Oil & Gas, and Mining Associations, Organizations, and Company
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Breakdown of the ATP Group's Corporate Bonds, Year-End 2019
Breakdown of the ATP Group's corporate bonds, year-end 2019 Market value Companies DKKm 1011778 BC ULC / New Red Finance Inc 20.8 24 Hour Fitness Worldwide Inc 6.3 ABH Financial Ltd Via Alfa Holding Issuance PLC 19.9 Adient Global Holdings Ltd 6.1 ADT Security Corp/The 18.5 Advanced Disposal Services Inc 10.5 Aeropuerto Internacional de Tocumen SA 7.5 Air Medical Group Holdings Inc 13.5 Albertsons Cos Inc / Safeway Inc / New Albertsons 10.3 Aleris International Inc 5.4 Alfa Bank AO Via Alfa Bond Issuance PLC 9.6 Alliant Holdings Intermediate LLC / Alliant Holdin 5.4 Ally Financial Inc 26.8 AMC Networks Inc 15.4 American Builders & Contractors Supply Co Inc 7.1 Antero Midstream Partners LP / Antero Midstream Fi 3.0 Antero Resources Corp 6.0 Aramark Services Inc 15.8 Arconic Inc 21.3 Ardagh Packaging Finance PLC / Ardagh Holdings USA 10.5 Ascend Learning LLC 23.4 Ashland LLC 3.6 ASP AMC Merger Sub Inc 3.4 Associated Materials LLC / AMH New Finance Inc 13.9 Atotech Alpha 2 BV 8.6 Atotech Alpha 3 BV / Alpha US Bidco Inc 10.6 Autoridad del Canal de Panama 3.2 Avantor Inc 24.0 Avon International Operations Inc 7.1 Banco BTG Pactual SA/Cayman Islands 5.4 Banco do Brasil SA/Cayman 64.4 Banco Mercantil del Norte SA/Grand Cayman 7.8 Banco Votorantim SA 2.1 Barclays PLC 7.3 Bausch Health Cos Inc 59.5 BCD Acquisition Inc 7.0 BCPE Cycle Merger Sub II Inc 12.6 Beacon Roofing Supply Inc 20.2 Berry Global Inc 12.1 Bioceanico Sovereign Certificate Ltd 15.4 Blue Racer Midstream LLC / Blue Racer Finance Corp 13.2 Further information 2019 1 Breakdown of -
Adams Natural Resources Fund
ADAMS NATURAL RESOURCES FUND FIRST QUARTER REPORT MARCH 31, 2021 GET THE LATEST NEWS AND INFORMATION adamsfunds.com/sign-up L ETTER TO S HAREHOLDERS Dear Fellow Shareholders, Every new year brings with it the opportunity for a fresh start, resolutions for change, and hope for the future. No year in recent history has held greater expectations than 2021. We all hope to put the pandemic behind us and get back to normal. The year began with a new President in the White House and multiple vaccines already starting to be distributed. As the quarter progressed, we made significant strides towards vaccinating the most vulnerable. While we are moving closer to a return to normalcy as the availability of vaccines continues to grow, new COVID-19 variants threaten to slow progress. The economy continued to show signs of recovering as employers added more jobs in the first quarter and the unemployment rate declined to 6.0%. In February, consumer sentiment rose to its highest level since March 2020, when the COVID-19 shutdowns were just beginning. Over the past year, household savings have grown significantly and should begin to flow through the Energy was the best economy as it reopens. performing sector in the S&P 500 as oil prices The passage of a $1.9 trillion stimulus package and a rebounded. commitment of continued support from the Federal Reserve helped drive the stock market higher in the first quarter. The S&P 500 ended the quarter up 6.2%. Improved growth prospects pushed yields on 10-year Treasury notes higher and raised some concerns that the size of the stimulus could lead to higher inflation. -
Secure Fuels from Domestic Resources ______Profiles of Companies Engaged in Domestic Oil Shale and Tar Sands Resource and Technology Development
5th Edition Secure Fuels from Domestic Resources ______________________________________________________________________________ Profiles of Companies Engaged in Domestic Oil Shale and Tar Sands Resource and Technology Development Prepared by INTEK, Inc. For the U.S. Department of Energy • Office of Petroleum Reserves Naval Petroleum and Oil Shale Reserves Fifth Edition: September 2011 Note to Readers Regarding the Revised Edition (September 2011) This report was originally prepared for the U.S. Department of Energy in June 2007. The report and its contents have since been revised and updated to reflect changes and progress that have occurred in the domestic oil shale and tar sands industries since the first release and to include profiles of additional companies engaged in oil shale and tar sands resource and technology development. Each of the companies profiled in the original report has been extended the opportunity to update its profile to reflect progress, current activities and future plans. Acknowledgements This report was prepared by INTEK, Inc. for the U.S. Department of Energy, Office of Petroleum Reserves, Naval Petroleum and Oil Shale Reserves (DOE/NPOSR) as a part of the AOC Petroleum Support Services, LLC (AOC- PSS) Contract Number DE-FE0000175 (Task 30). Mr. Khosrow Biglarbigi of INTEK, Inc. served as the Project Manager. AOC-PSS and INTEK, Inc. wish to acknowledge the efforts of representatives of the companies that provided information, drafted revised or reviewed company profiles, or addressed technical issues associated with their companies, technologies, and project efforts. Special recognition is also due to those who directly performed the work on this report. Mr. Peter M. Crawford, Director at INTEK, Inc., served as the principal author of the report. -
Antero-Company Website Presentation – May 2019
Company Presentation MAY 2019 Legal Disclaimer This presentation includes “forward-looking statements.” Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond AR’s control. All statements, except for statements of historical fact, made in this presentation regarding activities, events or developments AR expects, believes or anticipates will or may occur in the future, such as 2019 and long-term financial and operational outlook, the expected sources of funding and timing for completion of the share repurchase program if at all, impacts of hedge monetizations, impacts of natural gas price realizations, AR’s expected ability to return capital to investors and targeted leverage metrics, future plans for processing plants and fractionators, AR’s estimated production and the expected impact of Mariner East 2 on AR’s NGL pricing, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this presentation. Although AR believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. AR cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the AR’s control, including the exploration for and development, production, gathering and sale of natural gas, NGLs and oil. -
Science for Energy Technology: Strengthening the Link Between Basic Research and Industry
ďŽƵƚƚŚĞĞƉĂƌƚŵĞŶƚŽĨŶĞƌŐLJ͛ƐĂƐŝĐŶĞƌŐLJ^ĐŝĞŶĐĞƐWƌŽŐƌĂŵ ĂƐŝĐŶĞƌŐLJ^ĐŝĞŶĐĞƐ;^ͿƐƵƉƉŽƌƚƐĨƵŶĚĂŵĞŶƚĂůƌĞƐĞĂƌĐŚƚŽƵŶĚĞƌƐƚĂŶĚ͕ƉƌĞĚŝĐƚ͕ĂŶĚƵůƟŵĂƚĞůLJĐŽŶƚƌŽů ŵĂƩĞƌĂŶĚĞŶĞƌŐLJĂƚƚŚĞĞůĞĐƚƌŽŶŝĐ͕ĂƚŽŵŝĐ͕ĂŶĚŵŽůĞĐƵůĂƌůĞǀĞůƐ͘dŚŝƐƌĞƐĞĂƌĐŚƉƌŽǀŝĚĞƐƚŚĞĨŽƵŶĚĂƟŽŶƐ ĨŽƌŶĞǁĞŶĞƌŐLJƚĞĐŚŶŽůŽŐŝĞƐĂŶĚƐƵƉƉŽƌƚƐKŵŝƐƐŝŽŶƐŝŶĞŶĞƌŐLJ͕ĞŶǀŝƌŽŶŵĞŶƚ͕ĂŶĚŶĂƟŽŶĂůƐĞĐƵƌŝƚLJ͘dŚĞ ^ƉƌŽŐƌĂŵĂůƐŽƉůĂŶƐ͕ĐŽŶƐƚƌƵĐƚƐ͕ĂŶĚŽƉĞƌĂƚĞƐŵĂũŽƌƐĐŝĞŶƟĮĐƵƐĞƌĨĂĐŝůŝƟĞƐƚŽƐĞƌǀĞƌĞƐĞĂƌĐŚĞƌƐĨƌŽŵ ƵŶŝǀĞƌƐŝƟĞƐ͕ŶĂƟŽŶĂůůĂďŽƌĂƚŽƌŝĞƐ͕ĂŶĚƉƌŝǀĂƚĞŝŶƐƟƚƵƟŽŶƐ͘ ďŽƵƚƚŚĞ͞ĂƐŝĐZĞƐĞĂƌĐŚEĞĞĚƐ͟ZĞƉŽƌƚ^ĞƌŝĞƐ KǀĞƌƚŚĞƉĂƐƚĞŝŐŚƚLJĞĂƌƐ͕ƚŚĞĂƐŝĐŶĞƌŐLJ^ĐŝĞŶĐĞƐĚǀŝƐŽƌLJŽŵŵŝƩĞĞ;^ͿĂŶĚ^ŚĂǀĞĞŶŐĂŐĞĚ ƚŚŽƵƐĂŶĚƐŽĨƐĐŝĞŶƟƐƚƐĨƌŽŵĂĐĂĚĞŵŝĂ͕ŶĂƟŽŶĂůůĂďŽƌĂƚŽƌŝĞƐ͕ĂŶĚŝŶĚƵƐƚƌLJĨƌŽŵĂƌŽƵŶĚƚŚĞǁŽƌůĚƚŽƐƚƵĚLJ ƚŚĞĐƵƌƌĞŶƚƐƚĂƚƵƐ͕ůŝŵŝƟŶŐĨĂĐƚŽƌƐ͕ĂŶĚƐƉĞĐŝĮĐĨƵŶĚĂŵĞŶƚĂůƐĐŝĞŶƟĮĐďŽƩůĞŶĞĐŬƐďůŽĐŬŝŶŐƚŚĞǁŝĚĞƐƉƌĞĂĚ ŝŵƉůĞŵĞŶƚĂƟŽŶŽĨĂůƚĞƌŶĂƚĞĞŶĞƌŐLJƚĞĐŚŶŽůŽŐŝĞƐ͘dŚĞƌĞƉŽƌƚƐĨƌŽŵƚŚĞĨŽƵŶĚĂƟŽŶĂůĂƐŝĐZĞƐĞĂƌĐŚEĞĞĚƐƚŽ ƐƐƵƌĞĂ^ĞĐƵƌĞŶĞƌŐLJ&ƵƚƵƌĞǁŽƌŬƐŚŽƉ͕ƚŚĞĨŽůůŽǁŝŶŐƚĞŶ͞ĂƐŝĐZĞƐĞĂƌĐŚEĞĞĚƐ͟ǁŽƌŬƐŚŽƉƐ͕ƚŚĞƉĂŶĞůŽŶ 'ƌĂŶĚŚĂůůĞŶŐĞƐĐŝĞŶĐĞ͕ĂŶĚƚŚĞƐƵŵŵĂƌLJƌĞƉŽƌƚEĞǁ^ĐŝĞŶĐĞĨŽƌĂ^ĞĐƵƌĞĂŶĚ^ƵƐƚĂŝŶĂďůĞŶĞƌŐLJ&ƵƚƵƌĞ ĚĞƚĂŝůƚŚĞŬĞLJďĂƐŝĐƌĞƐĞĂƌĐŚŶĞĞĚĞĚƚŽĐƌĞĂƚĞƐƵƐƚĂŝŶĂďůĞ͕ůŽǁĐĂƌďŽŶĞŶĞƌŐLJƚĞĐŚŶŽůŽŐŝĞƐŽĨƚŚĞĨƵƚƵƌĞ͘dŚĞƐĞ ƌĞƉŽƌƚƐŚĂǀĞďĞĐŽŵĞƐƚĂŶĚĂƌĚƌĞĨĞƌĞŶĐĞƐŝŶƚŚĞƐĐŝĞŶƟĮĐĐŽŵŵƵŶŝƚLJĂŶĚŚĂǀĞŚĞůƉĞĚƐŚĂƉĞƚŚĞƐƚƌĂƚĞŐŝĐ ĚŝƌĞĐƟŽŶƐŽĨƚŚĞ^ͲĨƵŶĚĞĚƉƌŽŐƌĂŵƐ͘;ŚƩƉ͗ͬͬǁǁǁ͘ƐĐ͘ĚŽĞ͘ŐŽǀͬďĞƐͬƌĞƉŽƌƚƐͬůŝƐƚ͘ŚƚŵůͿ ϭ ^ĐŝĞŶĐĞĨŽƌŶĞƌŐLJdĞĐŚŶŽůŽŐLJ͗^ƚƌĞŶŐƚŚĞŶŝŶŐƚŚĞ>ŝŶŬďĞƚǁĞĞŶĂƐŝĐZĞƐĞĂƌĐŚĂŶĚ/ŶĚƵƐƚƌLJ Ϯ EĞǁ^ĐŝĞŶĐĞĨŽƌĂ^ĞĐƵƌĞĂŶĚ^ƵƐƚĂŝŶĂďůĞŶĞƌŐLJ&ƵƚƵƌĞ ϯ ŝƌĞĐƟŶŐDĂƩĞƌĂŶĚŶĞƌŐLJ͗&ŝǀĞŚĂůůĞŶŐĞƐĨŽƌ^ĐŝĞŶĐĞĂŶĚƚŚĞ/ŵĂŐŝŶĂƟŽŶ ϰ ĂƐŝĐZĞƐĞĂƌĐŚEĞĞĚƐĨŽƌDĂƚĞƌŝĂůƐƵŶĚĞƌdžƚƌĞŵĞŶǀŝƌŽŶŵĞŶƚƐ ϱ ĂƐŝĐZĞƐĞĂƌĐŚEĞĞĚƐ͗ĂƚĂůLJƐŝƐĨŽƌŶĞƌŐLJ -
CALIFORNIA RESOURCES CORPORATION 2019 PROXY REPORT and NOTICE of ANNUAL MEETING Letter to Shareholders from the Chairman of the Board
CALIFORNIA RESOURCES CORPORATION 2019 PROXY REPORT AND NOTICE OF ANNUAL MEETING Letter to Shareholders from the Chairman of the Board Dear Shareholders, Strong execution, financial discipline and sustained community engagement are compelling hallmarks of California Resources Corporation (“CRC”), reflecting the Company’s core values of Character, Responsibility and Commitment and the high expectations set by the Board of Directors (the “Board”). In 2018, CRC achieved strong results through the exceptional leadership of our management team and the dedication of our diverse workforce who operate critical infrastructure and supply essential resources to Californians with an innovative and entrepreneurial mindset. With the Board’s active direction, CRC thoughtfully navigated a volatile pricing environment with a dynamic and flexible operating plan that prioritized projects to deliver value both in the immediate and longer term, while continuing to meaningfully strengthen our financial position. We believe this value-driven approach to managing our business truly sets CRC apart. It enables us to capture the full value of our robust portfolio of assets throughout the commodity cycle and ensures effective capital allocation that delivers positive results for our shareholders. Coupled with an unwavering focus on operational excellence that unifies the organization, it is a powerful strategic approach that sustains CRC’s high levels of safety, environmental stewardship, reliability and quality. In 2018, an engaged Board aligned with shareholder priorities brought to bear a wealth of experience and varied perspectives from within the energy industry, as well as from financial services, accounting, real estate, human resources and organizational disciplines. To ensure that CRC continues to attract and maintain the most effective mix of Board talent, we regularly engage in a review process to evaluate desired skill sets that strengthen governance, promote diversity of thought, and align with the evolving demands of our business. -
Use of Environmental Management Systems and Renewable Energy Sources in Selected Food Processing Enterprises in Poland
energies Article Use of Environmental Management Systems and Renewable Energy Sources in Selected Food Processing Enterprises in Poland Stanisław Bielski 1 , Anna Zieli ´nska-Chmielewska 2 and Renata Marks-Bielska 3,* 1 Faculty of Agriculture and Forestry, University of Warmia and Mazury in Olsztyn, M. Oczapowskiego 8, 10-719 Olsztyn, Poland; [email protected] 2 Institute of Economics, Pozna´nUniversity of Economics and Business, Al. Niepodległo´sci10, 61-875 Pozna´n,Poland; [email protected] 3 Faculty of Economic Sciences, University of Warmia and Mazury in Olsztyn, M. Oczapowskiego 4, 10-719 Olsztyn, Poland * Correspondence: [email protected] Abstract: The issue of environmental management systems in food processing companies is gaining importance due to the need to reduce water withdrawal, wastewater, air emissions, and waste generation. New technological solutions and innovations can reduce the negative effects of the enterprises’ production facilities on the environment. In Poland, the phenomenon of increasing use of the amount of renewable energy sources is influenced by, e.g., adopted national and EU legislation, development of new technologies in the field of energy, and increasing awareness of producers and consumers in the field of ecology and environmental protection. It is also important that the state creates favorable conditions for the use of renewable energy in micro-installations. Citation: Bielski, S.; The application goal of the study is to develop a procedure for improvement of the environmental Zieli´nska-Chmielewska,A.; management systems for food processing companies and increase the awareness of potential use and Marks-Bielska, R. Use of implementation of renewable energy sources by food processing entities. -
Exploring Regional Opportunities in the U.S. for Clean Energy Technology Innovation Volume 1
About the Cover The images on the cover represent regional capabilities and resources of energy technology innovation across the United States from nuclear energy to solar and photovoltaics, and smart grid electricity to clean coal and carbon capture. Disclaimer This volume is one of two volumes and was written by the Department of Energy. This volume summarizes the results of university-hosted regional forums on regional clean energy technology innovation. The report draws on the proceedings and reports produced by the universities noted in Volume 2 for some of its content; as a result, the views expressed do not necessarily represent the views of the Department or the Administration. Neither the United States government nor any agency thereof, nor any of their employees, makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or favoring by the United States government or any agency thereof. Message from the Secretary of Energy The U.S. Department of Energy (Department or DOE) is pleased to present this report, Exploring Regional Opportunities in the U.S. for Clean Energy Technology Innovation. The report represents DOE’s summary of the insights gained through fourteen university-hosted workshop events held nationwide during the spring and summer of 2016. These events brought together members of Congress, governors, other federal, state, tribal, and local officials, academic leaders, private sector energy leaders, DOE officials, and other stakeholders from economic development organizations and nongovernmental organizations to examine clean energy technology innovation from a regional perspective. -
Failure to Disclose but No Bias: the UKSC's Decision in Halliburton
Debevoise In Depth Failure to Disclose but No Bias: The UKSC’s Decision in Halliburton Company (Appellant) v. Chubb Bermuda Insurance Ltd (Respondent) 14 December 2020 The UK Supreme Court unanimously upheld the Court of Appeal’s decision that arbitrators appointed in arbitrations seated in England have a legal duty to disclose subsequent appointments in other arbitrations where there is an overlap in parties and subject matter. The Supreme Court held that, in the present case, while the chair of the tribunal had breached this duty to disclose, the facts and circumstances did not call into question his impartiality. Halliburton’s appeal and its request that the chair be removed were dismissed. Background The dispute originates in the explosion on the Deepwater Horizon oil and gas rig in the Gulf of Mexico on 20 April 2010. Halliburton provided cementing and well-monitoring services on the rig, which was leased by BP and operated by Transocean. The U.S. government pursued each corporation for the devastating environmental damage caused by the incident. Halliburton settled with the government for US$1.1 billion, and subsequently sought to recover that sum from its insurer, Chubb. Chubb refused to pay out under the insurance policy—a Bermuda Form policy—on the basis that the settlement amount was unreasonable. The insurance policy was governed by New York law and provided that disputes were to be resolved by arbitration seated in London. Each party was allowed to appoint an arbitrator, with the chair of the tribunal to be agreed by the parties. The parties could not agree on a chair, so the High Court appointed Kenneth Rokison QC (referred to as “M” in the decisions of the High Court and Court of Appeal), whom Chubb had proposed. -
Sustainable Energy for Food Challenges and Solutions for Sustainable Energy Use in the Agriculture and Food Industry
Sustainable Energy for Food Challenges and Solutions for Sustainable Energy Use in the Agriculture and Food Industry Preface According to conservative estimates, producing food and getting it to the table accounts for around 30% of energy Be part of the solution! consumed worldwide, most of which is provided by fossil fuels. In places where renewable energies such as biomass Contribute to the global knowledge network for energy and already drive agricultural value chains, particularly in the food. Subscribe to the PoweringAg Newsletter at developing world, they often originate from traditional → www.PoweringAg.org sources – fuelwood, for example, which in most cases is or register at harvested in unsustainable ways. With world population on a path of unbridled expansion and energy resources in → https://energypedia.info/wiki/Portal: dwindling supply, experts in science, business, civil society Powering_Agriculture and development cooperation who are active in the energy More than 4,000 users have already signed up! and food sectors all face the same problem: how do we produce more food using as little energy as possible, while increasing the share of renewable energy? The GIZ-DIE symposium ʻSustainable Energy for Food’, held on 12 June 2014 in Bonn, Germany, placed itself at just this juncture. forces with the United States Agency for International With a line-up of 16 speakers drawn from development Development (USAID) the Swedish International Develop- cooperation and research in energy and agriculture, the ment Cooperation Agency (SIDA), OPIC and Duke Energy symposium sought to provide a comprehensive overview to found to found the global initiative ʻPowering Agricul- of where the various stakeholders stand on the issue. -
April 19, 2021
BURLINGTON RETIREMENT SYSTEM City of Burlington City Hall, Room 20, 149 Church Street, Burlington, VT 05401 Robert Hooper, Chairman of the Board Munir Kasti, Vice-Chairman Meeting – Monday, April 19, 2021 Start Time – 9:00 AM – 10:30 AM Join Zoom Meeting: https://us02web.zoom.us/j/85261644826?pwd=SmI1amsvSkRmNzFSU29sV2VOMXhNUT09 Meeting ID: 852- 6164- 4826 Passcode: 834923 You may join by phone, dial +1 929 205 6099, meeting # 852-6164-4826 1. Agenda 2. Public Forum 3. Approve Meeting Minutes 01-21-21 02-18-21 03-15-21 4. Approve Retirement Applications Betty Gill, Class B, $1,109.33 Bonni Clavelle, Class B, $214.66 Charles Cavanaugh, Class B, $62.63 Cynthia Cartier, Class B, $169.24 Jerry Tomlinson, Class B, $549.20 Julie Cadwallder, Class B, $768.18 Melissa Allen, Class B, $734.35 Michelle Lefkowitz, Class B, $37.25 Robert L’Ecuyer, Class B, $602.19 Rosemary Rawlings, Class B, $32.76 5. Approve Cash Outs / Roll Forwards Brian Fitzgerald, Class A - $3,075.99 Christopher Brassard, Class B - $52.99 Colton Dober, Class B - $14,072.82 6. Approve Disability Douglas Bedell, Class B, $3,024.41 7. Fiducient Advisors Presentation Investment Report as of March 31, 2021 Fossil Fuel Divestment Report for Burlington City Council Investment Policy Statement 8. Retirement Board Terms Expiring June – Patrick Robins, Munir Kasti, Daniel Gilligan, applications due May 14 th , at 4:30 pm 9. Administration Updates 10. Adjourn BURLINGTON RETIREMENT BOARD REMOTE MEETING WITH CALL-IN BURLINGTON, VERMONT MINUTES OF MEETING DRAFT January 21, 2021 MEMBERS PRESENT: Robert Hooper, Chairperson Munir Kasti, Vice-Chairperson Benjamin O’Brien Daniel Gilligan Patrick Robins David Mount Matthew Dow Katherine Schad OTHERS PRESENT: Rich Goodwin Justin St. -
Energy Sector Overview
Energy Sector Overview Kevin Bertelsen & Matt Sedlacek February 18, 2014 Overview The energy sector is one of the sectors defined by the S&P500’s Global Industry Classification Standard’s indexes. It consists of two industries: “energy equipment and services” and “oil, gas, and consumable fuels” There are various sub-industries encompassed in each industry, drilling, equipment/service, exploration/production, refining/marketing, and coal/consumable fuels.1 Sensitivity The energy sector is sensitive to the business cycle. The industry works in a more cyclical fashion. Weather and seasons play critical role in the industry and cause an increase in demand for gasoline in the summer and a decrease in demand during the winter. Moreover, when people buy less at the pump it is reflected in less storage and transportation which in turn leads to less drilling and exploration. One exception to this cyclical fashion is natural gas. Natural gas sees a spike in demand during the colder months as people use it to heat their homes.2 Because of cyclical nature of the energy industry their earnings are also exposed to volatility. Expenditures The energy industry is known for large capital expenditures, research and development spending, and legal expenses. Capital expenditures include prospecting land for oil reserves, property, plant and equipment, and transportation of oil. Research and development spending has been used to pay for adaptations to the changing market and environment policy. Moreover, companies need to spend large amounts in research and development to be successful in order to stay ahead of the curve. For example, Exxon Mobil spent over 1 billion dollars in 2012 alone.