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Note 1. Crude Oil Domestic First Purchase Prices. The average domestic first purchase price represents the average price at which all domestic crude oil is purchased. Prior to February 1976, [...]

The effect of the politicization of the Russian energy policy on the trends of investments in the Russian energy industries is described.

The energy utility supply base historically has been a built-in shock absorber on rate increases, a place where continuous improvement could occur and price concessions extracted. Today, however, as we [...]

The energy diversification strategies of China, and the efforts to seek investments in order to meet energy needs, are presented.

Market risk remains one of the most significant issues for gas and power merchants. The SEC requires disclosure of market risks in a company's annual filings. However, the allowable metrics [...]

Investment in power sector infrastructure is plagued by various drawbacks some of which have their roots in the electric utility regulatory system. Various regulatory provisions related to power sector that prevent investment therein are discussed. The adverse effects of inadequate investment in power sector infrastructure are also discussed and the measures that could avert such crisis are also examined.

The unbundling of services and companies in the electricity and natural gas industries have created unprecedented opportunities to reinvent the traditional integrated utility model, with a broader array of attendant [...]

WITH global energy demand in a robust state, the need for new lending capacity--particularly on the gas side--is precipitating a revival of the project-finance market, as sponsors seek out new [...]

The bank markets and the long-term fixed income markets, or institutional investors, have long memories, and their pain is still fresh. Over the last few years, they have had to [...]

With most restructuring efforts at a standstill in the energy industry, state public utility commissions (PUCs) have tended to shift their attention back to the art and science of ratemaking. [...]

Fiscal 2000 was an unusually good year for large U.S. independents. They set records in financial performance and basked in happy times. Fiscal 2001 was horrible, however. The economy slumped, [...]

It's not exactly a bulletin that robust commodity prices during the past 18 months and attendant strong producer cash flows have had a dampening effect on the demand for bank [...]

Suppose the whole industry is short on quality oil and gas projects. You're a geologist and your partner is a landman. Together, you have developed better prospects and better ideas [...]

With Wall Street's doors all but closed today to energy companies with asset sizes lower than $500 million, small independent producers and service companies are taking a harder look at [...]

Sometimes a great opportunity is just too good to be true. Consider, for example, a purchase of distressed assets from one of the many energy companies now mired in well-publicized [...]

Financing issues regarding loan recoveries are discussed in the US energy industry. Lenders overvalued collateral used for loans due to the boom in the U.S. energy industry. Because of inexpensive credit, energy merchant companies borrowed aggressively.

THIS YEAR SAW ENERGY COMPANIES FORCED to make some grim choices--issuing new stock in falling markets, angering investors with dividend cutbacks, selling prized assets at fire sale prices. Some blame [...]

THE DOW JONES UTILITY AVERAGE CURRENTLY stands at its lowest level in five years. Electric and gas utilities, along with U.S. companies generally, have been consistently lowering their payout ratios [...]

HOW TIMES HAVE CHANGED FROM THE 'GOOD old days' of credit risk management. No longer can credit managers hide behind the false comfort that they only approve transactions with companies [...]

Although the restructuring of U.S. power markets is at a standstill, it is nevertheless expected to surge ahead. Accordingly, article examines the outlook for credit in the U.S. power sector in light of restructuring.

For several years, the rankings of the oil industry's top marketing companies have experienced very little change, with the exception of a few of them occasionally swapping positions above or [...]

The use of the Internet for energy transactions has increased significantly in the United Kingdom. The article considers the financial advantages and risks of using the Internet for energy purchases.

Over the last 20 years, a fairly large private sector energy-efficiency services industry has developed in North America whose primary business is performance contracting. Today, over sixty national and regional [...]

Information regarding energy companies financial strategies is given. Energy companies are beginning to hedge their debt to limit risk due to energy price increases, thus saving consumers on price increases.

THERE WAS PROBABLY A TIME WHEN DECISIVE action by regulators, lawmakers and market participants working in cooperation could have prevented much of California's energy debacle of 2000 and 2001. A [...]

THE RULES OF ENERGY MARKET SURVIVAL changed forever in 2001. California, one of the biggest U.S. energy markets, and Enron, the biggest domestic energy trader, were both humbled by gyrating [...]

THE NATURAL GAS TRADING BUSINESS HAS been on a roll since the mid-1980s, when the Federal Energy Regulatory Commission (FERC) issued Order 436, giving birth to the concept of gas [...]

DURING THE MIDWEST POWER CRISIS AND THE defaults of the summer of 1998, we, were sure the energy industry would wake up to credit risk. But the urgency passed with [...]

The performance of finance functions within 22 investor-owned electric utilities in the US is analysed. A study shows that the utilities outperform other service industry companies in terms of finance costs as a percent of revenue.

Exxon Corp again registered the highest full-year profits of any firm on the Fortune 500 magazine with $8.46 bil of earnings in 1997. Exxon posted the fourth highest market value at over $158.78 bil and ranked 30th in total assets at almost $96.1 bil. Nonetheless, General Motors Corp and Ford Motor Co posted higher 1997 revenues than Exxon. Meanwhile, diversified energy suppliers moved up higher on the Fortune 500.

Project finance deals continue to be arranged for Asia's energy sector despite the currency crisis in the region. Thailand, Indonesia and the Philippines may have a slight decline in foreign financing, but most energy projects have been continued. China and India are expected to receive special treatment from banks because of their size. Australian projects, ever since, have been attractive to financial institutions. Among the Asian projects are the Zhuhai Power Project in China, the Malaysian peninsula pipeline in Thailand and the Malampaya/Camago gasfield in the Philippines., In 1996 over $86bn of project finance deals were done in Asia. Neither North America nor western Europe could match that figure. As evidenced by the list of proposed projects, [...]

The growth in the energy finance business is largely attributed to the increase in refinancing, mergers and acquisitions and project financings accounting. Pricing has dropped to record lows and longer maturities are offered in both developed and emerging markets due to high levels of bank liquidity. Spreads are declining especially in emerging markets. Lenders, however, are trying to offset lower margins by seeking other business from borrowers., Pricing of funds for the energy sector has fallen to record lows and maturities are lengthening on the back of high levels of bank liquidity. But lenders are looking for [...]

Midstream gatherers, processors and marketers (GPMs) continue to rebound from a two-year economic depression as they look for more access to domestic play, joint ventures and partnerships. Following a strong performance in 1996, GPMs have been able to improve their profitability and increase the price of natural gas liquids. Some of the key factors that contributed to this success include the ongoing potential of acquisition and merger activities, improved marketing strategies, the generation of internal growth through expansion projects and new technology. Geographically diverse companies also improved by expanding their assets and participating in consolidations.

The nation's electric utilities continued the trend of reducing costs and pricing structures and increasing the productivity of their companies' operations through greater efficiencies in 1995. This not-so-surprising revelation sums [...]

The trend towards mezzanine funding, price-risk management, private placements, mergers and acquisitions, as well as private and public equity and debt will continue to characterize energy financing in the late 1990s and beyond 2000. This was the consensus of six experts in energy finance in the US. They are Thomas Petrie of Petrie Parkman and Co., Grant Porter of Lehman Brothers, Arthur Carlson of Trust Co. of the West, Roger Widmann of Castle, Harlan and Widmann Energy Partners LLC, Carl H. Pforzheimer and Co.'s Francis J. Reinhardt Jr., and Bank One Texas-Houston's Arthur Gralla Jr.

The energy financial market registered a 50% increase in loan volume for 1994, reaching a total of $148 billion. In addition, massive bank liquidity has also helped reduce interest rates on numerous energy financial projects. These events have been favorable to several major energy companies such as Statoil, Shell and Montedison. These companies have been able to find reasonable funding for their respective energy development projects., The energy finance market is booming. Volumes are up, pricing is down and the market enjoyed its best-ever year in 1994. With the downturn in the international capital markets, lending [...]

Some of the prominent names in US commercial and investment banking are increasing their operations in Houston, TX, because of tremendous growth opportunities in the energy industry. Merril Lynch and Co Inc was involved in 17 equity offerings worth $4.8 billion in the energy sector including the initial public offering for YPF and the liquid yield option notes offering for Baker Hughes Inc. CS First Boston was involved in the equities offering for Tenneco, Houston Industries, Wainoco Oil & Gas and Stone Energy Co. Other investment and banking firms such as Simmons and Co, Chase Manhattan Bank and NationsBank have also reported major deals in the energy sector.

There are an increasing number of foreign banks offering finance to US oil and gas exploration companies as a result of a decrease in the number of US banks. The Dutch bank ING Bank and Canadian bank Canadian Imperial Bank of Commerce (CIBC) both believe that a tailor-made service is vital for successful financing. ING has assets of $180 billion and CIBC has assets of $108 billion, $1.33 of which are directed on oil and gas. The UK bank Midland Bank PLC has $300 million focused on energy financing.

Energy producers and consumers received Federal Government subsidies of between $5-10 billion in FY1992, according to 'Federal Energy Subsidies: Direct and Indirect Interventions in Energy Markets, an Energy Information Administration report. These subsidies amounted to only 1-2% of total energy output in all energy industries, which is almost $475 billion annually. The Government spent $6.1 billion on energy research and development in the year. Direct and tax expenditures are also discussed.