Fossil Fuel Divestment Report
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Middle East Oil Pricing Systems in Flux Introduction
May 2021: ISSUE 128 MIDDLE EAST OIL PRICING SYSTEMS IN FLUX INTRODUCTION ........................................................................................................................................................................ 2 THE GULF/ASIA BENCHMARKS: SETTING THE SCENE...................................................................................................... 5 Adi Imsirovic THE SHIFT IN CRUDE AND PRODUCT FLOWS ..................................................................................................................... 8 Reid l'Anson and Kevin Wright THE DUBAI BENCHMARK: EVOLUTION AND RESILIENCE ............................................................................................... 12 Dave Ernsberger MIDDLE EAST AND ASIA OIL PRICING—BENCHMARKS AND TRADING OPPORTUNITIES......................................... 15 Paul Young THE PROSPECTS OF MURBAN AS A BENCHMARK .......................................................................................................... 18 Michael Wittner IFAD: A LURCHING START IN A SANDY ROAD .................................................................................................................. 22 Jorge Montepeque THE SECOND SPLIT: BASRAH MEDIUM AND THE CHALLENGE OF IRAQI CRUDE QUALITY...................................... 29 Ahmed Mehdi CHINA’S SHANGHAI INE CRUDE FUTURES: HAPPY ACCIDENT VERSUS OVERDESIGN ............................................. 33 Tom Reed FUJAIRAH’S RISE TO PROMINENCE .................................................................................................................................. -
Oil & Gas, and Mining Associations, Organizations, and Company
2021 OIL & GAS, AND MINING ASSOCIATIONS, ORGANIZATIONS, AND COMPANY INFORMATION UNIVERSITY OF COLORADO DENVER ASSOCIATIONS AND ORGANIZATIONS Colorado Cleantech Industry Association – https://coloradocleantech.com/ Colorado Energy Coalition – http://www.metrodenver.org/news/news-center/2017/02/colorado-energy-coalition- takes-energy-%E2%80%98asks-to-congressional-delegation-in-washington,-dc/ Colorado Mining Association (CMA) – https://www.coloradomining.org/default.aspx Colorado Oil and Gas Association (COGA) – http://www.coga.org/ Colorado Petroleum Association – http://www.coloradopetroleumassociation.org/ Colorado Renewable Energy Society (CRES) – https://www.cres-energy.org/ Society of Petroleum Engineers – https://www.spe.org/en/ United States Energy Association – https://www.usea.org/ OIL AND GAS Antero Resources – http://www.anteroresources.com/ Antero Resources is an independent exploration and production (E&P) company engaged in the exploitation, development, and acquisition of natural gas, NGLs and oil properties located in the Appalachia Basin. Headquartered in Denver, Colorado, we are focused on creating value through the development of our large portfolio of repeatable, low cost, liquids-rich drilling opportunities in two of the premier North American shale plays. Battalion Oil – https://battalionoil.com/ http://www.forestoil.com/ Battalion Oil (Formerly Halcón Resources Corporation) is an independent energy company focused on the acquisition, production, exploration and development of onshore liquids-rich assets in the United States. While Battalion is a new venture, we operate on a proven strategy used in prior, successful ventures. We have experienced staff and use the most advanced technology, enabling us to make informed and effective business decisions. Spanish for hawk, Halcón embraces the vision and agility to become a resource powerhouse in the oil and gas industry. -
Energy Investments in a Zero-Carbon World
Investment Management ENERGY INVESTMENTS IN A ZERO-CARBON WORLD The energy sector is controversial. It faces a perfect (usually in the single to low double digits), whereas storm due to the short-term demand shock caused by the iron-ore and copper reserves are often measured in COVID-19 pandemic and the longer-term risk from the decades or even centuries. This means that at current reduction in society’s carbon footprint to combat climate production rates, under all scenarios for future oil change. Considering this uncertainty and the collapse demand, it is impossible for upstream reserves to in valuations in the sector, we are confronted with dual become obsolete due to inadequate demand for oil. scenarios: whether the sector presents an exceptional • With respect to new competitors, US shale has investment opportunity or is destined for obsolescence. We emerged as a powerful new supply source over believe the key questions are: the past few years. But we estimate that US shale 1. What is the risk that energy companies will be left with production requires an oil price of $60 per barrel or material stranded assets in a carbon-neutral world? more to be economical, underscoring the limits as to how much disruption shale can cause. 2. How will the coming energy transition impact the sustainability of energy companies? MULTI-DECADE DEMAND FOR OIL AND GAS This note focuses on the risks and opportunities presented It bears repeating that there is no scenario under by the upcoming transition for the energy sector. We which the demand for oil and gas will disappear in address company-specific issues as part of our research the next few decades. -
Convertible Bond Investing Brochure (PDF)
Convertible bond investing Invesco’s Convertible Securities Strategy 1 Introduction to convertible bonds A primer Convertible securities provide investors the opportunity to participate in the upside of stock markets while also offering potential downside protection. Because convertibles possess both stock- and bond-like attributes, they may be particularly useful in minimizing risk in a portfolio. The following is an introduction to convertibles, how they exhibit characteristics of both stocks and bonds, and where convertibles may fit in a diversified portfolio. Reasons for investing in convertibles Through their combination of stock and bond characteristics, convertibles may offer the following potential advantages over traditional stock and bond instruments: • Yield advantage over stocks • More exposure to market gains than market losses • Historically attractive risk-adjusted returns • Better risk-return profile • Lower interest rate risk Introduction to convertibles A convertible bond is a corporate bond that has the added feature of being convertible into a fixed number of shares of common stock. As a hybrid security, convertibles have the potential to offer equity-like returns due to their stock component with potentially less volatility due to their bond-like features. Convertibles are also higher in the capital structure than common stock, which means that companies must fulfill their obligations to convertible bondholders before stockholders. It is important to note that convertibles are subject to interest rate and credit risks that are applicable to traditional bonds. Simplified convertible structure Bond Call option Convertible Source: BofA Merrill Lynch Convertible Research. The bond feature of these securities comes from their stated interest rate and claim to principal. -
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 -
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. -
Derivative Securities
2. DERIVATIVE SECURITIES Objectives: After reading this chapter, you will 1. Understand the reason for trading options. 2. Know the basic terminology of options. 2.1 Derivative Securities A derivative security is a financial instrument whose value depends upon the value of another asset. The main types of derivatives are futures, forwards, options, and swaps. An example of a derivative security is a convertible bond. Such a bond, at the discretion of the bondholder, may be converted into a fixed number of shares of the stock of the issuing corporation. The value of a convertible bond depends upon the value of the underlying stock, and thus, it is a derivative security. An investor would like to buy such a bond because he can make money if the stock market rises. The stock price, and hence the bond value, will rise. If the stock market falls, he can still make money by earning interest on the convertible bond. Another derivative security is a forward contract. Suppose you have decided to buy an ounce of gold for investment purposes. The price of gold for immediate delivery is, say, $345 an ounce. You would like to hold this gold for a year and then sell it at the prevailing rates. One possibility is to pay $345 to a seller and get immediate physical possession of the gold, hold it for a year, and then sell it. If the price of gold a year from now is $370 an ounce, you have clearly made a profit of $25. That is not the only way to invest in gold. -
How Municipal Bonds Are Sold in a Public Offering JUNE 2020
UNDERSTANDING MUNICIPAL BONDS How Municipal Bonds Are Sold in a Public Offering JUNE 2020 anonymous to all underwriters, each underwriter can see the Municpal Bonds–Method of Sale ranking of its own bid relative to competing bids. Therefore, the Many of us are familiar with municipal bonds, either as an issuer, underwriter with the second best bid knows that it ranks second an investor, or, for a much smaller number of us, a participant and can continuously submit better bids until it holds the top in the municipal bond industry. Generally speaking, the idea is position. This bid competition continues until the predetermined simple. A unit of government needs to borrow money for any timeframe for the auction expires, unless there is a new top- number of public purposes, and investors have the capital to ranked bid within the last two minutes of the auction, in which lend to these governments in exchange for a rate of return. What case the auction is extended for another two minutes. Eventually, is far less familiar to many is an understanding of the intricacies the underwriter that submits the bid with the lowest TIC for a full of the municipal bond market. As a result, PMA’s Public Finance two minutes will be the winning bidder. See below for a sample group has created the “Understanding Municipal Bonds” series bid summary in an open-auction competitive sale. to help educate our issuer clients on nuanced aspects of the Sample Bid Summary–Open Auction bond market. In this edition, we provide insight on the method of sale options available to issuers when selling their bonds in the primary market (i.e., a public offering of municipal securities). -
Green Hydrogen the Next Transformational Driver of the Utilities Industry
EQUITY RESEARCH | September 22, 2020 | 9:41PM BST The following is a redacted version of the original report. See inside for details. Green Hydrogen The next transformational driver of the Utilities industry In our Carbonomics report we analysed the major role of clean hydrogen in the transition towards Net Zero. Here we focus on Green hydrogen (“e-Hydrogen”), which is produced when renewable energy powers the electrolysis of water. Green hydrogen looks poised to become a once-in-a-generation opportunity: we estimate it could give rise to a €10 trn addressable market globally by 2050 for the Utilities industry alone. e-Hydrogen could become pivotal to the Utilities (and Energy) industry, with the potential by 2050 to: (i) turn into the largest electricity customer, and double power demand in Europe; (ii) double our already top-of-the-street 2050 renewables capex EU Green Deal Bull Case estimates (tripling annual wind/solar additions); (iii) imply a profound reconfiguration of the gas grid; (iv) solve the issue of seasonal power storage; and (v) provide a second life to conventional thermal power producers thanks to the conversion of gas plants into hydrogen turbines. Alberto Gandolfi Ajay Patel Michele Della Vigna, CFA Mafalda Pombeiro Mathieu Pidoux +44 20 7552-2539 +44 20 7552-1168 +44 20 7552-9383 +44 20 7552-9425 +44 20 7051-4752 alberto.gandolfi@gs.com [email protected] [email protected] [email protected] [email protected] Goldman Sachs International Goldman Sachs International Goldman Sachs International Goldman Sachs International Goldman Sachs International Goldman Sachs does and seeks to do business with companies covered in its research reports. -
What Are High-Yield Corporate Bonds?
INVESTOR BULLETIN What Are High-yield Corporate Bonds? The SEC’s Office of Investor Education and Advocacy is a high-yield bond, it is important that you understand issuing this Investor Bulletin to educate individual investors the risks involved. about high-yield corporate bonds, also called “junk bonds.” While they generally offer a higher yield than investment-grade Default risk. Also referred to as credit risk, this is the bonds, high-yield bonds also carry a higher risk of default. risk that a company will fail to make timely interest or principal payments and default on its bond. Defaults also What is a high-yield corporate bond? can occur if the company fails to meet certain terms of its A high-yield corporate bond is a type of corporate bond debt agreement. Because high-yield bonds are typically that offers a higher rate of interest because of its higher issued by companies with higher risks of default, this risk risk of default. When companies with a greater estimated is particularly important to consider when investing in default risk issue bonds, they may be unable to obtain high-yield bonds. an investment-grade bond credit rating. As a result, they Interest rate risk. typically issue bonds with higher interest rates in order to Market interest rates have a major entice investors and compensate them for this higher risk. impact on bond investments. The price of a bond moves in the opposite direction than market interest rates—like High-yield bond issuers may be companies characterized opposing ends of a seesaw. This presents investors with as highly leveraged or those experiencing financial interest rate risk, which is common to all bonds. -
Read the Full Paper
volume 47 number 3 FEBRUARY 2021 jpm.pm-research.com The Stock-Bond Correlation Megan Czasonis, Mark Kritzman, and David Turkington Megan Czasonis Megan Czasonis is a Managing Director for the Portfolio and Risk Research team at State Street Associates. The Portfolio and Risk Research team collaborates with academic partners to develop new research on asset allocation, risk management, and investment strategy. The team delivers this research to institutional investors through indicators, advisory projects, and thought leadership pieces. Megan has co-authored various journal permission. articles and works closely with institutional investors to develop customized solutions based on this research. Megan graduated Summa Cum Laude from Bentley University Publisher with a B.S. in Economics / Finance. without Mark Kritzman Mark Kritzman is a Founding Partner and CEO of Windham Capital Management, a electronically Founding Partner of State Street Associates, and teaches a graduate finance course post at the Massachusetts Institute of Technology. Mark served as a Founding Director of to the International Securities Exchange and has served on several Boards, including the or Institute for Quantitative Research in Finance, The Investment Fund for Foundations, and user, State Street Associates. He has written numerous articles for academic and professional journals and is the author / co-author of seven books including A Practitioner’s Guide to Asset Allocation, Puzzles of Finance, and The Portable Financial Analyst. Mark won Graham unauthorized and Dodd Scrolls in 1993 and 2002, the Research Prize from the Institute for Quantitative an Investment Research in 1997, the Bernstein Fabozzi/Jacobs Levy Award nine times, the to Roger F. -
List of CA100+ Non-Disclosers 142 of 167 CA100+ Target Companies (85%) Have Not Published a Review of Their Alignment with Industry Associations on Climate Change
List of CA100+ Non-Disclosers 142 of 167 CA100+ target companies (85%) have not published a review of their alignment with industry associations on climate change. A full list is below: • A.P. Moller - Maersk • CEZ, A.S. • Adbri Ltd • China National Offshore Oil Corporation (CNOOC) Limited • AES Corporation • China Petroleum & Chemical • Air France KLM S.A. Corporation (Sinopec) • Air Liquide • China Shenhua Energy • Airbus Group • China Steel Corporation • American Airlines Group Inc. • Coal India • American Electric Power Company, Inc. • Coca-Cola Company • Anhui Conch Cement • Colgate-Palmolive Company • ANTAM (Aneka Tambang) • CRH • Bayer AG • Cummins Inc. • Berkshire Hathaway • Daikin Industries, Ltd. • Bluescope Steel Limited • Daimler AG • BMW • Dangote Cement Plc • Boeing Company • Danone S.A. • Boral Limited • Delta Air Lines, Inc. • Bumi Resources • Devon Energy Corporation • Bunge Limited • Dominion Energy, Inc • Canadian Natural Resources Limited • Dow Inc • Caterpillar Inc. • E.ON SE • CEMEX S.A.B. De C.V. • Ecopetrol Sa • Centrica • EDF List of CA100+ Non-Disclosers 1 • Enbridge Inc. • LafargeHolcim Ltd • ENEL SpA • Lockheed Martin Corporation • ENEOS Holdings • Lukoil OAO • ENGIE • LyondellBasell Industries Cl A • Eni SpA • Marathon Petroleum • Eskom Holdings Soc Limited • Martin Marietta Materials, Inc. • Exelon Corporation • National Grid Plc • Fiat Chrysler Automobiles NV • Naturgy • FirstEnergy Corp. • Nestlé • Formosa Petrochemical • NextEra Energy, Inc. • Fortum Oyj • Nippon Steel Corporation • Gazprom • Nissan Motor Co., Ltd. • General Electric Company • Nornickel (MMC Norilsk Nickel OSJC) • General Motors Company • NRG Energy, Inc. • Grupo Argos • NTPC Ltd • Grupo Mexico • Occidental Petroleum Corporation • Hitachi, Ltd. • Oil & Natural Gas Corporation • Hon Hai Precision Industry • Oil Search • Honda Motor Company • Orica • Iberdrola, S.A.