Professional Background of Craig R. Jimenez

[Business] [Aviation]
I received a BS in Mechanical Engineering from Stanford University and a Master of Engineering (MS plus some economics) from the University of California at Berkeley. My masters thesis On the Hydrodynamic Performance of Sailboards won the SNAME Graduate Paper Honor Prize in 1987.

I subsequently joined SonaTech/ITC, where I was able to import software from national labs and develop proprietary models to reduce the design cycle time for customized sonar and oil-field transducers.

After the Gulf War, I joined Saudi Aramco in Dhahran, initially enhancing MARS (Exxon) and CHEARS (Chevron) reservoir simulators, then moved to the Petroleum Engineering Research & Development Division to help build the scalable-parallel reservoir simulator POWERS. (Several publications available on POWERS) We made early IO breakthroughs to allow rapid geostatistical model building and visualization of runs-in-progress, then consolidated professionals from geo-statistics, reservoir modeling, database, software engineering, technical support, and reservoir engineering to convert an interesting R&D idea into a very usable tool for reservoir management. POWERS cut reservoir cycle-time by a factor of five or more, allowing more robust characterization of reservoirs and better capital spending decisions. It remains the primary simulator in use at Saudi Aramco.

In order to apply these quantitative techniques more directly to the bottom line, I enrolled to study quantitative finance at the University of Texas at Austin in August 1997. I received a Master of Science in Computational & Applied Mathematics, with the final year in Energy Finance, focusing on the computational solution of finance problems, such as the PDEs that arise in option pricing, swap analysis, and the more general stochastic models used in risk management. I was able to take the core MBA Energy Finance classes, as well as Contingent Payments, Financial Engineering, Computational Finance, Banking, Approximation Theory, Computational Grids, and Finite Element Methods.

During the exciting period of April 2000 through October 2002, I was pricing, hedging, and trading energy derivatives and gas storage at Mirant. While on the weather desk, I was the lead trader for weather-linked energy options. These options trade at a discount to standard options and reduce moral hazard in operational-exercise contracts because a weather "trigger" needs to occur before they can be exercised. We worked with our customers to find the weather events that exposed them to spot-market risk, then structured a derivative (or insurance product via a licensed partner) that mitigated risk at the least cost.

After Mirant's credit difficulties halted the selling of exotic options, I took some time to qualify as commercial pilot and flight instructor with ratings for single-engine, multi-engine, and instrument airplane.

In May 2003, I joined Financial Engineering Associates as Strategist for Physical Asset Models. I contributed to prototyping, development, sales, & support of option pricing/hedging models for gas storage, power generation, load obligations, swing rights, weather-triggered commodity options, and portfolios of the above instruments. I also did sales presentations, articles, user support, training, and adaptation of products to practical application in energy trading. These efforts allowed FEA to capture and retain dominant market share in the energy storage market.

In May 2005, I joined OGE Energy's deregulated business as Director of Quantitative Analysis. In November 2005 I was promoted to Vice President Energy Marketing & Trading, with overall P&L and administrative responsibility for OGE Energy Resources, Inc. (OERI), the group responsible for leading OGE Energy Corp's asset optimization (leased transportation and storage) and hedging (natural gas, NGLs, condensate/crude, SO2, NO2, and renewable energy credits). In October 2007 I was promoted to President, OERI. Additional governance/oversight responsibilities included chairing Enogex's Commodity Guidance Committee and sitting on OGE Energy's corporate Risk Oversight Committee. In March 2009 I joined the OERI board and remained there until Energy Resources was converted to LLC in October 2010 (board authority was consolidated to the parent level after private equity investment from ArcLight Energy). I left OGE in July 2012 to care for aging family.

In April 2014, I cofounded EcoCentri LLC, which held exclusive rights to Maximum Achievable Control Technology (MACT) for reduction of harmful emissions such as particulates, metals, SOx, NOx, and CO2 from coal and gas fired power plants. Upon expiry of the license, EcoCentri was dissolved in late 2018 without liabilities.

I currently serve on the NACD North Texas chapter board, advise early stage companies (focusing on energy, technology & practical governance), and serve as a PRMIA subject matter expert in Risk Appetite and Executive Compensation.


Craig@AwlBiz. com