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IAEE-Houston Chapter May Meeting

Thursday, May 10, 2007 from 11:30 AM to 1:00 PM (CT)

Houston, United States

Ticket Information

Ticket Type Sales End Price Fee Quantity
Member Ended $25.00 $0.99
Non-member Ended $35.00 $0.99
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Event Details

Keith Dodson and Richard Westney – Westney Consulting GroupTitle: CAPEX VaR™: Meeting the Challenge of Predictability Predictable project projections have always been a challenge for the energy industry, but perhaps never more so than today.  Although capital cost (CAPEX) is seldom considered to be the leading driver of project economics, studies have shown that it is often the main cause of lost economic value. With development projects typically in the billions of dollars, understanding CAPEX risk has clearly become a priority if economic evaluations and investment decisions are to be realistic.  This presentation will present an approach to address this challenge, using the principles of Value at Risk (VaR) as applied to capital projects in order to improve project predictability.  D. Keith Dodson is cofounder and senior partner of Risk Resolution LLC, a Westney company, where his focus is on supporting owners and contractors in the identification, assessment and monetization of strategic risks. Mr. Dodson joined Mr. Westney in founding Risk Resolution LLC in 2003. He began his career with Brown & Root in the project controls and estimating area. At Brown & Root, he held executive roles related to project management and construction, rising to senior vice president and president of Brown & Root Engineering and Construction International, Mr. Dodson then took a domestic assignment as President of Davy McKee, U.S. After Davy McKee was acquired, he then spent several years as vice president of M.W. Kellogg, as CEO of M.W. Kellogg Ltd. and as president of Dresser Kellogg Energy Services. Later in his career, Mr. Dodson held roles assisting companies who were experiencing troubled projects. During this time he was senior vice president and business unit leader of Stone & Webster Engineering Corporation, senior vice president of Enron Corporation, chief operating officer of Enron Engineering and Construction and president of Petrofac LLC. Active in numerous professional organizations, Mr. Dodson served as chairman of the Construction Industry Institute and of the Engineering Foundation of the University of Texas at Austin, and he is a member of the National Academy of Construction. He is a graduate of the University of Texas at Austin and the Advanced Management Program at Rice University. Richard Westney, PE, PMP, is founder/CEO of Westney Consulting Group and cofounder (with Keith Dodson) of Risk Resolution LLC. Author of five books on project management, Mr. Westney has served as a visiting faculty member at Texas A&M University and the Norwegian University ofScience and Technology, as well as an instructor for construction executive programs at Texas A&M and Stanford universities. Mr. Westney began his oil and gas career in the Project Management Division of Exxon Research & Engineering Company. He formed Westney Consulting Group in 1978. He is a fellow and past president of the Association for the Advancement of Cost Engineering and received that association’s highest honor, the Award of Merit. Mr. Westney received a B.S. in mechanical engineering from the City College of New York and an M.S, in management science from Rensselaer Polytechnic Institute. He is a graduate of the three-year Owner/President Management Program at Harvard Business School.