ComboCurve: Embedded Lookup Tables

ComboCurve: Embedded Lookup Tables

What are ELTs

Embedded lookup tables (ELTs) assign specific economic inputs based on well header criteria. To better understand the functionalities, let's look at an example. In the table below, you can see a sample ELT that assigns a drilling cost based on County and Current Operator information. Once the ELT is applied to your scenario Capex model, the algorithm will look at each well's county and current operator to assign the appropriate drilling cost. 

How to create an ELT

ELTs can be created in the "Lookup Tables" section of your project summary page by clicking on "SEE ALL" and "creating embedded lookup table".


Currently, ELTs can only be applied for Capex and Expenses models. Feel free to reach out to your designated CS if you'd like to have ELTs on other econ models. After clicking on "Create Embedded Lookup Table" you'll need to select in the dropdown whether this ELT is for Capex or Expenses. After clicking on create, you should see 2 sections.
  1. The top section is where you can add econ lines (keys) to lookup
  2. The bottom section is where you  can select the headers and build the actual lookup table 
For this example, we are looking at a capex ELT (same exact logic applies to Expenses ELTs). Starting from the top section, these are the steps to add lookup values:
  1. Click on "+ Row" to add a capex line 
  2. Select the appropriate category and search for the values that you want to lookup
  3. Right click on the cell corresponding to the lookup item and select "lookup by"


After doing so, you should see the bottom table populated with the value header name. The more values you lookup, the more columns in the Values section you would see. Next, you'll need to select the well header criteria to lookup by. You can click on "Select Headers" to open the menu and select the well header name and behavior. You can click on "+ HEADER" to add up to 5 headers.  Behaviors dictates how the value item is been derived. We offer 4 options for behaviors :
  1. Match: selects the value by matching on the exact header value (only for categorical headers).
    1. Example: the drilling cost will be 100 if the well is located in Eddy county and 200 if it's located in Burleson county.
    2. Note: you can click on "Build Table" to generate all the possible header values in table to quickly fill out. 

  1. Range: selects the value if the header is within a specified range (only for numerical headers). 
    1. Example: if PLL is between 5000 and 8000 feet, use 200 as the drilling cost whereas if it's between 8001 and 10,000 use 250. 


  1. Ratio: derives the value by multiplying the ratio by the corresponding value (only for numerical headers).
    1. Example: The total Drilling Cost will be = Intangible Cost (M$) * Ratio * PLL of the well applied
      1. Assuming the well has a PLL of 10,000 ft, Drilling Cost = 2 (M$) * 1 (1/ft) * 10000 (ft) = 20,000 M$
      2. Note: you can combine a categorical header with Match behavior to a ratio (example: each landing zone will have a different ratio value)
      
  1. Interpolation: derives the value by linearly interpolating between 2 header-value pairs.
    1. Example: a well with 5000 ft PLL will have a cost of 200 M$ and a well with 10,000 PLL will have a cost of 300 M$
      1. Assuming the well has a PLL of 8000 ft, Drilling Cost = ((300-200)/(10,000-5000))*8000 = 160 M$
      2. Note: you cannot extrapolate values outside the header range, meaning that in this example the well PLL has to be between 5000 and 10,000 ft. 

After filling out the ELT, you can click on "Validate Values" to check for any mistakes and then you can save it. 


How to Apply ELT in a Scenario

Now the last step is to apply the ELT to the econ model (either Capex or Expense) in the scenario table. Following our example, after creating a scenario, you can navigate to the Capex column and click on "Choose Capex".

You can apply the ELT on an existing model or add it to a new model. In both instances, you'll need to be in  "Advanced View". To add the ELT, you can select "+ Lookup Row" and double click on the red cell to get a list of all Capex ELTs in your project. After selecting the ELT, it will populate in the top table (line items) and bottom table (actual ELT). You can then enter a name for the Capex model and "save as" or just "save" if you have an existing model. Same exact workflow applies to Expense ELTs. 

Visualizing Items Coming From ELTs

A great benefit of ELTs is the ability to visualize the values coming from the ELT for each individual well. From our example, we applied a Capex ELT that assigns a drilling cost. After applying the model to multiple wells in our scenario, you can navigate to the well level to check the actual value coming from the ELT. To do so, you can search for a well in the scenario table and click on "Choose Capex".


This would pull the Capex model applied to the individual well. As you can see from the image below, ComboCurve displays the drilling cost coming from the ELT (purple font). This can be extremely useful to check that the values coming from the ELT are correct. In the case that ComboCurve is not able to find a value matching from the ELT for this well, it will display as "UNASSIGNED". If that's the case, we would recommend to go back to the ELT and check that the well in question has the lookup headers populated and included in the ELT. 

Importing and Exporting ELTs

You can export the models that contains any ELTs out of the scenario table to CSV. For the Capex example, you can navigate to the Capex header and select "Export to CSV".

From the spreadsheet, you can navigate the the header name "Embedded Lookup Table" to see the ELTs applied to the capex models in your scenario name. If you would like to mass modify the ELT to a different one you can change the column values to a different ELT name (value needs to match exactly what's in the project). 


Note: The csv export will not include the actual ELT but only the name referenced in the econ model. If you'd like to export the actual ELT table, you can navigate to the ELT in the Lookup Tables section, highlight the cells (Ctrl + A), copy (Ctrl + C), and paste in Excel (Ctrl + V).  


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