Settlements Manager

INEOS Energy is the energy division of INEOS. We produce and trade oil, gas, power and liquefied natural gas (LNG). We operate offshore assets across the Danish and UK North Sea, onshore assets in South Texas, and a newly acquired deepwater portfolio in the deepwater of the Gulf of America – alongside low carbon investments, including Project Greensand our carbon storage project in the Danish North Sea, that will help sustain the business through the energy transition.

Our Back Office / Commercial Operations function is accountable for all trade lifecycle events from deal confirmation through to cash settlement, and plays a critical role in managing financial and operational risk across the business. As our trading activity and counterparty base continues to grow, we are seeking an experienced Settlements Manager to lead the settlements function and drive best-in-class back office operations.

The Settlements Manager leads the back office settlements function, taking ownership of the full post-trade lifecycle from invoice preparation through to cash receipt and payments.

As a people manager, the Settlements Manager is accountable for the day-to-day performance and development of the settlements team, driving a culture of accuracy, efficiency and continuous improvement. The role is a critical financial control point between Trading, Treasury, Accounting, Credit and counterparties, and carries direct financial and reputational responsibility.

RESPONSIBILITIES & ACCOUNTABILITIES

• Own the end-to-end invoicing process for physical and derivative trades, including provisional and final invoices, price adjustments and credit/debit notes, ensuring all invoices are prepared in accordance with contractual terms.
• Ensure all invoices are prepared in accordance with contractual terms (pricing formulae, payment dates, Incoterms, master agreement provisions under EFET, NAESB, MSPA and bespoke Oil GTCs).
• Oversee the accurate calculation of settlement amounts, including floating price formula resolution using published indices (Platts, Argus, ICE, NYMEX) and quantity/quality adjustments per contractual specifications.
• Manage invoice dispatch and receipt within contractual and regulatory deadlines; monitor daily accounts receivable and payable and proactively chase outstanding invoices and manage aged debt.
• Process and reconcile secondary and ancillary costs including brokerage fees, gas transportation and shipping charges, inspection fees, storage and terminal costs.
• Ensure daily reconciliation of settlement positions between the ETRM system and Treasury/accounting ledgers, resolving breaks promptly.
• Manage month-end close activities including accruals for uninvoiced trades, mark-to-market settlements and P&L reconciliation with the accounting team.
• Maintain and enforce robust internal controls across the settlements function, ensuring compliance with internal requirements and segregation of duties.
• Support external audits, providing settlement records, documentation and process walkthroughs as required.
• Produce regular management reporting on settlement performance, aged debt, outstanding items, write off (tolerance) reports and exception trends.
• Act as the senior point of escalation for settlement disputes with counterparties, brokers and banks, resolving issues commercially and within contractual timeframes.
• Line manage a team of Settlements Analysts and Senior Analysts, providing day-to-day direction, performance management and career development.
• Own the integrity of settlement data within the ETRM system; identify and drive process improvement and automation initiatives; collaborate with IT on system enhancements and UAT.
• Ensure settlement activities comply with EMIR, REMIT and other applicable regulatory obligations, including sanctions screening and AML controls.

SKILLS KNOWLEDGE & EXPERIENCE

Education/Experience

• Bachelor’s degree in Finance, Accounting, Business, Law, Energy or a related discipline (or equivalent professional experience); accounting qualification (ACA, ACCA, CIMA) or progress towards one is advantageous.
• Minimum 6–8 years’ experience in commodity trade settlements, back office operations or finance within an energy environment.
• Proven experience managing or leading a team, with direct people management responsibility.
• Strong working knowledge of physical commodity settlement across at least two of: crude/refined oil, natural gas, LNG.
• Hands-on experience with invoice preparation and validation, pricing formula resolution and settlement under standard master agreements (EFET, NAESB, MSPA, bespoke Oil GTCs).

Behavioural skills

• Strong leadership and people development skills; motivates the team through clear direction and feedback and manages performance proactively.
• Exceptional numerical accuracy and attention to detail; builds and enforces controls that catch errors before they reach counterparties or accounts.
• High degree of commercial awareness; understands how settlement errors and delays affect P&L, credit exposure and counterparty relationships.
• Confident and professional counterparty-facing communicator; resolves disputes efficiently while maintaining strong working relationships.
• Process improvement and automation mindset; constantly seeks to reduce manual effort and increase control quality.
• Ability to manage competing priorities and time-sensitive deadlines across a high-volume back office environment.
• Collaborative cross-functional operator; bridges back office with trading, treasury,