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# The Overhead Question: G&A Data Pack
- URL: https://petroequitysignal.com/the-overhead-question-g-a-data-pack/
- Published: 2026-10-30T11:22:18.000Z
- Updated: 2026-10-30T11:22:18.000Z
- Description: The full report and the working Excel screen behind our study of corporate overhead at 21 London-listed E&Ps: G&A per barrel, per employee and against cash flow, with every input sourced to company filings.
- Author: Oberon Houston
- Tags: Data & Models

Data pack · October 2026 · 21 companies

The full report and the working Excel screen behind *The Overhead Question*, our study of corporate overhead at 21 London-listed oil and gas producers. It measures 2025 G&A per barrel, per employee and against cash flow, compares gross and net figures where companies disclose both, and looks at what acquisitions added to overhead.

### How to use it

1. Start with the report. It explains what each measure can and cannot tell you.
2. Open the workbook in Excel or Google Sheets and go to the **G&A\_Screen** tab. Change the year in cell C3 to switch between 2025 and 2024.
3. Blue numbers come straight from filings, yellow cells are judgements you can override, and a blank means not yet sourced. Nothing is estimated.
4. The **Sources\_Methodology** tab gives the definition and source behind every figure.

[![Cover of The Overhead Question report](https://storage.ghost.io/c/0e/5e/0e5e8770-5482-438f-b385-d7d1a51ee0a6/content/images/2026/10/thumb-overhead-report.jpg)PDF report**The Overhead Question**29 pages · 4.9 MBDownload PDF](https://petroequitysignal.com/content/files/2026/10/The%5FOverhead%5FQuestion%5FPES%5FInsights%5Fv4.pdf) [![The G&A screen in Excel](https://storage.ghost.io/c/0e/5e/0e5e8770-5482-438f-b385-d7d1a51ee0a6/content/images/2026/10/thumb-ga-screen.jpg)Excel model**London E&P G&A Screen**13 tabs · 85 KBDownload Excel](https://petroequitysignal.com/content/files/2026/10/PES%5FLSE%5FEP%5FGA%5FScreen%5Fv4.xlsx) 

## What the report covers

- **Scale sets a floor.** Production explains the minimum level of overhead, but little of the spread above it.
- **Economies of corporate complexity.** Countries, operatorship and business model at companies of similar size.
- **Gross versus net.** How recharges to fields and partners move corporate cost into operating costs or capital.
- **What an added barrel costs.** The change in G&A against the change in production across five acquirers.
- **Gran Tierra.** What remains of its overhead after the Colombia and Ecuador sale.
- **Denominators and people.** G&A, earnings and production per employee, and against operating cash flow.
- **Questions for management**, and appendices with the full data, G&A definitions and sources.

## What is in the workbook

- **Raw\_Data**: one row per company-year, reported figures only, with sources.
- **Normalisation**: peer groups, operator status, tax exposure, and the step from reported to recurring cash G&A.
- **G&A\_Screen**: ranks the companies on scale-adjusted G&A for the chosen year. Every figure is a formula.
- **Value\_Opportunity**: illustrative cost-reduction scenarios against a benchmark, after tax. Not a valuation.
- **Article tabs**: Article\_Data, Incremental\_Overhead, GTE\_ProForma, Headcount, GA\_Definitions and Footprint hold the figures exactly as published in the report.
- **Sources\_Methodology**: metric definitions, conventions and known limitations.

## Reading the numbers

These figures are useful, but they have to be read with an understanding of what moves them. The operating model decides how many people a company employs: a non-operated partner books barrels without the field workforce. M&A means headcount, production and G&A may cover different parts of a year. Recharges move corporate cost into opex or capital, so the published G&A line is not always the same cost from one company to the next. Accounting methodology differs between companies and can change over time, and companies count employees on different bases.

None of this makes the data less useful. It is what anyone comparing companies has to allow for, and read with those limits in mind it is a sharp tool for asking the right questions.

*Version 4, 30 October 2026\. FY2025 and FY2024 figures from company annual reports and results announcements, and SEC filings for Gran Tierra. For information only; not investment advice.*