Bruce Simmons Email and Phone Number

Sole Finance staff at the plant with key responsibility of supporting accounting efforts. Works closely with Operations to monitor and control costs of materials, supplies, machinery, shipping and other processes in the plant as the plant relies on cost-benefit ratios to drive production lines of a wide variety of chemical products.

• Established Fixed Assets/Property Accounting (FA/PA) processes for 3 major acquisitions totaling $1.5bln Asset Value. • Improved the company’s financial performance by establishing FA/PA controls and processes, which are key to delivering high performance by providing junior staff with a broader understanding of the business. Specific areas include:o Maximized cash flow from Joint Venture Billings via Material Inventory & Usage (yard inventory required subsidiary ledger, general ledger, and material transfer procedures) and Rental of wholly-owned company equipment.o Increased Net Income by ensuring that Depreciation recordings were based only on completed projects along with their associated Reserves.o Improved operational efficiency by enhancing the Project (AFE) Types available to meet growing business needs. o Optimized cash flow via third-party financing via year-end and quarterly reporting of Asset activity used for Fairness Evaluation, which was also required for Auditors’ Reports and Tax Reporting.o Improved operational efficiency by enhancing the reporting and control of Capital Expenditures, Budget, and Forecasting.• Reduced G&A costs by outsourcing accounting activities, which included the development of an implementation plan/schedule and the training of inexperienced personnel on all the FA/PA functions and reporting.

Sole Finance Advisor for the entire Exploration Department, which supported the global exploration activities currently underway in Atlantic Margin, which includes Canada, US-Gulf of Mexico, Mexico, Guyana, Suriname, West Africa, etc. • Enhanced efficiency of financial department services by establishing and documenting processes and procedures which included the following:o Improved accuracy of financial records related to Joint Venture Work Plan and Budget (original annual budget, monthly forecasts, Joint Interest Billings, and monthly accruals). o Improved operational efficiency by proactive involvement in managing the Exploration Dept.’s $400mln+ Budget (Lease Acquisitions, Drilling Programs, Seismic Purchases/Acquisitions/Processing, Special Studies, Overheads, Lease Rentals, Non-producing Leasehold Amortization, etc.), which utilized Hyperion, SAP, and Excel. o Enhanced operational efficiency by supporting the technical functions in the management of Project AFEs, PRs/POs, invoice tracking, etc. which involved interfacing with various levels of technical personnel from Advisors to COO and supporting corporate financial strategy to ensure alignment with technical activities.• Decreased G&A costs as this effort led to assigning these functions to more junior staff.

• Enhanced operational efficiency: Global Supply Chain (GSC) was experiencing increasing audit exceptions revealing a culture that lacked compliance with corporate assurance functions, sound business practices, etc. Thus, I led the effort in developing processes that applied the GSC Compliance Assurance Programs and Procedures throughout the organization. • Maximized cash flow via the impact on Joint Venture Billings by ensuring that the BCP was engrained in the way GSC conducted business in all of the service offerings (Category Management/Procurement, Procure-to-Pay [P2P], Logistics, and Materials Management). • Improved operational efficiency by collaborating with all other elements of the GSC functions and business partners. Specifically, I worked closely with the audit and assurance functions, SOx Compliance, the business unit regulatory and EHS & SR teams, and other Operations personnel to provide guidance and input on the compliance assurance process. • Reduced G&A costs as evidenced by a 70% reduction in non-compliance findings and assigning the ongoing BCP support to more junior staff.

Extended sabbatical due to helping aging parents during difficult health issues. Returning to the workforce.

BC10 Project Finance Mgr (PFM)Project was challenged economically due to the complex Brazilian fiscal regime. As a result, I was charged with leading a 33-member multi-disciplined team of Finance, Legal, Tax, & Supply Chain (FiLeTS) that was located in the USA, Brazil, & the Netherlands to deliver on the following: • Added more than US$350mln of value to the project and joint venture by optimizing contracting structures under the Brazilian REPETRO Tax regime. • Minimized financial drain from potential penalties, increased taxes, etc. related to Transfer Pricing requirements. Specifically, I established governance of an incorporated Dutch JV company to ensure compliance with internal corporate standards as well as full alignment with Project, Venture, & Joint Operating Agreement (JOA) objectives, which included establishing appropriate Transfer Pricing within the FPSO Subcharter & Subsea Equipment Leasing contracts between the Dutch JV company & SBEP. • Enhanced operational efficiency and financial performance by ensuring robust Project Change/Contingency/Risk Management & Value Assurance Review (VAR) processes effectively managed the US$4.5bln budget assigned to the project. • Enhanced operational efficiency via my role as Finance Committee Coordinator, as I ensured adherence to JOA & Shareholders’ Agreement budgetary requirements while preventing delays to the project. • Reduced G&A costs, for as the project was a success, it was used as a model globally and future SBEP projects were done with more junior staff.

 Contributed to development of Finance Competences matrix for JG5-2 for Business Finance jobs, which was a new process for EP Americas. Led team of 3 FTEs that administered budgets for Capital, Overhead, Special Projects, Internal Service Providers, R&D, Feasibility expenses, & affiliate billings (key to maximizing JV cost recovery).

 Increased Capital Budget funding six-fold and subsequent financial performance by providing strong economic support for development opportunities. Included coordinating the development and submittal of the OU business plan to corporate office. Formalized a strategic plan by leading the senior management through the process, which was non-existent prior to this exercise; included maintaining portfolio overview to maximize value of assets & JV cost recovery. Improved cash flow by $26mln via the establishment of strong controls around government partner receivables that grew during a low oil price environment along with the development of cash flow models used during volatile oil price scenarios. Enhanced operational efficiency in Cash Flow Funding by developing Cash Flow/P&L models to manage all crude price premises. As prices varied, PCC’s business changed drastically; e.g., not only did Crude Revenues vary, but so did Cash Flow through JV Receivables from NOC, Variable Royalty, timing of Cameroon Tax payments, Minority Interest, Dividends, etc.  Reduced G&A costs by training national staff to assume responsibilities; processes were developed, improved, & documented such that when I transferred, financial responsibilities were assumed by national staff instead of requiring another expatriate.  Supervised team of 4 Budget/Property Acctg/Financial Reporting staff responsible for managing Capex budgets, financial results, Business Plan, etc.

 Supervised 4 FTEs responsible for managing a US$600mln Capital Budget. Updated internal control systems impacted by implementation of new computer software SAP/R3.

 Reduced drilling costs by $35mln per annum by coordinating cost reduction efforts in the Shelf Drilling Division.  Improved operational efficiency and decreased G&A costs by integrating various databases (accounting system, Drilling IT, Investment Tracking System, etc.) while turning over responsibilities to Drilling organization without replacing my activities with a Finance staff.  Lowered G&A costs by training Purchasing staff to assume responsibilities. While serving as financial liaison between Purchasing activities, e.g., marine & air transportation, shorebase activities, and office administration, improved processes which enabled existing Purchasing staff to assume the responsibilities.

 Improved operational efficiency while supervising 6 clerical staff on offshore production platforms, streamlining work processes in anticipation of a new computer system implementation.  Reduced operating costs by developing Operations personnel in taking ownership of operating activities and cost reduction efforts.

 Supervised department of 15 employees responsible for E&P, Marketing, & Rail capital accounting.  Improved operational efficiency by serving on a 3-person team enhancing a main-frame computer system used to manage our leasehold bonus payments for the entire USA operations, onshore & offshore.  Improved operational efficiency by serving on a 11-person team responsible for restructuring management levels which began the move to team-based management.

 Protected against net income erosion by interpreting CO2 contracts for accounting implications. Increased Net Income by $13mln per annum by implementing procedures for capitalization of CO2 transportation costs that had previously been expensed. Developed the accounting for New Mexico CO2 production, including revenues, receivables, payables, taxes, royalties, etc., which was a new desk & quite challenging for a new hire.