ENRG 6000 Introduction to Energy Finance (3) - This course provides an introduction to the energy industry and energy finance. A team of faculty members lecture on various topics and supervise field trips to energy facilities in southern Louisiana. The course is taught in conjunction with ENRG 7110 Energy Modeling, and the two courses are coordinated to ensure that students have a good foundation in energy industry fundamentals and financial modeling and analysis. It also includes career development workshops to help students with their preparation for job searches.
ENRG 7110 Energy Modeling (3) - This course familiarizes students with the quantitative aspect of energy fundamentals and the use of computer modeling as a tool for analyzing and solving energy related problems. It introduces company analysis, capital structure, valuation, and portfolio management. The course also acquaints students with the job roles of an equity analyst and the discipline of analyzing and forecasting a company's financials. The goal of the course is to provide students with the skill set necessary to analyze a company, understand its business and performance from both qualitative and quantitative perspectives, value the company, and evaluate that value relative to a peer group. The oil and gas industry, specifically the exploration and production (E&P) sub sector is used as a medium to give students tangible experience in company analysis and financial modeling. The course considers the subject matter from both top down and bottom up approaches. The course focuses on the E&P sector to introduce students to macro analysis, industry analysis, peer analysis, and company analysis. Students learn how to analyze the qualitative aspects of analysis in terms of news flow of an industry and the individual companies within it, and the quantitative aspects of an industry, i.e., valuation techniques and relative value analysis. Excel and VBA are the primary computer tools employed in the course. Students are expected to develop proficiency in the use of Excel and VBA.
ENRG 7120 Energy Data Analysis (3) - Prerequisite: ENRG 6000. This course emphasizes the analysis of different forms of quantitative data in energy markets, energy production, demand, and supply. The course introduces various interpretive analytic approaches, explores their uses, and guides students in applying them to energy data. The danger of using quantitative methods lies in the lack of fundamental understanding of the justification for the use of a procedure, how to use it correctly, and how to properly interpret results. This course addresses these pitfalls. The course covers the process of extracting meaning from data to support evaluation and decision making by using modern spreadsheet technology such as Microsoft Excel. The class explores data sets from Thomson Reuters and LIM and covers their key technical charting tools, employs statistical thinking to provide understanding of the variation in data, and draws insights into relationships that may exist among underlying factors. The course also covers the basics of cash flow analysis and introduces the elements of financial data interpretation.
ENRG 7130 Energy and Environmental Economics (3) - This course provides an overview of the economic principles used in analyzing energy markets and environmental issues important to this sector. Students in this class will learn to apply fundamental tools of micro and macroeconomics to study business and public policy issues involved in the oil, natural gas, and electric industries including renewable energy sources. The course will also cover the fundamentals of externalities in the energy industries and how to evaluate the impact of various environmental policies. They will evaluate incentive compatible mechanism and efficient regulation design. The course goal is to have students critically analyze typical problems in the energy sector. They should be able to apply these skills and economic reasoning to unravel popular fallacies and dooms day scenarios such as peak oil, fallacy of common use resources, and technical vs. economic potential of energy technologies.
ENRG 7200 Energy Fundamentals and Trading (3) - This course covers the fundamental and technical information and techniques needed to begin trading in the energy markets. Structure of physical and financial markets, electronic trading tools and techniques, and the associated risk management practices are covered. The course includes interactive trading in the Freeman School's state of the art trading room, which focuses on the futures market of the New York Mercantile Exchange (NYMEX) to test student developed trading strategies, mark to market models, and risk management tactics used in today's fast paced energy trading environment.
ENRG 7210 Energy Accounting and Valuation (3) - This course covers the fundamentals of the oil and natural gas exploration and production process (E&P or upstream) and the key financial decisions and metrics. The various operational steps and related financial decisions are followed through to their ultimate impact to a public E&P company's external financial statements. Students are able to understand the immediate impact of various decisions on a company's cash and non cash financial performance which in turn lead to future financial and operational flexibility and success.
ENRG 7810 Energy Projects I (3) - Students work in teams on energy projects sponsored by 12 faculty and energy industry executives. Each team is expected to analyze and research an energy industry issue and to prepare written project reports, presentations, or cases. The final project reports, presentations, and cases are evaluated by the project sponsors.
ENRG 7300 Advanced Energy Trading and Finance (3) - The course covers advanced energy trading techniques, including technical analysis, electronic trading algorithms, and the trading of energy derivatives. In addition, the course considers the use of energy derivatives in the area of energy finance, valuations, planning, credit and risk management, and interactive trading in the school's state of the art trading facility.
ENRG 7500 Energy Risk Management (3) - The course balances both the qualitative and the quantitative aspects of the risk in energy markets. The course begins with a broad qualitative look at risk scenarios. For a qualitative perspective, the course draws heavily from Foundations of Energy Risk Management (FERM) and from Managing Energy Risk (MER). For the quantitative aspects such as forwards, MR Models and options, the course relies primarily on Energy and Power Risk Management (EPRM) and Energy Risk (ERVM). Topics covered include the economic impacts of pricing and investment decisions in these industries, privatization of publicly owned energy assets, regulation of monopolies and antitrust, the transportation and storage of energy commodities, and the economics of renewable energy sources. Major policy trends related to energy production and use, such as deregulation, climate change, and environmental impacts, are critically analyzed. The course focuses on risk management applications from the perspective of an energy company.
ENRG 7910 Energy Strategy Capstone (3) - The Energy Strategy Capstone is an integrative strategy seminar and workshop that builds on the other courses in the curriculum. Business/competitive strategy, corporate strategy, cooperative strategy, global strategy, and functional strategies are covered in the context of companies in the various sectors of the energy industry. Concepts and methods of strategy formulation and implementation are covered with applications to the energy industry. Students are assigned to teams to analyze and critique the strategies of companies in major energy sectors. The course utilizes cases and the case method to learn various aspects of the industry and to teach students to think critically about issues facing companies in the energy industry. Teams present their analyses and write reports on their respective companies.
ENRG 7100 Energy Markets, Institutions, and Policy (3) - This course covers a range of energy related topics including major challenges and policy issues facing the industry, history and structure of the industry, company profiles and strategies, energy economics, energy markets, energy regulation, energy technology, and sustainable development. Faculty associated with the Tulane Energy Institute will lecture on the history, structure, and economics of the energy sector and its importance in the growth of modern economies. The course also includes a series of presentations by industry participants including energy economists, sell side analysts, industry regulators, upstream oil and gas operators, midstream and downstream participants, as well as representatives of the myriad companies that provide services to the direct participants.
ENRG 7610 Energy Trading: Wholesale Electric Markets
ENRG 7730 Energy Investment Banking
ENRG 7720 Energy Portfolio Management (3) - This course is based on the Freeman School's highly successful Darwin Fenner Student Managed Fund course. The primary difference between the two courses is that this course focuses on investing in a portfolio of energy assets (an energy sector fund) as opposed to a broader portfolio of equities. Students prepare in depth financial analyses and reports for a small set of energy companies. The objective is to learn how professional equity analysts value energy companies. The companies are selected from a set of Russell 2000 energy companies. After learning how to value energy companies, students work in small teams to analyze energy investments, develop investment strategies, select energy assets for their portfolios, and evaluate their performance versus various benchmarks. In addition to considering only an equity portfolio, students study, formulate strategies, learn to use energy derivatives for hedging, invest in a broader set of energy assets, and construct and evaluate their portfolios. The course covers trading energy commodities (futures, options, and over the counter derivatives), the development and trading of energy indices, exchange traded funds (ETFs), hedge funds, and fund management. The course includes consideration of energy price dynamics and trading strategies in the traded energy markets (NYMEX, ICE, OTC).
ENRG 7810 Energy Projects I (3) - Students work in teams on energy projects sponsored by faculty and energy industry executives. Each team is expected to analyze and research an energy industry issue and to prepare written project reports, presentations, or cases. The final project reports, presentations, and cases are evaluated by the project sponsors.
ENRG 7820 Energy Projects II (3) - Students work in teams on energy projects sponsored by faculty and energy industry executives. Each team is expected to analyze and research an energy industry issue and to prepare written project reports, presentations, or cases. The final project reports, presentations, and cases are evaluated by the project sponsors.
ENRG 7920 Energy Seminar (3) - This course covers energy topics that are not covered extensively in other energy courses. The course may cover a range of topics depending upon the faculty member's interests and the availability of guest speakers. Possible topics include investment banking, energy policy, energy legal and regulatory environment, emerging technologies, energy industry structure and analysis, sustainable development, and energy strategy.