Dave joined Watson Millican & Co. as an Associate in April 2017.  His 40 years of operating company and consulting experience in the energy industry includes refining, chemicals, crude oil and petroleum products supply, natural gas gathering and processing, and transportation logistics.  He is a co-inventor of a key patent for petrochemical production via naphtha reforming.

Dave has consulted on diverse areas such as refining and midstream asset due diligence (buy and sell-side), refining planning and economics, crude oil and refined product market studies, refinery operations performance improvement, property tax appraisals, business interruption disputes, and new technology reviews.  Dave has provided expert testimony in domestic matters and international arbitrations.



   B.A. Chemistry – Syracuse University – 1976

   B.S. Chemical Engineering – Syracuse University – 1977

   Graduate Studies in Business – Rutgers University – 1978



Refinery Due Diligence & Valuations – Spearheaded several due diligence teams on behalf of potential refining and petrochemical asset buyers.  Activities included data room document reviews, determination of value using the DCF approach, site reviews, management interviews, crude oil supply and refined product market reviews, and authoring written reports.  Has also assisted a client with sell-side due diligence including analysis of potential buyer’s bid packages.  Participated in the preparation of annual property values for domestic refineries.  Work included assistance with discovery, analysis of refinery yields and operating costs, and preparation of financial models to support the valuations.

Midstream Due Diligence & Valuation – Was leader of several due diligence teams on behalf of potential midstream asset buyers and their lenders.  Activities included feedstock and product contract reviews, competitive analysis, on-site operational and regulatory compliance review, historical financial and operational statistics review, financial model development, market value estimation, and authoring written reports.

Crude Oil and Feedstock Market Studies – Developed market studies for anticipated new types of crude oil production and for other feedstocks including the impact of increasing production.  Tasks included estimating transportation costs from origin to refiners in various regions, developing anticipated breakeven pricing analysis for various scenarios, and identifying potential individual customers.  Also estimated the market and price impact of improving the product quality.

Business Interruption Claim Reviews – Evaluated business interruption claims made by refining companies.  Analyzed refinery operating data, production records, feedstock purchase and product sales data, operating plans, accounting records, and other information to evaluate losses resulting from slowdowns or shutdowns of operating units.  Causational issues were evaluated and opinions developed regarding the applicability of damages claimed.  Potential mitigation scenarios were developed and evaluated.  Rebutted expert witness reports submitted by opponents in the dispute.

Analyzed Refinery Operating Practices – Participated in projects for international clients that analyzed refinery operations to improve refinery energy performance.  Detailed operating data reviews, site visits, and employee interviews were performed to develop recommended changes in operating procedures, targets, and facilities that would reduce energy consumption without adversely impacting other parameters.  Recommendations were presented to refinery site management teams.

New Technology Review Reviewed new refining process technology on behalf of clients investigating whether to potentially invest in further development of the new technology or to potentially implement it in their facilities.  Evaluations were prepared from perspectives of technical accuracy, support of published technical literature, operability, and economic justification.  Complex technical issues were analyzed and recommendations were communicated to clients not possessing technical backgrounds.

David G. Freyman

Associate Consultant


972-578-7986 fax

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