe“LearnfromLitigationResultsandBankruptcies” session, this session will focus on an actualenergycompanyChapter11bankruptcycaseandcertainkeycontractandlegalissuesthatarose.MichaelEtkinandD.BrentWellswilldiscusshowtheseissuesunfolded and were resolved in the case. The speakers willnavigatethroughtheChapter11fromtheinceptionand will discuss issues impacting contract counterparties and creditors, including topics such as post-petition financing, critical vendor status, enforceability of safe harbor and setoff provisions and assumption or rejection of executory contracts.1.5hrsCLE;1.5hrsCE

19


do’s and don’ts of Collateral (B/I) Location: Akimel 2

LearningObjective:Learnaboutthebasicsofcollateralsupport and the terms that will help keep your company protected. Speakers: geoffrey F. Heffernan,SoleMember&Attorney,O’HeffernanLLCandrobert Markham,RiskControl, Southern Company Generation

GeoffreyHeffernanandRobMarkhamwillidentifyvarioustypes of collateral and will detail the basic terms that shouldbeinincludedinaParentalGuarantee,aLetterof Credit, and other forms of collateral. Additionally, the session will review credit terms you need to watch for and identify terms that can protect one side of the collateral, but may or may not be an advantage for the other party. 1.5hrsCPE-Finance;1.5hrsCE

11:45 opening CeremoniesLocation: Akimel 3 & 4

12:15 lunch with KeynoteLocation: Akimel 3 & 4

Sponsoredby:CitiandOpenLink

Keynote session: the Future of global energy (g)Location: Akimel 3 & 4

LearningObjective: An insight and understanding into the future of global energy. Speaker: Peter Zeihan, Geopolitical Strategist

The global energy sector is as complicated and opaque as it is omnipresent and essential, and it has adapted to not simply the changes in the global economic system, but the global political system. Countries that were weak to nonexistent in ages past, now are major players in global energy markets, both as producers and consumers. The system that has allowed this evolution now is under fire, and soon the stability that has enabled the energy sector to create its global webwork will end. What will follow will be a world both more chaotic and poorer, one in which the process of finding, producing, transporting and refining energy will simply be beyond the military and financial capacity of most players. Only the largest, smartest andrichestentitieswillbeabletomaintain–muchless

20

expand–theirnetworks.Farfromitsfinaldays,theeraofthe supermajor has not yet begun. 1.5hrsCPE-PersonalDevelopment


CrMCP Fundamentals of Credit risk analysis: session three (B/I) Location: Pipai Kave 3

LearningObjective:Learnaboutkeycashflowdriversandratios used to evaluate the credit quality of a company. Speaker: dennis Blum,Director–SeniorTrainingSpecialist,Moody’sAnalytics

Duringthissessionparticipantswillcompleteacashflowconstructionandinterprettheresults.Discussionwillinclude comparison to a cash budget. 1.5hrsCPE–ManagementAdvisoryServices;1.5hrsCE

IeCa leadership and Committee structure - get to Know your IeCa leadership team (B) Location: Akimel 1

LearningObjective: A detailed look at the history of the IECA and a general overview of how to get involved. Panelists: IeCa executive Committee and Committee Chairs

Since1923,theIECA’smissionhasbeen,andcontinuesto be, providing continuing education to its members. Have you ever wanted to get more involved, but weren’t sure exactly who to reach out to? This session will be a new take on the roundtable discussion -- top leaders of the IECA will present the organization of the IECA, the educationgroupsandthefutureoftheIECA.Followingthe overview, there will be ample time to meet the IECA leaders who will be available to answer questions from participants. 1.5hrsCPE-PersonalDevelopment


21


Borrowing Base liquidity (I/a) Location: Akimel 2

LearningObjective:Learnhowthemajorlendingbanksmanage market borrowing base liquidity. Speaker: Christine dirringer,ManagingDirectorandTeamLeader,CommodityStructuredDebtNorthAmerica,BNPParibas

In a low energy price climate, energy companies are having to rely more and more on financial institutions as their primary lenders. The financial institutions are the major lending bodies who monitor the liquidity of their customers’ financials. This session will present how financial institutions manage this process, which will continuetobeaconcerngoinginto2016withdepressedenergy prices.1.5hrsCPE-Finance;1.5hrsCE

5:00 First time attendee and new Member receptionLocation: Pipai Kave 2

Sponsoredby:MUFG

6:00 networking receptionLocation: Pipai Kave 1

Sponsoredby:BNPParibas,ConcordEnergyLLC, LowensteinSandlerLLPand PepperHamiltonLLP

7:00 networking dinnerLocation: Akimel Lawn

Sponsored by: BP America Inc. and S&PGlobalMarketIntelligence

22


Monday, April 11



Sponsored by: Exelon Corporation and NGX

7:45 special session: netting, What’s it all about? (B/I)Location: Akimel 3 & 4

LearningObjective:Learnthedownanddirtyaboutnetting.Speaker: Zack starbird,ManagingCounsel,BPAmericaand IECA President

ZackStarbirdwillbeconductinganinteractiveworkshopon netting and set-off. This session is designed for those looking for a better understanding of netting or those who want a refresher on the basics. The session will include a mix of presentation and small group activities. After introducing the concept and comparing it to set-off, we’ll consider a few practical problems, look at actual contract language, and review and discuss some calculations. Thinkyouknowthisspace?Let’sfindout.1.5hrsCLE;1.5hrsCE


CrMCP Fundamentals of Credit risk analysis: session Four (B/I)Location: Pipai Kave 3

LearningObjective:Learnaboutkeycashflowdriversandratios used to evaluate the credit quality of a company (Part2).Speaker: dennis Blum,Director–SeniorTrainingSpecialist,Moody’sAnalytics

This session continues the cash flow discussion from Session Three and examines key financial ratios used for credit analysis, including leverage, debt-load and capacity, and signs of liquidity/red flags. This session includes a group exercise.1.5hrsCPE–ManagementAdvisoryServices;1.5hrsCE

23


the art of salary negotiation (B)Location: Akimel 1

LearningObjective:Learnfundamentaltipstohelpinsalary negotiation.Speaker: Christina Hill, Career Services, Arizona State University

At what point in the job interview process should the subjectofsalaryberaised?80%ofAmericans“think”they are good negotiators but unfortunately, this false sense of confidence is often used against them. It is the employee’s responsibility to get the highest salary possible and it is the employer’s responsibility to find the most qualified person, for the lowest price. In this session, Christina Hill will delve into the “art” of negotiating, whether for a new job or a raise in your current position. Participants will have the opportunity to practice newly-acquired negotiation skills during an interactive exercise. We will also discuss the importance of knowing, and how to determine, what you are worth in the market place. 1.5hrsCPE-PersonalDevelopment

Broad overview of enterprise risk Management (erM) (a)Location: Akimel 2

LearningObjective: To explore an analytical review of a company’s risk presence and develop strategies for success.Speaker: lisa groff,ManagingDirectorRisk&Insurance,AEP

In today’s environment in the oil and gas industry, it is imperative that companies develop strategies to better correlate the impact of risks across the organization. This session will provide keys to performing a comprehensive analytical review of the overall organization to make sure any decisions are made with the total picture in mind.1.5hrsCPE-Finance;1.5hrsCE


Sponsoredby:ReedSmithLLP

24



CrMCP Fundamentals of Credit risk analysis: session Five (B/I)Location: Pipai Kave 3

LearningObjective: Gain insight into the importance of forecasting along with key drivers and risk factors that influence the financial performance of a company.Speaker: dennis Blum,Director–SeniorTrainingSpecialist,Moody’sAnalytics

This session will focus on the importance of forward-looking analysis with a discussion on elements of forecasting, key drivers, and quality of covenant considerations.Acasestudy(Part1)willfocusonkeyindustry&creditdriversandincludesaSWOTanalysiswith emphasis on the identification and interpretation of key factors that influence the results of the case study. 1.5hrsCPE–ManagementAdvisoryServices;1.5hrsCE

Credit 101 – Why won’t my lawyer let me do what I want to do? (B) Location: Akimel 1

LearningObjective:Learnhowcreativeaccountingcandistort the financial picture and how to detect problem indicators. Speakers: Fran lawall, Partner, Pepper Hamilton, Jon Hammond,SeniorDirector,EulerHermesEnergy,andJamie swartz,CreditRelationshipManager,ColumbiaPipeline Group

JoininthisopenroundtablediscussionwithFranLawall,JonHammondandJamieSwartztolearnwhyyourlegal team advises you to create provisions and credit documents that will protect your company in both positive and unfavorable situations. Based on their experience, the presenters will show why legal protections are necessary and how to look at all factors of credit and trading issues, as well as the legal implications of each. The presenters will look for audience participation and will be happy to field questions. 1.5hrsCPE-Finance;1.5hrsCE

25


dodd Frank: What you need to know from a contracts perspective (B/I) Location: Akimel 2

LearningObjective:AbasicunderstandingoftheDoddFrankAct.Inaddition,therewillbeareviewoflanguagethat you will need to use and understand when negotiating contracts. Speaker: Phil lookadoo,Partner,Haynes&Boone,LLP

PhilchairstheIECA’sDodd-FrankWorkingGroupandwilldiscuss the issues that must be addressed in physical commodity contracts and financial derivatives contracts inordertocomplywithDodd-FrankActrequirementsoftheCommodityFuturesTradingCommission(CFTC).The discussion will include: (i) the end-user exception to clearing for hedging swap transactions versus speculative swap transactions; (ii) forward contracts versus swaps and the impacts of embedded volumetric optionality; (iii) commodity options and trade options; (iv) swap reporting (reportable events and reporting counterparty); (v) swap recordkeeping and documentation requirements; (vi) margin and bilateral credit support; (vii) position limits and bona fide hedges; (viii) portfolio reconciliation and valuation disputes; (ix) risk management policies and procedures;(x)addressingCFTCinterpretiveguidanceand non-binding staff no-action letters; (xi) a brief update onthelatestregulatorydevelopmentsfromtheCFTCand how to manage updates to your contracts to ensure compliance with changing regulatory requirements; and (xii) writing contracts and records that anticipate regulatory compliance enforcement investigations (i.e., can trying to do the impossible ever be worthwhile?). 1.5hrsCLE;1.5hrsCE

Afternoon & Evening Optional Activities

salsa, guacamole & Margarita Challenge 1:00 p.m. - 3:30 p.m. Location: Sheraton Wild Horse Pass Resort

Thisactivitywillbeginpromptlyat1p.m.sopleasearriveby12:45p.m.forteamassignments.

26


IeCa golf tournament 1:15 p.m. - 6:00 p.m. Location: Ak-Chin Southern Dunes Golf Course

Buswilldepartpromptlyat12:30p.m.fromtheConferenceCenterlobby,whichislocatedneartheKomatkeBallroom(seehotelmaponpage14).

Sponsoredby:RabobankInternational

shopping at the Phoenix Premium outlets 4976 Premium Outlet Way, Chandler, AZ

A discount voucher for the outlets is included in your registration packets. This is not an organized activity so you may enjoy the complimentary roundtrip shuttle service from the resort to the outlets at your convenience.

First time attendee/new Member dinner 7:00 p.m. – 9:30 p.m.Location: Little Cleo’s, Phoenix, AZ

Buswilldepartpromptlyat6:30p.m.fromtheConferenceCenterlobby,whichislocatedneartheKomatkeBallroom(seehotelmaponpage14).

Sponsoredby:OneSourceRiskManagement&Funding

BNP Paribas is proudto sponsor the IECA

27


Tuesday, April 12



Sponsored by: Euler Hermes Energy


CrMCP Fundamentals of Credit risk analysis: session six (B/I)Location: Pipai Kave 3

LearningObjective:Learnhowtoapplytheidentifiedrisks that may impact future cash flows and the financial performance of a company.Speaker: dennis Blum,Director–SeniorTrainingSpecialist,Moody’sAnalytics

This interactive session will continue the case study (Part 2).Attendeeswillreviewtheidentifiedrisks(Part1)todetermineprobablefuturecashflowdrivers.Reviewofthe forecast will include determination of sensitive inputs, with emphasis on identification and interpretation of key factors that influence the results of the case study company.1.5hrsCPE–ManagementAdvisoryServices;1.5hrsCE

Master agreement 101: an In-depth review of the north american energy standards Board’s (naesB) Base Contract for sale and Purchase of natural gas and the Master agreement for the Purchase, sale or exchange of liquid Hydrocarbons (B/I)Location: Akimel 1

LearningObjective:LearnaboutthefundamentalsoftheNAESBmasteragreementsandgainabaseunderstandingof the general terms, elections and areas of negotiation. Speaker: nicole W. russell,DirectorandTradingCounsel,TradingCounselSolutions,LLC

This presentation will provide participants with a firm foundationintheNAESBmasteragreements.JoinNicoleRussellasshepragmaticallywalksyouthroughthe

28


trading and transportation of natural gas and natural gas liquids. This presentation will provide participants a background in the standard terms and elections in the NAESBmasteragreementsandwillprovidepracticalguidance on regular areas of negotiation and the differences between the Base Contract for the Sale and PurchaseofNaturalGasandtheMasterAgreementforthePurchase,SaleorExchangeofLiquidHydrocarbons.1.5hrsCLE;1.5hrsCE

How to Build your own Credit Matrix and Models – Validity, Key ratios and More (B/I)Location: Akimel 2

LearningObjective:LearnthebasicsofCreditScoringModels.Speakers: alma Chen,HeadofAnalyticDevelopmentGroup,GlobalRiskServices,S&PGlobalMarketIntelligence

In this session, participants will be exposed to the ways in which companies look at credit risk from their own uniqueperspective.Learnthefundamentalcreditratiosand risk metrics that you need to build your own custom credit scoring model based on your company’s business, and your counterparties’ businesses. You will learn to customize your own credit matrix and resulting scoring model.1.5hrsCPE–Finance;1.5hrsCE


Sponsored by: AIG

29



CrMCP Fundamentals of Credit risk analysis: session seven (B/I)Location: Pipai Kave 3

LearningObjective:Learnhowtoassessthekeyfactors used in the credit decision process and clearly communicate that assessment.Speaker: dennis Blum,Director–SeniorTrainingSpecialist,Moody’sAnalytics

InthefinalsessionoftheCRMCPcourse,attendeeswillprepare a brief presentation of key factors determining thecreditpointsfoundinthecasestudy.Followedbyanexercise simulating a mock Credit Committee. The session will conclude with a brief presentation of an alternative credit analysis methodology and a wrap-up of the key concepts covered during this training course.1.5hrsCPE–ManagementAdvisoryServices;1.5hrsCE

gender Communication differences, Building team relationships, leadership and gender (g)Location: Akimel 1

LearningObjective:Understandthedifferencesinthewaygenders communicate.Speaker: elaine Fisler,TrainingandDevelopmentConsultant

Menandwomenoftendifferinthewaytheymanagepeople and the way they handle male-female relationships in the workplace. Women are culturally conditioned to maintain harmony in relationships whereas men tend to bemoredirect.Inthissession,ElaineFislerwilldelveinto the differences in the way the genders communicate, i.e. - why does asking questions mean different things to men and women? Elaine will explain how to bridge these differences to avoid misunderstandings and misconceptions that can disrupt teamwork and even derail chances for upward mobility.1.5hrsCPE–PersonalDevelopment

11:45 adjournment

30

Upcoming Events

24th annual Canadian education ConferenceJune5-8,2016Sheraton Suites Calgary Eau ClaireCalgary, Alberta, Canada

30th european Credit education group ConferenceJune19-21,2016InterContinental Lisbon,Portugal

92nd annual IeCa ConferenceOctober9-12,2016JWMarriottAustinAustin,TX

2017 IeCa spring education ConferenceMarch19-21,2017JWMarriottDesertSpringsResortPalmDesert,CA

25th annual Canadian education ConferenceJune11-13,2017TheRimrockResortHotelBanff, Alberta, Canada

93rd annual IeCa ConferenceOctober1-4,2017AtlantaMarriottMarquisAtlanta, GA

31

As a part of the International Energy Credit Association, Inc.’s mission to promote the professionalism of its members, the IECA sponsors several continuingeducationprogramstoofferCPE,CLEandCFAprogramcredits. Attendees should complete the attendance sheets provided at each conference session and mark the type of education credits desired. Qualifyingsessionsaredesignatedintheconferenceagenda.

NASBA CPEEarnupto12NASBACPECredits.ProgramLevels:Basic,Intermediate&AdvancedDeliveryMethod:Group-LivePrerequisites:NoneRequiredAdvancePreparation:Noadvancepreparationisrequired for any sessions. InternationalEnergyCreditAssociationisregisteredwiththeNationalAssociationofStateBoardsofAccountancy(NASBA)asasponsorofcontinuingprofessionaleducationontheNationalRegistryofCPESponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registeredsponsorsmaybesubmittedtotheNationalRegistryofCPESponsors through its website: www.learningmarket.org.

GARP CPE Earnupto12.5GARPCPECredits.ThisprogramisregisteredwiththeGlobalAssociationofRiskProfessionals(GARP)forContinuingProfessionalEducation(CPE)credits.Creditsarebasedon1creditperinstructionalhour(50minutesessionsmayberoundedto1hour)andshouldbesubmittedthroughGARPCreditTracker.Contactcpe@garp.comforadditionalinformation.

Continuing Legal Education (CLE) ApplicationhasbeenmadewithKansas(reciprocityforNewYorkandCalifornia),PennsylvaniaandTexasforContinuingLegalEducation(CLE)credit.

CFA CEIECAhasappliedforCEcreditonbehalfoftheCFAInstitute. Please refer to on-site materials as to which sessions qualify.

Continuing Education Information

32

Conference Sponsor Listing by Event

TheIECAandtheU.S.EducationCommitteeconveytheirsinceregratitude to the following sponsors for their generous support of the IECA. A very special thanks goes to the member companies for their constant and unwavering support of the Association.

We encourage each attendee to express their thanks to the sponsors as their support enables the IECA to continue to offer a quality educational program. Thank you!

lanyardsCiti, Platinum

noteBooKsNGX,Gold*

PensGlobalCreditServices,Gold*

PrIntIng oF ConFerenCe PrograMS&PGlobalMarketIntelligence,Diamond*

early BIrd reCePtIonRapidRatingsInternational,Platinum

sunday ContInental BreaKFastBMOCapitalMarkets,Platinum*

sunday aM CoFFee BreaKTenaska, Gold

sunday lunCHCiti,Platinum*OpenLink,Platinum

sunday FIrst tIMe attendee & neW MeMBer reCePtIonMUFG,Platinum*

sunday netWorKIng reCePtIonBNPParibas,Diamond*ConcordEnergy,LLC,Gold*LowensteinSandlerLLC,SilverPepperHamiltonLLC,Bronze

sunday netWorKIng dInnerBPAmericaInc.,Platinum*S&PGlobalMarketIntelligence,Diamond*

33

Conference Sponsor Listing by Event

Monday ContInental BreaKFastExelon Corporation, GoldNGX,Gold*

Monday CoFFee BreaK ReedSmithLLP,Diamond*

Monday FIrst tIMe attendee/neW MeMBer dInnerOneSourceRiskManagement&Funding,Diamond*

Monday IeCa golF tournaMentRabobankInternational,Platinum*

tuesday ContInental BreaKFastEuler Hermes Energy, Gold

tuesday CoFFee BreaKAIG, Gold

*InternationalSponsors

34

IECA Antitrust Statement

It is a policy of the International Energy Credit Association, Inc. (“IECA”) that all members conduct themselves ethically at all times and in strict compliance with applicable antitrust laws while participating in IECA activities. Antitrust laws mean laws passed to prevent anticompetitive behavior or anticompetitive results, as well as regulations adopted by governing authorities to implement the provisions of such laws. Countries in which the IECA operates have specific antitrust laws and members should be aware of those which apply to them. Examples include, but are not limited to, the Sherman Antitrust Act and the Clayton Antitrust ActintheU.S.,theCanadianCompetitionAct,andtheTreatyontheFunctioningoftheEuropeanUnion(TFEUArticle101).TheIECAwillhaveanOfficer/Director/EducationalChairorPresident’s designee present during all IECA activities to assist its members in identifying areas of discussion which, while not intended, could potentially lead to violations of applicable antitrust laws.While the following guidelines are presented for the convenience of IECA members, the IECA strongly encourages each member to review in detail, with company or outside counsel, antitrust compliance as it relates to conduct while participating in IECA activities.generally permissible:• Discussinggeneraltrendsorconditionsintheindustryorthe

economy, as well as general credit and contract-related issues, so long as the purpose or effect of such discussion is not an attempt to elicit or encourage uniform action or policy with respect to future transactions by members of the group

• Exchangingcurrent,factualinformationrelevanttotheindustrybased on actual experience or present knowledge

Prohibited:• Participatingin,ordiscussingplansfor,anyactivitythatwould

restrict or interfere with the exercise of free and independent judgment by members as it pertains to the management or operation of their respective credit and contracting functions

• Actinginconcertoragreeingwithanothermembertoadoptaspecific credit policy towards a particular company or group of companies, or to adopt specific prices or pricing policies

• Boycottingorrestrictingtradewithindividualcompaniesorgroups of companies

• Agreeingtorestrictoutputorsupplyofproducts• Sharingrecommendations,opinions,orinformationreceived

from a third party without attributionIn the event a conversation or communication implicates any of

35

IECA Antitrust Statement

this prohibited conduct, members are strongly encouraged to publicly disassociate themselves from it.The IECA takes adherence to and compliance with antitrust laws and regulations very seriously, and seeks to promote compliance with such laws by its members at all IECA functions. Compliance with laws is vital, not only to protect the IECA itself as an organization,butalsofortheprotectionofitsmembers.Violationof applicable antitrust laws may result in substantial fines and penalties for the IECA and/or for offending members and their companies. Equally important to the IECA is the damage that could be done to the organization’s reputation. The IECA strongly urges members to protect the organization by complying with applicable laws while participating in IECA activities.Issued this 1st day of February, 2015

36

Notes

The European Regional Education Committee encourages you to join them to celebrate the 30th annual European conference being held in Lisbon.

A number of experienced and knowledgeable speakers will address many of the various challenges we are faced with today across the energy risk management sector, including keynote speaker Professor Sir Chris Llewellyn Smith, Director of Research at Oxford University. There will also be ample opportunity for valuable networking opportunities. June is a very popular month for travel to Lisbon, so we would urge you to take advantage of the numerous low airfares that many airlines are currently offering for travel between many major cities and Lisbon.

30th

European

CreditEducation

group conference

June 19-21, 2016 • Lisbon, PortugalInterContinental

Savethe

Date

1120 Route 73 · Suite 200 · Mt. Laurel, NJ 08054www.ieca.net · [email protected] · 856-380-6854

2016Spring - IECA...Craig enochs, Reed Smith LLC robert Markham, Southern Company Services John savage, Exelon Corporation tamika tyson, Noble Energy, Inc. Executive Vice Presidents

Documents