Energy Finance: Analysis and Valuation, Risk Management, and the Future of Energy PDF
Preview Energy Finance: Analysis and Valuation, Risk Management, and the Future of Energy
Contents Cover Series Title Page Copyright Dedication Acknowledgments Chapter 1: An Introduction to Energy Finance and Economics SO WHY A BOOK ON ENERGY FINANCE AND ECONOMICS? THE CHALLENGES OF ENERGY TRANSITIONS AND THE TRICKY TRADEOFFS SUMMARY OF THE BOOK CHAPTERS WHAT DOES THE FUTURE HOLD FOR ENERGY? CHAPTER QUESTIONS NOTES REFERENCES ABOUT THE EDITORS Part One: An Overview of Energy Finance and Economics Chapter 2: Geopolitics and World Energy Markets* INTRODUCTION ENERGY GEOPOLITICS FOR THE NEXT GENERATIONS: DEMAND, MIX, AND INTERNATIONAL MOVEMENTS THE WORLD MARKET FOR ENERGY OPEC AND THE FUTURE ROLE OF A CARTEL THE RISE OF NATIONAL OIL COMPANIES AND BILATERAL CONTRACTS PIPELINES SEA LANES THE NEW WORLD OF NATURAL GAS NUCLEAR POWER CLIMATE CHANGE AND ENVIRONMENTAL CONSIDERATIONS THE FUTURE OF ENERGY GEOPOLITICS AND ENERGY FINANCE DISCUSSION QUESTIONS NOTES REFERENCES ABOUT THE CONTRIBUTOR Chapter 3: Energy Economics INTRODUCTION A BRIEF HISTORY OF ENERGY USAGE IN THE UNITED STATES U.S. ENERGY CONSUMPTION BY SECTOR OVERVIEW OF WORLD PETROLEUM CONSUMPTION, SUPPLY, AND PRICES PROSPECTS FOR THE FUTURE CONCLUSION CHAPTER QUESTIONS NOTES REFERENCES ABOUT THE CONTRIBUTORS Chapter 4: Sustainable Energy: Myths and Realities INTRODUCTION A DEFINITION OF SUSTAINABLE ENERGY SUSTAINABLE ENERGY MYTHS A MODEL FOR DETERMINING THE SUSTAINABILITY OF ENERGY SOURCES CONCLUSION APPENDIX DISCUSSION QUESTIONS REFERENCES ABOUT THE CONTRIBUTORS Chapter 5: A Brief Introduction to the Petroleum Industry INTRODUCTION THE CHEMISTRY OF PETROLEUM AND THE REFINING PROCESS PETROCHEMICALS CONCLUSION DISCUSSION QUESTIONS NOTES REFERENCES ABOUT THE CONTRIBUTORS Chapter 6: The Economics of Renewable Energy* INTRODUCTION MEASURING RENEWABLE ENERGY’S VALUE OPTIONS APPROACHES CONCLUSION DISCUSSION QUESTIONS NOTE REFERENCES ABOUT THE CONTRIBUTOR Chapter 7: How Our Political Views Affect Our View of Energy Prices INTRODUCTION CONCLUSION DISCUSSION QUESTIONS NOTE ABOUT THE CONTRIBUTOR Part Two: Financial and Economic Analysis in the Energy Industry Chapter 8: Oil and Gas Accounting INTRODUCTION SUCCESSFUL EFFORTS ACCOUNTING DISPOSITION OF CAPITALIZED COSTS FULL COST ACCOUNTING INTERNATIONAL FINANCIAL REPORTING STANDARDS DISCUSSION QUESTIONS APPENDIX NOTES REFERENCES ABOUT THE CONTRIBUTOR Chapter 9: Financial Statement Analysis for Oil and Gas Companies and Competitive Benchmarking INTRODUCTION FINANCIAL STATEMENTS A QUICK LOOK AT CONOCOPHILLIPS AND COMPETITIVE BENCHMARKING USING THE FINANCIAL STATEMENTS RATIO ANALYSIS ENERGY RATIOS CONCLUSION APPENDIX: SUMMARY OF INFORMATION FOUND IN THE FORM 10-K ANNUAL REPORT QUESTIONS NOTES REFERENCES ABOUT THE CONTRIBUTORS Chapter 10: Petroleum Economics, Risk and Opportunity Analysis: Some Practical Perspectives INTRODUCTION DISCOUNTED CASH FLOW (DCF) AND TIME-VALUE CONSIDERATIONS MANIPULATING THE PRESENT VALUE AND FUTURE VALUE FORMULAE INFLATION, REAL, AND NOMINAL (MONEY-OF-THE- DAY) VALUES HURDLE RATES AND MINIMUM ACCEPTABLE RATES OF RETURN THE NONLINEARITY AND COMPLEXITY OF UNCERTAINTY GEOPOLITICAL RISKS AND OPPORTUNITIES CONCLUSION DISCUSSION QUESTIONS REFERENCES ABOUT THE CONTRIBUTOR Chapter 11: Real Options and Applications in the Energy Industry* INTRODUCTION A BRIEF HISTORY OF REAL OPTIONS DISTINCTION BETWEEN FINANCIAL OPTIONS AND REAL OPTIONS TYPES OF REAL OPTIONS AND EXAMPLES IN THE ENERGY INDUSTRY VALUING REAL OPTIONS CONCLUSION DISCUSSION QUESTIONS NOTES REFERENCES ABOUT THE CONTRIBUTORS Chapter 12: International Petroleum Fiscal System Design and Analysis INTRODUCTION GEOPOTENTIAL AROUND THE WORLD CONCESSIONS OR LICENSES—ROYALTY/TAX SYSTEMS PRODUCTION SHARING CONTRACTS RISK SERVICE CONTRACTS EVOLUTION AND DEVELOPMENT OF THE INDONESIAN PSCs AND RSAs COMPARATIVE ANALYSIS (SERVICE AGREEMENTS—R/T SYSTEMS—PSCs) NUMEROUS SIMILARITIES AMONG FISCAL SYSTEMS ACCOUNTING ASPECTS OF FISCAL SYSTEMS ARE FAIRLY UNIVERSAL DIVISION OF REVENUES AND PROFITS SIGNATURE BONUSES GOVERNMENT PARTICIPATION ROYALTIES AND PROFITS-BASED MECHANISMS CONTRACTOR AND GOVERNMENT CASH FLOW GOVERNMENT TAKE EFFECTIVE ROYALTY RATE KEEPING COSTS DOWN—THE SAVINGS INDEX LIFTING ENTITLEMENT ALIGNMENT OF INTERESTS INCREMENTAL PRODUCTION CONTRACTS (IPCs) ALLOCATION AND LICENSE PROMOTION FIXED, NEGOTIATED, OR BID TERMS KEY CONTRACT PROVISIONS CONCLUSION APPENDIX 12.1 APPENDIX 12.2 APPENDIX 12.3 APPENDIX 12.4 DISCUSSION QUESTIONS NOTES References ABOUT THE CONTRIBUTOR Chapter 13: Financing Large Energy Projects INTRODUCTION SPECIAL ASPECTS OF LARGE PROJECTS IN THE ENERGY INDUSTRY FINANCING OF LARGE PROJECTS: A LITERATURE REVIEW CENTRALIZED FINANCING OF LARGE ENERGY PROJECTS OPERATING FEATURES OF THE CENTRALIZED FINANCE MODEL PROJECT FINANCING OF LARGE ENERGY PROJECTS FINANCING LARGE ENERGY PROJECTS:SUMMARY AND CONCLUSIONS DISCUSSION QUESTIONS NOTES REFERENCES ABOUT THE CONTRIBUTORS Chapter 14: Financing Bio-Fuels Projects: Case Study Lessons INTRODUCTION PYOIL—DEVELOPMENT FROM CONCEPT TO COMMERCIALIZATION THE FIRST MOVER PIONEER PLANT ISSUE CONCLUSION DISCUSSION QUESTIONS ABOUT THE CONTRIBUTOR Part Four: Case Studies Chapter 15: Energy Derivatives and Markets* INTRODUCTION PRODUCTS: AN OVERVIEW HISTORY PETROLEUM DERIVATIVES: DETAILS NATURAL GAS DERIVATIVES: DETAILS ELECTRICITY DERIVATIVES: DETAILS PRICING CLEARING RECENT DEVELOPMENTS DISCUSSION QUESTIONS REFERENCES ABOUT THE CONTRIBUTORS Chapter 16: Introduction to Energy Risk Management INTRODUCTION RISK MANAGEMENT AND TYPES OF RISK ENERGY DERIVATIVES AND IMPORTANT TERMINOLOGY MORE CONCEPTS AND TERMINOLOGY EXAMPLES FROM SOUTHWEST AIRLINES AND ATLAS ENERGY OTHER EXAMPLES OF HEDGING CONTRACTS OTHER IMPORTANT ISSUES CONCLUSION APPENDIX DISCUSSION QUESTIONS NOTES REFERENCES ABOUT THE CONTRIBUTORS Chapter 17: Risks in Trading Energy Commodities
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