Settlements Intern (Oil & Gas)
MEMS is a midstream Energy company located in the galleria area of Houston, TX. The Settlements department is seeking a Settlements Intern for a full-time, paid internship during the 2020 summer. The Settlements Intern will gain a better understanding of the commodity trading and trading fundamentals and apply their classroom knowledge in a real-world practical setting. Our ideal candidate will generally be flexible, analytical, detailed, and capable of handling a variety of tasks as needed.
Essential Duties and Responsibilities include but are not limited to the following:
1. Develop an understanding of the market structure to ensure compliance with accounting and trading standards as well as SOX compliance requirements.
2. Develop an understanding of contact details surrounding components of pricing/fees/rates, trade details and payment terms to ensure all invoices are submitted and paid in a timely manner.
3. Develop an understanding of cashflow, the significance of forecasting to ensure adequate daily funding to the bank and daily reconciliation of financial trades.
4. Work with Operations and Front Office to ensure completeness and accuracy of settlements of purchases, sales, and secondary costs.
5. Assist with Margin Calls and daily Margin calculations, as needed.
6. Provide general support to the Settlements team regarding daily financing functions and assist with process improvement projects.
WORK EXPERIENCE REQUIREMENTS
• Proficiency in Microsoft Office, especially Outlook, Excel, Word and PowerPoint
• Strong analytical and problem-solving skills
• Excellent communication skills, written and verbal
• Reliability and willingness to learn
• Strong attention to detail
• Must be available for 12 weeks from May 18 – Aug 7.
• Must be actively pursuing a bachelor’s degree in Accounting or Finance as a junior or senior.
• Completion of Oil and Gas Accounting class is a plus