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.
Note: ELTs are not required to look up any values. If no values are looked up, the ELT behaves as a set of lines – all of which can be called just by adding a reference to the ELT to a model.
Current ELTs Available
The following is the list of current ELTs that are available in ComboCurve -
- Expenses
- CAPEX
- Differentials
- Stream Properties
- Production Taxes
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".
After clicking on "Create Embedded Lookup Table" you'll need to use the dropdown menu to select which economic model this ELT is for. After clicking on create, you should see 2 sections.
- The top section [Model] is where you can add econ lines (keys) to lookup
- The bottom section [Lookup Pane] 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 all ELTs). Starting from the top section, these are the steps to add lookup values:
- Click on "+ Row" to add a capex line
- Select the appropriate category and search for the values that you want to lookup
- 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 :
- Match: selects the value by matching on the exact header value (only for categorical headers).
- Example: the drilling cost will be 100 if the well is located in Eddy county and 200 if it's located in Burleson county.
- Note: you can click on "Build Table" to generate all the possible header values in table to quickly fill out.
- Range: selects the value if the header is within a specified range (only for numerical headers).
- 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.
- Ratio: derives the value by multiplying the ratio by the corresponding value (only for numerical headers).
- Example: The total Drilling Cost will be = Intangible Cost (M$) * Ratio * PLL of the well applied
- Assuming the well has a PLL of 10,000 ft, Drilling Cost = ($2M / 1ft) * 10000 (ft) = 20,000 M$
- The total cost is represented as a cost ($M) per foot, then multiplied by the target wells' PLL
- Note: you can combine a categorical header with Match behavior to a ratio (example: each landing zone will have a different ratio value)
- Interpolation: derives the value by linearly interpolating between 2 header-value pairs.
- Example: a well with 5000 ft PLL will have a cost of $200M and a well with 10,000 PLL will have a cost of $300M
- Assuming the well has a PLL of 8000 ft, Drilling Cost = 200 + ((8000-5000) * (300-200)) / (10,000-5000) = $260M
- 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. If there are any red rows, hover over the row to see the problem with it.
Data Snaps in ELTs
Currently Data Snaps can be used in Expense, CAPEX, and Stream Properties ELTs in all columns with the designated Data Snap Symbol "@". For more information on how to use data snaps see the article ComboCurve: Data Snaps.
How to Apply ELT in a Scenario
Now the last step is to apply the ELT to the econ model in the scenario table. After creating a scenario, you can navigate to the Capex column and click on "Choose Capex" (or other Economic Assumption name).
You can apply the ELT on an existing model or add it to a new model. To add the ELT, you can select "+ Lookup Row" and double click on the red cell to get a list of all ELTs for that type of Economic Assumption 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 model and "save as" or just "save" if you have an existing model.
In your model can add multiple ELTs as well as other basic model rows.
You can also create an ELT while editing a CAPEX or Expense model. While editing an Expense or CAPEX model, simply click the + Lookup Row button. This will display the Embedded Lookup Table column and also create a new red row that Select a Lookup Table. Double clicking will display all existing ELTs for that assumption section as well as an option to Create Lookup Table. Clicking Create Lookup Table will take you to the New Embedded Lookup Table dialog. After creating the ELT in a model, it is necessary to save both the ELT (middle right) and then also save the model (upper left).
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.
ELT Applied in Scenario Model
ELTs in ComboCurve are designed to show you their results when you are viewing them from inside the model editor and browsing through wells. As you browse wells, the economic lines returned by the Embedded Lookup Table are displayed with the looked-up values in a pale brown color. This can be particularly helpful when values are being calculated by range, interpolation or ratio.
Note: In addition to the buttons, the Lookup Pane will display the Matching rows at top in green if you are viewing a specific well from within the Model editor.
To view/edit an ELT from inside a model, all you need to do is click on its name. Note the small colored bar to the left of the ELT-generated lines in the model. Upon clicking the ELT name, the ELT contents will display below your model starting with the ELT name in a colored oval that is the same color as the vertical bars in the model. This is a visual indicator of which lines are coming from which ELT since there can be multiple ELTs called into a single model.
There are two main parts of an ELT: the Sidefile pane and the Lookup pane. The Sidefile pane is where you input the economics lines using the usual Key/Category/Criteria, etc. that you would normally enter into a model. You are not required to look anything up. And an ELT with no lookups is a simple type of ELT called a “Sidefile.” A Sidefile is a set of fully defined assumption lines that can be applied to any model just by referencing the ELT. You can copy lines from a model into your ELT using Copy/Paste into the Sidefile Pane. You delete lines from your ELT by using the Delete button above the Sidefile Pane.
You can also highlight multiple cells and then right-click and choose Lookup By. Whatever you choose to lookup will need to have values entered into the Lookup Pane, with different values distinguished by different header criteria. Upon choosing an item to Lookup By, a column for that item will be added to the Lookup Pane automatically. Clicking on individual rows in the Sidefile Pane will cause the Lookup Pane to focus on the entries for that Row – making it easy to focus on the values for just that row. To get back to the full table of values, click Show All LTs above the Lookup Pane.
The lower section is the Lookup Pane, and it is used if and only if you have chosen something to look up in the Sidefile Pane. The left section of the Lookup Pane is the Header Section and the right section is the Value Section. The Header Section is for defining headers to Match, Range, Linearly Interpolate or Ratio against. The Value Section is where the individual line values, be they numeric or text, are placed. The Lookup Pane may contain as many as 30,000 rows or more.
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).
Related Articles
ComboCurve: Scenario Lookup Tables
Scenario Lookup Tables In this document we will discuss Scenario Lookup Tables, how to use them and the functionality they provide to the user. Applying and using Scenario Lookup Tables Scenario lookup tables can be used on all economic assumptions, ...ComboCurve: Copying and Importing Lookup Tables
ComboCurve: Copying and Importing Lookup Tables Note: this is the same functionality for all lookup tables (Embedded, Scenario, and Type Curve) Copying Lookup Tables To create a copy of a Lookup Table, click the three dots next to its name and select ...ComboCurve: Scenario Tooltip Overview Article
Scenario Tooltip Overview Article Scenario Page (Overview of Main Screen) Top Left Hamburger Icon - to navigate to all CC sections Green Scenario Name - Quick navigation to the project landing page Top Right Guy Icon - Change name, password or log ...ComboCurve: Schedule Lookup Tables
Schedule Lookup Tables Schedule Lookup Tables let you set lookup durations for the Activity Step 'Step Duration (w/o mobilization)'. Note: Schedule Lookup Tables can be accessed in other schedules within the project. How to set up When you are ...ComboCurve: Type Curve Lookup Tables
See the Scenario Tooltip Overview Article for all assumptions and modeling concepts Summary Type Curve Lookup Tables (TC LTs) allow you to apply multiple type curves to a set of wells depending on each well's specific headers. Similar to Scenario ...