Treasury Manager

At INEOS Energy, we produce and trade oil, gas, liquefied natural gas (LNG), and carbon credits. This is supported by our investments in low-carbon technologies, which will help sustain our business through the energy transition. Direct examples of these areas are 'Project Greensand', our pioneering carbon storage project in the Danish North Sea, and our investment in HydrogenOne Capital.

The INEOS Energy Group ("Group") encompasses the UK and DK North Sea, US Gulf of Mexico and US Onshore oil and gas production activities, and Energy Trading activities. Treasury activities are generally disaggregated and managed locally but under the supervision of the Energy Group CFO and Head of Treasury.

The Treasury Manager role will report to the Head of Treasury. There are currently three external financing facilities and numerous internal / shareholder facilities which require separate cash pools with restrictions on use. The Treasury Manager will be responsible for overall monitoring of groupwide cash balances (including daily management of liquidity / surplus funds) and specific responsibility for managing all aspects of a sub-set of those financing external facilities.The role will manage day to day interactions relating to internal and external financing relationships with banks and advisors, management of cash flows, reporting to stakeholders, etc..

The Group is a dynamic and constantly changing environment, currently comprising UK and DK North Sea (EU business), US Gulf of Mexico (US Offshore) and US Onshore oil and gas production activities, and Energy Trading (with US and UK based activities). Each business is expected to be cash self-sufficient, within the boundaries of their own financing structures. Understanding of the short, medium and long term cash flows of the businesses, currency and commodity price exposures, and their impact on financing arrangements / compliance obligations, sources and uses of cash and ability fund intra-business is critical. Routine reporting of treasury performance to stakeholders is a key part of the role.

Each business is responsible for considering financing requirements for ongoing business needs as well as M&A activities in conjunction with the treasury team. This is typically via Reserves Based Lending (RBL) Facilities, Structured bank facilities, High Yield Bonds (HYBs) or Term Loans (TLs).

The businesses may require or request entry into derivative instruments to manage commodity price or FX risks and understanding the exposure to, and managing / monitoring of, these risks and requirements is an important part of the role.

Responsibilities and Accountabilites

Review the Group 13 week cash forecasts ("13WCF") in line with underlying forecast information from the business including

• Oversee processes to consolidate individual business cash forecasts and report in accordance with Group finance and treasury requirements
• Ensure consistency in assumptions and intra-business cash transfers
• Clear, concise and accurate reporting to key stakeholders

Lead process to ensure compliance with external financing obligations.

• Understand covenant compliance requirements across the various financing structures
• Oversee processes for collection of financial and non-financial data across relevant businesses
• Review covenant calculations ahead of deadlines and critical analysis of factors to optimise compliance
• Plan, communicate and implement RBL redetermination process in line with facility requirements, including:
• Update of models with focus on optimising forecast inputs (production profiles, fixed and variable opex, capex and abex) in line with regular subsurface updates and business forecasts
• Manage due diligence process undertaken by banks / annual reserves audit process and provision of appropriate information

Manage derivative commodity instruments.

• Understand requirements of financing facilities and ensure derivative requirements are executed, monitored and reported accurately and timely in line with obligations
• Manage any settlement obligations with counterparties

• Manage banks and any documentation requirements accordingly (ISDA, confirmations etc).

• Day to day management of cash balances, minimising idle cash, deploying cash as required by the businesses, optimising returns on surplus cash balances, management of FX requirement (including execution of strategic and ad-hoc currency trades).

• Provide support on ad hoc basis to M&A activities, financing and cash management initiatives as appropriate.

• Develop relationships with internal stakeholders, other INEOS Group treasury individuals, key individuals at banks with prominent roles in facilities.

• Review treasury policies and procedures to identify and implement improvements in control, collection, and reporting of information the Energy CFO and Head of Treasury.

SKILLS, EXPERIENCE & EDUCATION

Education and Experience

• Business Degree in Finance, Accounting or equivalent
• Professional accounting or treasury qualification
• Significant experience in the finance / corporate treasury function in cash management, derivatives and external financing
• Experience in reporting treasury activities and key drivers of performance to stakeholders

Technical skills

• Extensive Background in Finance and Treasury in a major international group and / or an international accounting firm
• Understanding of the Energy industry and oil and gas desirable
• Ability to handle significant volumes and data, use of appropriate software / tools and present outcomes simply and concisely

Behavioural Skills

• High impact communications (written and verbal)
• Team player
• Assertive but fair
• Open and honest
• Capable of dealing with many competing priorities
• Ability to work under pressure and to tight, unpredictable deadlines
• Excellent communication and presentation skills

Notice To Third Party Agencies:

INEOS does not accept unsolicited CVs from recruiters, employment agencies, or other staffing services. Unsolicited CVS include any CV or hiring document sent to INEOS in the absence of a signed Service Agreement where INEOS has expressly requested recruitment/staffing services specific to the position at hand. Any unsolicited CVs, including those submitted to hiring managers or other business leaders, will become the property of INEOS and INEOS will have the right to hire that candidate without reservation - no fee or other compensation will be owed or paid to the recruiter, employment agency, or other staffing service.