2015 JET FUEL PRICE FORECAST

Size: px
Start display at page:

Download "2015 JET FUEL PRICE FORECAST"

Transcription

1

2 2015 JET FUEL PRICE FORECAST Airlines The prospects for airlines are dependant on economic recovery. There is little to indicate an early end to the downturn. It will be a grim And while prospects may improve towards the end of the year, expecting a significant recovery in 2010 would require more optimism than realism. Combined with an industry debt of US$170 billion, the pressure on the industry balance sheet is extreme we are structurally sick. Giovanni Bisignani, IATA Director General

3 2015 JET FUEL PRICE FORECAST Oil Companies Expectations are that the worst of the recession is over, but who can be sure of that? The global economy is on a sugar high because of the stimulus spending. If the recession lags, oil prices could plummet again, discouraging oil companies from investing in exploration and new drilling and discouraging governments from introducing new alternative-energy programs. Edward Chow, senior fellow in the Energy and National Security Program at the Center for Strategic and International Studies in Washington.

4 2015 JET FUEL PRICE FORECAST The Future The markets for renewable energy are the fastest growing energy markets in the world today. Successfully promoting renewables over the period to 2030 will prove less expensive than business as usual within any realistic range of real discount rates. The G8 should give priority to efforts to trigger a step change in renewable energy markets. G8 Renewable Energy Task Force

5 2015 JET FUEL PRICE FORECAST Fundamentals Plenty of Crude But Shrinking Refiners Profit Centered Refiners - Show Me The Money Longer Supply Lines - New Export Refineries More Product Competition Alternative Fuels Reduced Airline Demand Fuel Efficiency Geopolitical More Reliance as U.S. 2 nd Largest Oil Importer, Mexico, Production Down 30%

6 2015 JET FUEL FORECAST Financials Euro vs. Dollar $/BL

7 2015 JET FUEL FORECAST Financials Crack Spreads & Volatility $/BL

8 2015 JET FUEL FORECAST Financials Airline Profits Less Capacity Consolidation C/Gal Billion $ Ancillary Revenues Economic Recovery

9 2015 JET FUEL FORECAST Financials Oil Company Refining Margins Less Capacity $/BL Consolidation Climate Change Legislation Taxes and Penalties

10 FIVE MAJOR TRENDS Major Market Consolidation Government Intervention Jet Fuel Infrastructure Crisis Alternative Jet Fuels Emerging Markets

11 MAJOR MARKET CONSOLIDATION Less Competition, Reduced Flexibility, Higher Prices Monopoly Marketers Larger But Fewer Merchant Refiners Pure Play Downstream Distress Margin Pressures No Capital Investments

12 MONOPOLY MARKETERS 1990

13 MONOPOLY MARKETERS 2009

14 MERCHANT REFINERS PURE PLAY Our goal is to be the leading independent refiner and supplier of unbranded petroleum products in Europe and to be an industry leader in returning value to our shareholders. We are a 'pure-play' refiner without the obligation to supply retail outlets or the cost of supporting a retail brand. As a result, we are free to supply our products into the distribution channel or market that we believe will maximize profit. Petroplus Website

15 MERCHANT REFINERS PURE PLAY

16 MERCHANT REFINERS MARGIN PRESSURES The Largest independent refiner in the U.S., said it is shutting down unprofitable units at its 182,000 b/d Delaware City facility until market conditions improve. Valero reiterated that it would keep its refinery in Aruba off line and release 700 contract workers. The San Antonio company also said a shutdown of units at its Corpus Christi, Texas refinery would continue. Global Refining could drop below 80% capacity. Clearly, there is huge overhang of capacity. Bill Klesse, Valero CEO Valero the world s largest independent refiner with 16 plants in the U.S. Canada and Caribbean refining 2 million barrels per day lost $250 million in the second quarter of 09.

17 GOVERNMENT INTERVENTION It began [this week] with the White House's announcement that it will impose the first-ever limits on greenhouse gas emissions from cars and trucks. It ended with a House committee approving a comprehensive energy and global warming bill - an important first step on legislation that seeks to reduce America's dependence on foreign oil, reverse emissions of carbon dioxide and create millions of clean energy jobs. The New York Times (5/22/09), "Leadership Long Delayed" The new climate change legislation in the U.S. House, if passed, will be bad for refiners. I could see 25% of U.S. refining capacity dropping out due to the cost of compliance and the current profit picture. That will lead to higher petroleum product prices Thomas O Malley, Petroplus CEO

18 GOVERNMENT INTERVENTION Taxes O2 and Carbon Footprint Airline and Airport Oil Windfall Profit Environmental Mandates Efficiency Requirements Climate Change and Emissions Alternative Fuels Incentives Tax Incentives No Capital Investments No Incentives, Penalties Instead Why Invest?

19 JET FUEL INFRASTRUCTURE Accidents and Incidents Buncefield Spills and Contamination Pipelines and Allocations Product and Price Competition Sydney Canada Capital Requirements Who Pays Tight Credit Management Experience Lacking

20 ALTERNATIVE JET FUELS Promise or Panacea Resources, Governments, Media Rushing In Money and Resources for 10% of Demand Global Warming The True Religion The Real Impact Higher Prices?

21 EMERGING MARKETS Have the BRIC S S Arrived? Brazil, Russia, India, China New Oil Finds in Brazil Russia Passes Saudi as World s s Largest Exporter India Building Large Export Refineries China Now World s s Second Largest Energy User

22 FORECAST THROUGH 2015 Factors That Argue For Price Stability Year Over Year Jet Fuel Demand Down 8 15% OPEC and Russia Overproduction Western Markets Oil Demand Peak in 2008 Energy Conservation and Alternative Fuels Airline Capacity Reductions and Efficiency Gains

23 FORECAST THROUGH 2015 Factors That Argue For Increased Price Volatility Geopolitical Crises Major Oil Companies Shed Downstream Assets Growing Refinery Control of Pure Play Refiners Government Taxes and Climate Change Mandates OPEC - Jet Fuel Demand 8 m/b/d 25% Higher in 2020 Competition From Alternative Fuels Oil Infrastructure Capital Investments Ignored

24 FORECAST THROUGH 2015 Airlines Airline Set Up For Lengthy Period Of Profits Consolidation, Higher Yields, Efficiencies, Ancillary Revenues Oil Companies Oil Companies Enter Volatile Period Upstream/Downstream, Merchant Refiners, Mandates & Margins Markets Economic Recovery Promises Widespread Growth Prices Airline Pricing Power, Higher Jet Fuel Prices, Regional Volatility

25

World Energy Outlook 2009. Presentation to the Press London, 10 November 2009

World Energy Outlook 2009. Presentation to the Press London, 10 November 2009 World Energy Outlook 29 Presentation to the Press London, 1 November 29 The context The worst economic slump since the 2 nd World War & signs of recovery but how fast? An oil price collapse & then a rebound

More information

China s growing energy demand: some international implications

China s growing energy demand: some international implications China s growing energy demand: some international implications Dr David Robinson Senior Research Fellow OIES 17 October 2013 NOG Stockholm 1 Outline Introduction China s energy demand v. policy objectives

More information

OUR CONVERSATION TODAY

OUR CONVERSATION TODAY OUR CONVERSATION TODAY Our goal is to raise the level of awareness around the oil supply chain among key stakeholders in order to facilitate positive working relationships and more informed decision making.

More information

Box 6 International Oil Prices: 2002-03

Box 6 International Oil Prices: 2002-03 Annual Report 2002-03 International Oil Prices: 2002-03 Box 6 International Oil Prices: 2002-03 Notwithstanding the state of the world economy, characterised by sluggish growth in 2002, the world crude

More information

Impact of world economic crisis on the oil markets and economic growth in Arab Countries development

Impact of world economic crisis on the oil markets and economic growth in Arab Countries development Impact of world economic crisis on the oil markets and economic growth in Arab Countries development ADNAN SHIHAB -ELDIN 31 OCTOBER, 2011 KUWAIT Outline Summary of World Economy Outlook Impact of financial

More information

Falling Oil Prices and US Economic Activity: Implications for the Future

Falling Oil Prices and US Economic Activity: Implications for the Future Date Issue Brief # I S S U E B R I E F Falling Oil Prices and US Economic Activity: Implications for the Future Stephen P.A. Brown December 2014 Issue Brief 14-06 Resources for the Future Resources for

More information

Gasification as a Strategic Energy and Environmental Option

Gasification as a Strategic Energy and Environmental Option Gasification as a Strategic Energy and Environmental Option William G. Rosenberg 79 John F. Kennedy Street Center for Business & Government Belfer Center for Science & International Affairs Kennedy School

More information

PRAXAIR, INC. Hydrogen: The Growth Story Continues. Charles Miller, Vice President Dan Yankowski, Vice President. February 9, 2005

PRAXAIR, INC. Hydrogen: The Growth Story Continues. Charles Miller, Vice President Dan Yankowski, Vice President. February 9, 2005 PRAXAIR, INC. Hydrogen: The Growth Story Continues Charles Miller, Vice President Dan Yankowski, Vice President February 9, 2005 Page 1 Deutsche Bank Houston, TX 2/9/05 Forward Looking Statements The forward-looking

More information

Oil & Gas Industry Recent Developments

Oil & Gas Industry Recent Developments Oil & Gas Industry Recent Developments By Dr. Hilmar R. Zeissig Houston International Business Corp. For RIAS BERLIN COMMISSION U.S. Energy Program in Texas Houston, Texas, April 27, 2015 Typical Downstream

More information

Global Oil and Gas Capital Expenditure Outlook 2010: National Oil Companies (NOCs) to Drive Investment

Global Oil and Gas Capital Expenditure Outlook 2010: National Oil Companies (NOCs) to Drive Investment Global Oil and Gas Capital Expenditure Outlook 21: GlobalData s new report Global Oil and Gas Capital Expenditure Outlook 21: National Oil Companies (NOCs) to Drive Investment provides in-depth analysis

More information

Oil and Natural Gas Outlook: Implications for Alaska The Alliance Meet Alaska. Remarks by Marianne Kah Chief Economist

Oil and Natural Gas Outlook: Implications for Alaska The Alliance Meet Alaska. Remarks by Marianne Kah Chief Economist Oil and Natural Gas Outlook: Implications for Alaska The Alliance Meet Alaska Remarks by Marianne Kah Chief Economist Cautionary Statement The following presentation includes forward-looking statements.

More information

Financial strategy supports business plan

Financial strategy supports business plan Financial strategy supports business plan Ivor Ruste Executive Vice-President & Chief Financial Officer Investor Day Calgary December 7, 2011 Financial strategy supports business plan Support long-term

More information

Think About Energy Summit

Think About Energy Summit Think About Energy Summit Richard Wobbekind Senior Associate Dean Executive Director Business Research Division Leeds School of Business Mining GDP, Employment, and Wages Share of Colorado Economy GDP

More information

Integrated Oil Companies

Integrated Oil Companies Integrated Oil Companies Loretta Bu Zhou Fang Suvayan Roy Patrick He Artur Shikhaleev Yang Zeng 1 Key Questions 2 Upstream, Midstream, Downstream, Equipment and Services Companies THE OIL SUPPLY CHAIN

More information

Financial Information

Financial Information Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow

More information

Annual Energy Outlook 2015

Annual Energy Outlook 2015 For Columbia University New York, NY By Adam Sieminski U.S. Energy Information Administration U.S. Energy Information Administration Independent Statistics & Analysis www.eia.gov Key results from (AEO215)

More information

SaskPower CCS Global Consortium Bringing Boundary Dam to the World. Mike Monea, President Carbon Capture and Storage Initiatives

SaskPower CCS Global Consortium Bringing Boundary Dam to the World. Mike Monea, President Carbon Capture and Storage Initiatives SaskPower CCS Global Consortium Bringing Boundary Dam to the World Mike Monea, President Carbon Capture and Storage Initiatives 1 Purpose of Today A. CCS around the world B. What SaskPower is doing C.

More information

Oil Market Outlook. March 2016. Compiled by Dr Jeremy Wakeford

Oil Market Outlook. March 2016. Compiled by Dr Jeremy Wakeford Oil Market Outlook March 2016 Compiled by Dr Jeremy Wakeford Highlights Oil prices have remained very weak in recent months, with the Brent benchmark averaging $31/bbl in January and $32/bbl in February

More information

Special Report. B&O Tax Pyramiding in. Briefly

Special Report. B&O Tax Pyramiding in. Briefly Since 1932 WASHINGTON RESEARCH COUNCIL Special Report January 18, 2010 B&O Tax Pyramiding in Petroleum Distribution 1. OVERVIEW Briefly For the Washington Oil Marketers Association, the Washington Research

More information

U.S. Energy Outlook. Oil and Gas Strategies Summit May 21, 2014 New York, NY. By Adam Sieminski, EIA Administrator

U.S. Energy Outlook. Oil and Gas Strategies Summit May 21, 2014 New York, NY. By Adam Sieminski, EIA Administrator U.S. Energy Outlook May 21, 214 New York, NY By Adam Sieminski, EIA Administrator U.S. Energy Information Administration Independent Statistics & Analysis www.eia.gov The U.S. has experienced a rapid increase

More information

Democratic and Republican Positions on Environmental Issues. Edward H. Klevans, Professor and Department Head Emeritus of Nuclear Engineering

Democratic and Republican Positions on Environmental Issues. Edward H. Klevans, Professor and Department Head Emeritus of Nuclear Engineering Democratic and Republican Positions on Environmental Issues Edward H. Klevans, Professor and Department Head Emeritus of Nuclear Engineering Issue: Climate Change Democratic Position The Democratic Platform

More information

Customers, carbon and costs: A new business model now?

Customers, carbon and costs: A new business model now? Customers, carbon and costs: A new business model now? Al Monaco, President and CEO, Enbridge Inc. May 26, 2016 address to PricewaterhouseCoopers 7 th annual Energy Visions Business Forum Main Ballroom

More information

THE WORLD OIL MARKET. Mohan G. Francis

THE WORLD OIL MARKET. Mohan G. Francis THE WORLD OIL MARKET Mohan G. Francis With the Bush administration busily moving military forces to the Gulf region, the sense of an impending war has begun to make an impact on the world petroleum markets.

More information

Ford Credit Earns Full-Year 2014 Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion*

Ford Credit Earns Full-Year 2014 Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion* Ford Credit Earns Full-Year Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion* DEARBORN, Mich., Jan. 29, 2015 Ford Motor Credit Company reported a pre-tax profit of $1.9 billion in, its highest

More information

Oil Price Volatility and the Continuing Case for Natural Gas as a Transportation Fuel

Oil Price Volatility and the Continuing Case for Natural Gas as a Transportation Fuel Oil Price Volatility and the Continuing Case for Natural Gas as a Transportation Fuel The recent decline in world crude oil prices is bringing new attention to the factors that drive the price and stability

More information

Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent from Prior Year

Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent from Prior Year Media: Analysts: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: August 6, 2008 Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent

More information

Ensuring a Continued Policy for Promoting Renewable Energy U.S. Carbon Cap-And-Trade and Renewable Energy Certificates: A Preliminary Discussion

Ensuring a Continued Policy for Promoting Renewable Energy U.S. Carbon Cap-And-Trade and Renewable Energy Certificates: A Preliminary Discussion saines & jacobson 31 Ensuring a Continued Policy for Promoting Renewable Energy U.S. Carbon Cap-And-Trade and Renewable Energy Certificates: A Preliminary Discussion Richard Saines, Baker & McKenzie; REIL

More information

Oil Gas expo 2015 is comprised of 13 Main tracks and 131 sub tracks designed to offer comprehensive sessions that address current issues.

Oil Gas expo 2015 is comprised of 13 Main tracks and 131 sub tracks designed to offer comprehensive sessions that address current issues. OMICS Group cordially invites participants from all over the world to attend International Conference and Expo on Oil and Gas, scheduled during November, 16-18, 2015 at Dubai, UAE mainly focused on the

More information

Financial News for Major Energy Companies Second Quarter 2005

Financial News for Major Energy Companies Second Quarter 2005 Financial News for Major Energy Companies Second Quarter 2005 The "Financial News for Major Energy Companies" is issued quarterly to report recent trends in the financial performance of the major energy

More information

Rush hour in Kolkata (formerly Calcutta), India. Between 1990 and 2000, the number of motor vehicles per capita more than doubled in four

Rush hour in Kolkata (formerly Calcutta), India. Between 1990 and 2000, the number of motor vehicles per capita more than doubled in four Rush hour in Kolkata (formerly Calcutta), India. Between 1990 and 2000, the number of motor vehicles per capita more than doubled in four Asia-Pacific nations: South Korea, the Philippines, India, and

More information

Role of Natural Gas in a Sustainable Energy Future

Role of Natural Gas in a Sustainable Energy Future Role of Natural Gas in a Sustainable Energy Future Alexander Medvedev, Deputy Chairman of Gazprom Management Committee, Director General of Gazprom Export 2 nd Ministerial Gas Forum Doha, 30 November 2010

More information

H.R. 702 A bill to adapt to changing crude oil market conditions

H.R. 702 A bill to adapt to changing crude oil market conditions CONGRESSIONAL BUDGET OFFICE COST ESTIMATE September 29, 2015 H.R. 702 A bill to adapt to changing crude oil market conditions As reported by the House Committee on Energy and Commerce on September 25,

More information

Residential Heating Oil Prices: What Consumers Should know

Residential Heating Oil Prices: What Consumers Should know Residential Heating Oil Prices: What Consumers Should know Introduction Heating oil is a petroleum product used by many Americans to heat their homes. Historically, heating oil prices have fluctuated from

More information

UNECE Energy Week Geneva. in Energy Security

UNECE Energy Week Geneva. in Energy Security UNECE Energy Week Geneva Investing in Energy Security Committee on Sustainable Energy and related Meetings Wednesday 28 November 2007 Special Session: Investing in and Financing the Hydrocarbon Sector

More information

November 2, 2011 (For your information) Mazda Motor Corporation FISCAL YEAR ENDING MARCH 2012 FIRST HALF FINANCIAL RESULTS (Speech Outline)

November 2, 2011 (For your information) Mazda Motor Corporation FISCAL YEAR ENDING MARCH 2012 FIRST HALF FINANCIAL RESULTS (Speech Outline) November 2, 2011 (For your information) Mazda Motor Corporation FISCAL YEAR ENDING MARCH 2012 FIRST HALF FINANCIAL RESULTS (Speech Outline) Representative Director, Chairman of the Board, President and

More information

2. as source of heat in processes requiring large amounts of caloric energy

2. as source of heat in processes requiring large amounts of caloric energy Mr. Giacomo Luciani The Gulf Countries and Nuclear Energy In recent months, the GCC and its member countries have manifested an interest in the development of peaceful uses of nuclear technology, meaning

More information

Investing In the Downstream:

Investing In the Downstream: Investing In the Downstream: The Point Of View of a National Oil Company Dr. Shokri M. Ghanem Chairman The National Oil Corporation of Libya Good afternoon ladies and gentlemen. Indeed I am delighted to

More information

Global Energy Dynamics: Outlook for the Future. Dr Fatih Birol Chief Economist, IEA 18 June 2014

Global Energy Dynamics: Outlook for the Future. Dr Fatih Birol Chief Economist, IEA 18 June 2014 Global Energy Dynamics: Outlook for the Future Dr Fatih Birol Chief Economist, IEA 18 June 2014 The world energy scene today Some long held tenets of the energy sector are being rewritten Countries are

More information

07 14 BUSINESS-CYCLE CONDITIONS Gas Prices Not a Risk to Growth by Robert Hughes, Senior Research Fellow

07 14 BUSINESS-CYCLE CONDITIONS Gas Prices Not a Risk to Growth by Robert Hughes, Senior Research Fellow 7 14 BUSINESS-CYCLE CONDITIONS Gas Prices Not a Risk to Growth by Robert Hughes, Senior Research Fellow Gas prices 15 percent jump in six months may be painful at the pump but is moderate by historical

More information

Executive Summary. The core energy policy is as follows:

Executive Summary. The core energy policy is as follows: Executive Summary Energy management must become more sustainable and less dependent on increasingly scarce fossil fuels. Energy is a fundamental element of the economy, and the Netherlands must do more

More information

Federal Incentives Provided by EPAct 2005 for Advanced Coal Technology

Federal Incentives Provided by EPAct 2005 for Advanced Coal Technology Federal Incentives Provided by EPAct 2005 for Advanced Coal Technology Presentation to Advanced Coal Technology Work Group David Berg DOE Office of Policy and International Affairs 1 EPAct 2005: Toolkit

More information

Oil Spill Emergency Response. Oil Spill Emergency

Oil Spill Emergency Response. Oil Spill Emergency Oil Spill Emergency Response 1 Oil Spill Emergency Response We work to prevent incidents that may result in spills of hazardous substances. This means making sure our facilities are well designed, safely

More information

Global Energy Trends; 2030 to 2050

Global Energy Trends; 2030 to 2050 Global Energy Trends; 2030 to 2050 Hilbre Consulting Limited, Heswall, Wirral, UK billwpyke@aol.com March 2012 This note synthesises and analyses the key conclusions from seven recent, authoritative studies

More information

The Global Economic Impacts of Oil Price Shocks

The Global Economic Impacts of Oil Price Shocks The Global Economic Impacts of Oil Price Shocks Presented to: Project LINK, United Nations New York, NY November 22, 2004 Presented by: Sara Johnson Managing Director, Global Macroeconomics Group 781-301-9115

More information

Management Discussions and Analysis for the three-month and six-month period ended 30 June 2014 and 2015

Management Discussions and Analysis for the three-month and six-month period ended 30 June 2014 and 2015 Executive Summary Overview of the global economy during the second quarter of 2015 (Q2/2015) are as following; the US economy has been in recovery mode as a result of an increase in household consumption

More information

Oil Price and Korean Economy

Oil Price and Korean Economy Oil Price and Korean Economy April 17, 2015 Jaerang Lee - Contents - I. Oil Price Outlook II. Effects on Korean Economy III. Conclusion I. Oil Price Outlook Oil prices have lowered to around mid 50 dollars

More information

World Energy Outlook 2007: China and India Insights. www.worldenergyoutlook.org International Energy Agency

World Energy Outlook 2007: China and India Insights. www.worldenergyoutlook.org International Energy Agency World Energy Outlook 27: China and India Insights www.worldenergyoutlook.org International Energy Agency Why Focus on China & India? Increase in World Primary Energy Demand, Imports & Energy-Related CO

More information

September 2009 Vol 2 No. 5

September 2009 Vol 2 No. 5 Carbon Trading and Offsets What Does the Future Hold? Going Green and Reducing Your Electricity Costs Voice of the Customer More Than Feelgood Feedback 1 Dealing with the Economic Downturn and Preparing

More information

On October 21, 2008, the Federal Reserve

On October 21, 2008, the Federal Reserve Anticipated Recession Effects Gas Prices Natural Gas Prices in a Recession This is a preprint of an article published in Natural Gas & Electricity 2008, Dec., Wiley Periodicals, Inc. http://www3.interscience.wiley.com/cgi-bin/jhome/105559587

More information

Canadian Oil Sands. Enhancing America s Energy Security

Canadian Oil Sands. Enhancing America s Energy Security Canadian Oil Sands Enhancing America s Energy Security May 2011 The importance of Canada s oil sands stems from the value of oil to our economy and energy security. Global demand for energy continues to

More information

STEO Supplement: Why are oil prices so high?

STEO Supplement: Why are oil prices so high? STEO Supplement: Why are oil prices so high? During most of the 1990s, the West Texas Intermediate (WTI) crude oil price averaged close to $20 per barrel, before plunging to almost $10 per barrel in late

More information

Daniel Smith/Corbis 32

Daniel Smith/Corbis 32 32 Daniel Smith/Corbis MONEY for NOTHING The Case for Eliminating US Fossil Fuel Subsidies Special tax provisions subsidize US oil, gas, and coal companies to the tune of $4.9 billion a year but have little

More information

Spectra Energy Reports First Quarter 2012 Results

Spectra Energy Reports First Quarter 2012 Results Media: Analysts: Wendy Olson (713) 627-4072 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: May 4, 2012 Spectra Energy Reports First Quarter 2012 Results Reported net income from

More information

Oil and Gas Steve Oliver

Oil and Gas Steve Oliver English for Global Industries Oil and Gas Steve Oliver Contents Sections 1 Oil and Gas 2 Working on a Rig 3 Drilling Operations 4 Geological and Geophysical Operations 5 Producing and Delivering Units

More information

Progressive Performance Audi on the way to the leading premium brand

Progressive Performance Audi on the way to the leading premium brand Progressive Performance Audi on the way to the leading premium brand Axel Strotbek, Member of the Board of Management for Finance and Organization, AUDI AG Deutsche Bank Field Trip, June 3,2013 World car

More information

Energy Value Chains. What is a Value Chain?

Energy Value Chains. What is a Value Chain? Energy s Overview of Fundamentals Center for Energy Economics, UT-Austin. No reproduction, distribution or attribution without permission. 1 What is a? The process of linking specific functions from input

More information

Energy Projections 2006 2030 Price and Policy Considerations. Dr. Randy Hudson Oak Ridge National Laboratory

Energy Projections 2006 2030 Price and Policy Considerations. Dr. Randy Hudson Oak Ridge National Laboratory Energy Projections 2006 2030 Price and Policy Considerations Dr. Randy Hudson Oak Ridge National Laboratory There is perhaps no single current topic so potentially impacting to all life on this planet

More information

Statement of Lawrence W. Kavanagh Vice President, Environment and Technology American Iron and Steel Institute Washington, D.C.

Statement of Lawrence W. Kavanagh Vice President, Environment and Technology American Iron and Steel Institute Washington, D.C. Statement of Lawrence W. Kavanagh Vice President, Environment and Technology American Iron and Steel Institute Washington, D.C. Submitted for the Record Committee on Small Business U.S. House of Representatives

More information

BULLETIN #113 UPDATED JULY 14, 2015 COMPANY ANALYSIS NORTHERN TIER ENERGY NTI:NYSE

BULLETIN #113 UPDATED JULY 14, 2015 COMPANY ANALYSIS NORTHERN TIER ENERGY NTI:NYSE BULLETIN #113 UPDATED JULY 14, 2015 COMPANY ANALYSIS NORTHERN TIER ENERGY NTI:NYSE NTI is a pure-play, mid-continent refinery. It s a variable rate MLP (Master Limited Partnership) which pays out a big

More information

Sustainable Business

Sustainable Business Presents Sustainable Business and the Bottom Line By Anh H. Phan Special to RegScan By Anh H. Phan Special to RegScan Sustainable Business and the Bottom Line Since the Industrial revolution, the business

More information

Upside in the Energy Downturn

Upside in the Energy Downturn April 2015 Upside in the Energy Downturn Surprising opportunity arises amid downturn in energy prices One thing is certain in North America s energy industry today: not a second goes by that anything is

More information

Southwest Airlines 2008 (A) 1

Southwest Airlines 2008 (A) 1 Southwest Airlines 2008 (A) 1 Accounting for Leases Without a doubt, 2008 was one of the most difficult years of the most challenging decade in aviation history. Despite the rapid surge then collapse of

More information

Refinery Evaluation Model

Refinery Evaluation Model Refinery Evaluation Model Refinery Evaluation Model Independent Appraisal of Refinery Competitive Position SATORP s Jubail Project: The rise of a new wave of export refineries Wood Mackenzie 0 Introduction

More information

What drives crude oil prices?

What drives crude oil prices? What drives crude oil prices? An analysis of 7 factors that influence oil markets, with chart data updated monthly and quarterly January 8, 214 Washington, DC U.S. Energy Information Administration Independent

More information

The Petroleum Economics Monthly

The Petroleum Economics Monthly The Petroleum Economics Monthly Philip K. Verleger, Jr. Volume XXIX, No. 6 June 2012 Structural Changes Make Crude Inventories Irrelevant (Publication Date: 7/30/2012) 2012, PKVerleger LLC. All rights

More information

Governor s Proposals for the 2013-14 State Budget and Education

Governor s Proposals for the 2013-14 State Budget and Education Governor s Proposals for the 2013-14 State Budget and Education Association of California Community College Administrators/ Association of Chief Business Officials 2013 Budget Workshop Presented by Ron

More information

Five Ways to Reduce Fuel Consumption Using GPS Tracking

Five Ways to Reduce Fuel Consumption Using GPS Tracking Fleet management technology is changing the way fleet managers look at vehicle fuel consumption. Every fleet, big or small, must pay for fuel. The challenge is to consume it in the most effective way possible.

More information

Driven to Create Value Morgan Stanley Refining Corporate Access Day May 2016

Driven to Create Value Morgan Stanley Refining Corporate Access Day May 2016 Driven to Create Value Morgan Stanley Refining Corporate Access Day May 2016 2015 Corporation. All Rights Reserved. Forward Looking Statements This Presentation includes forward-looking statements within

More information

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%

More information

Oil and Gas U.S. Industry Outlook

Oil and Gas U.S. Industry Outlook Oil and Gas U.S. Industry Outlook VERSION 01 YEAR 13 OUTLOOK: Positive fundamentals & outlook www.eulerhermes.us Key points WTI Crude is expected to continue to converge to Brent crude prices, narrowing

More information

Gas Prices in Idaho. What factors determine the price of gas in Idaho?

Gas Prices in Idaho. What factors determine the price of gas in Idaho? Gas Prices in Idaho What factors determine the price of gas in Idaho? OFFICE OF THE ATTORNEY GENERAL Lawrence G. Wasden Consumer Protection Division 954 W. Jefferson, 2 nd Floor P.O. Box 83720 Boise, ID

More information

Imperial Oil Limited 237 Fourth Avenue S.W. Calgary, Alberta T2P 3M9 imperialoil.ca

Imperial Oil Limited 237 Fourth Avenue S.W. Calgary, Alberta T2P 3M9 imperialoil.ca Imperial Oil Limited 237 Fourth Avenue S.W. Calgary, Alberta T2P 3M9 imperialoil.ca Table of contents Our approach 1 About us 2 Our approach 4 Business segments 7 Outlook for energy to 2030 9 Safety 11

More information

The Journal of Science Policy & Governance

The Journal of Science Policy & Governance The Journal of Science Policy & Governance POLICY MEMO: INCREASING SUSTAINABLE BIOMASS THROUGH PRODUCTION TAX CREDITS BY Ashley Paulsworth ashley0paulsworth@gmail.com Executive Summary As various tax credits

More information

Fuel Focus. Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices. Issue 5, Volume 9

Fuel Focus. Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices. Issue 5, Volume 9 Fuel Focus Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices Issue, Volume 9 April 4, 14 Copies of this publication may be obtained free of charge from: Natural Resources

More information

February 29, 2016 Price Forecast Commentary

February 29, 2016 Price Forecast Commentary February 29, 2016 Price Forecast Commentary Sproule s short-term outlook for oil and gas prices is based on information obtained from various sources, including government agencies, industry publications,

More information

Verifone Reports Results for the Second Quarter of Fiscal 2016

Verifone Reports Results for the Second Quarter of Fiscal 2016 Verifone Reports Results for the Second Quarter of Fiscal 2016 SAN JOSE, Calif. (BUSINESS WIRE) Verifone (NYSE: PAY), a world leader in payments and commerce solutions, today announced financial results

More information

Tipco Asphalt Public Company Limited (TASCO)

Tipco Asphalt Public Company Limited (TASCO) (TASCO) Q1/2015 Opportunity Day 4 th June 2015 1 Disclaimer This presentation material has been prepared solely for informational purposes only. TASCO is furnishing it solely for use by prospective investors

More information

EU energy policies and European refining update from the EC

EU energy policies and European refining update from the EC EU energy policies and European refining update from the EC Mechthild Wörsdörfer Head of Unit - Unit A.1 - Policy & Monitoring of electricity, gas, coal and oil markets European Commission, DG Platts European

More information

Download Full Financial Release (PDF) Download Slides (PDF)

Download Full Financial Release (PDF) Download Slides (PDF) Oct 30, 2012 Ford Earns Record Third Quarter 2012 Pre-Tax Operating Profit of $2.2 Billion, Net Income of $1.6 Billion+ Download Full Financial Release (PDF) Download Slides (PDF) Best-ever third quarter

More information

COMMITTEE ON FOREIGN AFFAIRS SUBCOMMITTEE ON TERRORISM NON-PROLIFERATION AND TRADE

COMMITTEE ON FOREIGN AFFAIRS SUBCOMMITTEE ON TERRORISM NON-PROLIFERATION AND TRADE TESTIMONY OF THOMAS J. RAGUSO EXECUTIVE VICE PRESIDENT AMEGY BANK N.A. Before the COMMITTEE ON FOREIGN AFFAIRS SUBCOMMITTEE ON TERRORISM NON-PROLIFERATION AND TRADE UNITED STATES HOUSE OF REPRESENTATIVES

More information

Italcementi Group revenue 4,235.4 million euro (-5.4%, -2.2% like-forlike and at constant exchange rates)

Italcementi Group revenue 4,235.4 million euro (-5.4%, -2.2% like-forlike and at constant exchange rates) BOARD OF DIRECTORS EXAMINES SALES FIGURES FOR YEAR TO DECEMBER 31, Italcementi Group revenue 4,235.4 million euro (-5.4%, -2.2% like-forlike and at constant exchange rates) Sales volumes: 43.1 million

More information

Principal risks and uncertainties

Principal risks and uncertainties Principal risks and uncertainties Our risk management approach We have a well-established risk management methodology which we use throughout the business to allow us to identify and manage the principal

More information

Spectra Energy Builds a Business

Spectra Energy Builds a Business » Introducing Spectra Energy Builds a Business CEO Fowler on Challenges Ahead By Martin Rosenberg Natural gas once again looms as an important fuel for electricity generation, given a spate of cancellations

More information

Texas Wind: The New Oil. The earth is slowly, but surely, exhausting its resources. Fossil Fuels like coal and

Texas Wind: The New Oil. The earth is slowly, but surely, exhausting its resources. Fossil Fuels like coal and Charles Budney English 138T Friday, April 5, 2013 Texas Wind: The New Oil The earth is slowly, but surely, exhausting its resources. Fossil Fuels like coal and petroleum are undeniably a finite resource.

More information

SOUTHEAST ENERGY EFFICIENCY ALLIANCE. Clean Energy Greenville, SC May 29, 2009

SOUTHEAST ENERGY EFFICIENCY ALLIANCE. Clean Energy Greenville, SC May 29, 2009 SOUTHEAST ENERGY EFFICIENCY ALLIANCE Clean Energy Greenville, SC May 29, 2009 Who is SEEA? The Southeast Energy Efficiency Alliance builds regional partnerships to promote and achieve energy efficiency

More information

EPA Clean Power Plan and Impact on Texas and the Country. Scott D. Deatherage 214-999-4979 sdeatherage@gardere.com

EPA Clean Power Plan and Impact on Texas and the Country. Scott D. Deatherage 214-999-4979 sdeatherage@gardere.com EPA Clean Power Plan and Impact on Texas and the Country Scott D. Deatherage 214-999-4979 sdeatherage@gardere.com United Nations 21 st Conference of the Parties United Nations Meeting on Climate Change

More information

********** An short and simple explanation of how oil is converted into gasoline and then brought to you, the consumer.

********** An short and simple explanation of how oil is converted into gasoline and then brought to you, the consumer. ********** An short and simple explanation of how oil is converted into gasoline and then brought to you, the consumer. CEC-180-2008-008 July 2008 CONTENTS [St e p 1 ] SOURCES [Step 2] extraction **************

More information

Principles for Authorization of the Surface Transportation Program

Principles for Authorization of the Surface Transportation Program Principles for Authorization of the Surface Transportation Program The United States requires a vast system of roads, highways, and bridges in order to move goods and people. The principle material used

More information

ECONOMIC PERFORMANCE OF THE AIRLINE INDUSTRY

ECONOMIC PERFORMANCE OF THE AIRLINE INDUSTRY Net balance responses. =no change ECONOMIC PERFORMANCE OF THE AIRLINE INDUSTRY This new semi-annual report replaces the quarterly Airlines Financial Forecast, and takes a broader look at how the industry

More information

BP s response to lower oil prices

BP s response to lower oil prices BP s response to lower oil prices bp.com/investors The industry is going into a very challenging phase as we reset to a lower price environment but our business model is a very focused one and we are in

More information

Energy Megatrends 2020

Energy Megatrends 2020 Energy Megatrends 2020 Esa Vakkilainen 1 NOTE The data included in the following is mainly based on International Energy Agency's (IEA) World Energy Outlook 2007 IEA is considered the most reliable source

More information

CRS Report Summaries WORKING DRAFT

CRS Report Summaries WORKING DRAFT CRS Report Summaries R40147 Green Buildings This is a definition and analysis of the cost and benefits of green buildings. It also cites agencies and laws that encourage the building of environmentally

More information

Carbon Emissions Trading and Carbon Taxes

Carbon Emissions Trading and Carbon Taxes Carbon Emissions Trading and Carbon Taxes EU Environmental Policy The challenge reaching towards a low carbon economy 1 This presentation covers Can carbon markets be part of the answer in controlling

More information

Innovative Technology Solutions for Sustainability ABENGOA. Industrial Production Market Outlook. Analyst & Investor Day. Javier Salgado Javier Molina

Innovative Technology Solutions for Sustainability ABENGOA. Industrial Production Market Outlook. Analyst & Investor Day. Javier Salgado Javier Molina Innovative Technology Solutions for Sustainability ABENGOA Industrial Production Market Outlook Javier Salgado Javier Molina Analyst & Investor Day May 2012 Agenda 1 Bioenergy Market Outlook & Growth Strategy

More information

REGULATION OF THE GAS SUPPLY MARKET FREQUENTLY ASKED QUESTIONS

REGULATION OF THE GAS SUPPLY MARKET FREQUENTLY ASKED QUESTIONS REGULATION OF THE GAS SUPPLY MARKET FREQUENTLY ASKED QUESTIONS Why is it necessary to regulate gas supply in a free market? Manx Gas has a natural monopoly in the Isle of Man gas supply market. Given the

More information

Crude Behavior: How Lifting the Export Ban Reduces Gasoline Prices in the United States

Crude Behavior: How Lifting the Export Ban Reduces Gasoline Prices in the United States Date Issue Brief # I S S U E B R I E F Crude Behavior: How Lifting the Export Ban Reduces Gasoline Prices in the United States Stephen P.A. Brown, Charles Mason, Alan Krupnick, and Jan Mares February 2014;

More information

TECHNICAL SUPPORT DOCUMENT AMENDMENTS TO COMAR 26.09. MD CO 2 Budget Trading Program FOR JULY 26, 2013 PREPARED BY:

TECHNICAL SUPPORT DOCUMENT AMENDMENTS TO COMAR 26.09. MD CO 2 Budget Trading Program FOR JULY 26, 2013 PREPARED BY: TECHNICAL SUPPORT DOCUMENT FOR AMENDMENTS TO COMAR 26.09 MD CO 2 Budget Trading Program JULY 26, 2013 PREPARED BY: MARYLAND DEPARTMENT OF THE ENVIRONMENT 1800 Washington Boulevard Baltimore Maryland 21230

More information

What drives crude oil prices?

What drives crude oil prices? What drives crude oil prices? An analysis of 7 factors that influence oil markets, with chart data updated monthly and quarterly Washington, DC U.S. Energy Information Administration Independent Statistics

More information

CHEVRON REPORTS FOURTH QUARTER NET INCOME OF $3.1 BILLION, DOWN 37 PERCENT FROM $4.9 BILLION IN FOURTH QUARTER 2008

CHEVRON REPORTS FOURTH QUARTER NET INCOME OF $3.1 BILLION, DOWN 37 PERCENT FROM $4.9 BILLION IN FOURTH QUARTER 2008 Policy, Government and Public Affairs Chevron Corporation P.O. Box 6078 San Ramon, CA 94583-0778 www.chevron.com FOR RELEASE AT 5:30 AM PST JANUARY 29, 2010 CHEVRON REPORTS FOURTH QUARTER NET INCOME OF

More information

Denbury Resources Inc. BUY Price Target: $9.82 Key Statistics as of 4/27/2015. Thesis Points: Company Description: NYSE:DNR

Denbury Resources Inc. BUY Price Target: $9.82 Key Statistics as of 4/27/2015. Thesis Points: Company Description: NYSE:DNR Denbury Resources Inc. NYSE:DNR Analyst: Sector: Ryan Ahlers Energy BUY Price Target: $9.82 Key Statistics as of 4/27/2015 Market Price: Industry: Market Cap: 52-Week Range: Beta: $8.10 Oil and Gas E&P

More information