CPA Canada’s 2016 conference for the oil and gas industry

Return To Event Page Printable PDF
This is the agenda for Day 1
Day 1 Wednesday November 23, 2016
7:30 - 8:30
Registration and Continental breakfast

8:30 - 9:30
Welcoming remarks and opening keynote address: The state of the oil and gas industry: Dusk or dawn?

Speaker: Peter Tertzakian, chief energy economist and managing director at ARC Financial Corp.

Peter Tertzakian is chief energy economist and managing director at ARC Financial Corp., Canada’s largest energy-focused private equity manager. He is a member of the firm’s Executive Committee and Investment Committee. In 2015 Peter was appointed to the four member Alberta royalty review advisory panel. The group engaged with Albertans, energy-related industries and key stakeholders to review the province’s non-renewable resource royalty framework. In January 2016 the panel’s recommendations were approved by the government. In his presenation, Peter will address the current state of the industry.

Peter Tertzakian

9:35 -10:30
The humble pipeline: A story about markets, the economy and a lasting legacy

Speakers: Norm Rinne, Kinder Morgan Inc.

Crude oil and the pipelines that move it shape our economy. For over 60 years the 300,000 bpd Trans Mountain Pipeline to Canada’s West Coast has been part of that story. Increased access to new and growing markets in the Pacific Rim is the next big challenge in front of us. This session follows the storied journey of one of Canada’s most outstanding crude pipelines. It will shed light on how the proposed three-fold capacity increase of Trans Mountain will support Canadian pricing, benefit our economy and create a lasting legacy here in Canada and abroad.

10:30 – 10:45
Coffee break

10:45 – 11:45
Choose one of the following:

Deals, mergers & acquisitions trends, foreign investments reducing

Speaker: Tom Pavic, vice-president, Sayer Energy Advisors

The presentation will focus on recent merger and acquisition trends in the upstream Canadian Oil and Natural Gas Industry with an emphasis on the prices being paid, who the buyers and sellers are and what factors have had an impact on recent M&A activity. The presentation will also touch on what Sayer forecasts will happen in 2017 on the M&A front.

IFRS 15: Practical implementation guidance

Moderator: Karyn Brooks, Canadian Member, TRG Revenue
Panelists: Nafeesa Kassam, Senior Manager, Enterprise Accounting Research, Enbridge Inc.; Zahra D. Khimji, Financial Accounting & Projects, TransCanada Corporation; Eric von Engelbrechten, Director Corporate Reporting, AltaGas Ltd.

Oil and gas companies often enter into complex contractual obligations, have midstream or processing assets, off shore production or are parties to production sharing agreements outside North America. The complexities aroudn pricing, delivery and status of partners and customers are likely to be affected by the new revenue standard. Join us for a discussion on practical implementation guidance by companies who are actively implementing IFRS 15 in a variety of oil and gas producers, services and related companies.

11:45 – 1:00
Networking reception and lunch

1:00 – 2:00
Choose one of the following:

IFRS Accounting hot topics: What are the changes affecting you today?

Speaker: Patrick J Cavanagh, partner, Ernst & Young LLP

The IFRS accounting landscape is always evolving and presents a direct challenge to preparers of financial statements. Keeping abreast of emerging issues in the oil and gas industry, new amendments and interpretations of IFRS, as well as future potential changes and amendments, is necessary to identify the implications to your company’s financial reporting requirements and related note disclosures on a timely basis.
This session while provide a board perspective on the emerging accounting issues in the oil and gas industry under IFRS, as well as the specifics surrounding current and potential amendments to IFRS.

Technology session – Data analytics – Finding black gold in big data

Speakers: Yogi Schulz, partner, Corvelle Consulting; and Bertrand Groulx, president, Verdazo Analytics

It is said that a picture is worth a thousand words. Today’s analytical software tools can take thousands of bytes of data and paint a picture that helps companies find opportunities. The session presenters will introduce how analytical software tools are being used in the oil and gas industry to find value and to find new opportunities.

2:05 – 3:05
Choose one of the following:

On the eve of insolvency: Fight or flight

Speakers: Darren Crocker, partner, Restructuring Services, Deloitte, and Ryan Adlington, insolvency partner, KPMG

Should you be fighting or flying? This is the question that will be answered in this session. Darren Crocker and Ryan Adlington will discuss tips on how to deal with a nervous lender, will share their thoughts on restructuring alternatives and will highlight Director and officer pitfalls. They will also address how to manage Cash Flow in a Challenging Environment. A must attend if you have questions or concerns about insolvency issues.

Resiliency: Building it in ourselves and our teams

Speakers: Heather Eddy, Independent HR Management Consultant and Heather Maitland, Organizational Change Management Specialist, Enbridge Inc.

Resiliency, as the ability to recover quickly from difficulties, is an especially important skill in these turbulent times for both employees and leaders. Through cost reduction initiatives to restructuring, there has been no shortage of uncertainty in the workplace and all indications are that this trend will continue. This session will cover the fundamentals of change management, emerging trends and the do’s and don’ts for building a resilient workforce. Through an interactive style, practical tips and tools will be shared, focusing on help you and your teams survive and thrive through change and uncertainty, today and into the future.

2:45 – 3:00
Coffee break

3:20 - 4:20
Environmental and climate change regulations that will impact the Alberta oil and gas industry

Speaker: Meghan Harris-Ngae, Market Leader Climate Change and Sustainability Practice, Ernst & Young LLP
Alberta’s carbon levy, introduced under the Bill 20 - Climate Leadership Implementation Act, will come into effect on January 1, 2017. During this session, Meghan Harris-Ngae, leader of Western Canada’s Climate Change and Sustainability Practice at Ernst & Young will discuss what this means to your organization in terms of risk, practical accounting and reporting guidance and preparedness. Additional elements of the Climate Leadership Plan, including the transition of the Specified Gas Emitters Regulation to the Carbon Competitiveness Regulation, and methane reduction targets, will also be briefly discussed as she will introduce additional risk and financial considerations to your business. This session will equip you with the language and understanding necessary for effective collaboration with your regulatory compliance, operational, environmental and sustainability groups for the successful preparation for carbon levy and other climate leadership programs.

4:00 - 5:00
Networking reception

This is the agenda for Day 2
Day 2 Thursday November 24, 2016
7:30 - 8:30
Continental breakfast

8:30 – 9:30
Fraud and corruption risks in an economic downturn: How forensic data analytics can be utilized to manage those risks

Speaker: Jennifer Hookey, partner, Fraud Investigations and Dispute Services, Ernst & Young LLP

The current energy market leads to significant cost reductions which can impact processes as well as segregation of duties. As a result, the risk of inappropriate behaviour occurring both inside and outside of an organization increases – these risks can include the likelihood of fraud, corruption and conflict of interests. This presentation will touch on ‘red flags’ to be aware of during an economy downturn as well as what can we done to identify and potentially prevent these inappropriate behaviours from occurring and/or continuing. This presentation will also demystify analytics and predominately focus on how the use of forensic data analytics can be utilized to identify and potentially prevent bribery, corruption, fraud and other inappropriate behaviours within an organization (management and employees) and outside an organization (i.e. vendors and contractors).

9:30 - 10:30
Cost reduction initiatives have been exhausted; now what? Working capital: The final frontier

Speaker: Chris Stepanuik, senior vice-president & associate partner, Ernst & Young LLP, and Terry McKay, partner and performance improvement advisory leader, Ernst and Young LLP

For many enterprises, the magnitude of carried working capital is a byproduct of the operational process effectiveness; a tactical execution of strategy versus a corporate strategy… but should it be a corporate strategy? In this session, join experienced working capital practitioners as they discuss working capital optimization in the oil & gas industry – why it is important, how it can help a company’s financial liquidity and accretive benefits of proactive cash management. Better understand working capital management strategies; such as supply chain financing and ePayables. Learn how to apply strategies to your own organization to better manage working capital, to assess and exploit near term opportunities and create a lasting legacy through cultural adoption and creation of a cash champion.

10:30 - 10:50
Refreshment break

10:50 – 12:00
Choose one of the following

Hot topics in tax: Odds and sods

Speaker: Carolyn Engel, partner, Business Tax, Deloitte

Hedging strategies in the current commodity environment

Moderator: Terry Moschopedis, VP Finance, Energy Navigator Inc.
Panelists to date: Wayne Harvey, senior director of Gas Trading, Emera Energy services Inc.; Rebecca Greenan, independent business consultant; Kris Bibby, VP Finance, ARC Resources Ltd

Commodity producers and consumers both use a variety of contracts and strategies to secure cash flows. How are companies managing this process in this current price environment? How can different contracts be used to optimize and secure cash flows? How can you use derivatives in other ways to optimize cash flow? Join a panel discussion on hedging strategies and tools used in the purchase and sale side of hedging.

12:00 – 12:45
Lunch and networking

1:00 – 3:00
Choose one of the following:

Leasing of oil and gas assets under IFRS 16

Speakers: Jeff Dashkin, senior financial analyst, Husky Energy and Scott Bandura, partner, PricewaterhouseCoopers LLP

IFRS 16 introduces a single lease accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months. We will focus on why specific contractual arrangements common to oil and gas producers, service companies and transportation companies would be accounted for under IFRS 16. Practical advice on how to plan for the implementation will also be discussed.

Value stream performance management through lean finance

Speaker: Rick Timlick, Redwood Performance Institute

This session while provide a perspective on the following topics:

• the transformation path from standard to 'Lean Cost Accounting'
• product versus value stream costing
• profitability and cost management in lean enterprises
• aligning processes in a lean enterprise
• using technology as an enabler

Rick Timlick

3:00 – 3:15
Refreshment break

3:15 – 4:00
Keynote address: Grit to gold: Transforming challenges into our competitive advantages

Speaker: The Honourable Perrin Beatty, President & Chief Executive Officer, The Canadian Chamber of Commerce

The Hon. Perrin Beatty is the President and CEO of the Canadian Chamber of Commerce, which represents 450 local, regional and provincial chambers of commerce and 200’000 businesses, making it the country’s largest business organization. As a former cabinet minister, a former President of the CBC and now at the Canadian Chamber, Mr. Beatty has seen his share of struggling regions and economic sectors. He’s also seen the most resilient ones bounce back, better and stronger. In his remarks, he will share how Albertans can leverage innovation to transform current challenges into lasting competitive advantages for sustainable economic development.

Perrin Beatty

Conference adjourns