CPECC Major Projects in Iraq
Total Page：16
File Type：pdf, Size：1020Kb
Load more
Recommended publications
-
2021 Annual General Meeting and Proxy Statement 2020 Annual Report
2020 Annual Report and Proxyand Statement 2021 Annual General Meeting Meeting General Annual 2021 Transocean Ltd. • 2021 ANNUAL GENERAL MEETING AND PROXY STATEMENT • 2020 ANNUAL REPORT CONTENTS LETTER TO SHAREHOLDERS NOTICE OF 2021 ANNUAL GENERAL MEETING AND PROXY STATEMENT COMPENSATION REPORT 2020 ANNUAL REPORT TO SHAREHOLDERS ABOUT TRANSOCEAN LTD. Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, and operates one of the most versatile offshore drilling fleets in the world. Transocean owns or has partial ownership interests in, and operates a fleet of 37 mobile offshore drilling units consisting of 27 ultra-deepwater floaters and 10 harsh environment floaters. In addition, Transocean is constructing two ultra-deepwater drillships. Our shares are traded on the New York Stock Exchange under the symbol RIG. OUR GLOBAL MARKET PRESENCE Ultra-Deepwater 27 Harsh Environment 10 The symbols in the map above represent the company’s global market presence as of the February 12, 2021 Fleet Status Report. ABOUT THE COVER The front cover features two of our crewmembers onboard the Deepwater Conqueror in the Gulf of Mexico and was taken prior to the COVID-19 pandemic. During the pandemic, our priorities remain keeping our employees, customers, contractors and their families healthy and safe, and delivering incident-free operations to our customers worldwide. FORWARD-LOOKING STATEMENTS Any statements included in this Proxy Statement and 2020 Annual Report that are not historical facts, including, without limitation, statements regarding future market trends and results of operations are forward-looking statements within the meaning of applicable securities law. -
Empirical Inference of Related Trading Between Two Securities: Detecting Pairs Trading, Merger Arbitrage, and Strategy Rules*
Empirical inference of related trading between two securities: Detecting pairs trading, merger arbitrage, and strategy rules* Keith Godfrey The University of Western Australia Working paper: 5 September 2013 The traditional approach to studying pairs trading is to simulate profitability using ex-post historical prices. I study the actual trades reported anonymously in security pairs and build statistical inferences of related trading. The approach is based on the time differences between trades. It can distinguish intrinsically related securities from pseudo-random sets, find stocks involved in merger arbitrage in massive sets of paired index constituents, and infer dominant trading rules of mean reversion algorithms. Empirical inference of related trading can enable further studies into pairs trading, strategy rules, merger arbitrage, and insider trading. Keywords: Inferred trading, empirical inference, pairs trading, merger arbitrage. JEL Classification Codes: G00, G10, C10, C40, C60 The availability of intraday trading or “tick” data with time resolution of a millisecond or finer is opening many avenues of research into financial markets. Analysis of two or more streams of tick data concurrently is becoming increasingly important in the study of multiple-security trading including index tracking, pairs trading, merger arbitrage, and market-neutral strategies. One of the greatest challenges in empirical trading research is the anonymity of reported trades. Securities exchanges report the dates, times, prices, and volumes traded, without identifying the traders. In studies of a single security, this introduces uncertainty of whether each market order that caused a trade was the buy or sell order, and there are documented approaches of inference such as Lee and Ready (1991). -
To Arrive at the Total Scores, Each Company Is Marked out of 10 Across
BRITAIN’S MOST ADMIRED COMPANIES THE RESULTS 17th last year as it continues to do well in the growing LNG business, especially in Australia and Brazil. Veteran chief executive Frank Chapman is due to step down in the new year, and in October a row about overstated reserves hit the share price. Some pundits To arrive at the total scores, each company is reckon BG could become a take over target as a result. The biggest climber in the top 10 this year is marked out of 10 across nine criteria, such as quality Petrofac, up to fifth from 68th last year. The oilfield of management, value as a long-term investment, services group may not be as well known as some, but it is doing great business all the same. Its boss, Syrian- financial soundness and capacity to innovate. Here born Ayman Asfari, is one of the growing band of are the top 10 firms by these individual measures wealthy foreign entrepreneurs who choose to make London their operating base and home, to the benefit of both the Exchequer and the employment figures. In fourth place is Rolls-Royce, one of BMAC’s most Financial value as a long-term community and environmental soundness investment responsibility consistent high performers. Hardly a year goes past that it does not feature in the upper reaches of our table, 1= Rightmove 9.00 1 Diageo 8.61 1 Co-operative Bank 8.00 and it has topped its sector – aero and defence engi- 1= Rotork 9.00 2 Berkeley Group 8.40 2 BASF (UK & Ireland) 7.61 neering – for a decade. -
Preparing for Carbon Pricing: Case Studies from Company Experience
TECHNICAL NOTE 9 | JANUARY 2015 Preparing for Carbon Pricing Case Studies from Company Experience: Royal Dutch Shell, Rio Tinto, and Pacific Gas and Electric Company Acknowledgments and Methodology This Technical Note was prepared for the PMR Secretariat by Janet Peace, Tim Juliani, Anthony Mansell, and Jason Ye (Center for Climate and Energy Solutions—C2ES), with input and supervision from Pierre Guigon and Sarah Moyer (PMR Secretariat). The note comprises case studies with three companies: Royal Dutch Shell, Rio Tinto, and Pacific Gas and Electric Company (PG&E). All three have operated in jurisdictions where carbon emissions are regulated. This note captures their experiences and lessons learned preparing for and operating under policies that price carbon emissions. The following information sources were used during the research for these case studies: 1. Interviews conducted between February and October 2014 with current and former employees who had first-hand knowledge of these companies’ activities related to preparing for and operating under carbon pricing regulation. 2. Publicly available resources, including corporate sustainability reports, annual reports, and Carbon Disclosure Project responses. 3. Internal company review of the draft case studies. 4. C2ES’s history of engagement with corporations on carbon pricing policies. Early insights from this research were presented at a business-government dialogue co-hosted by the PMR, the International Finance Corporation, and the Business-PMR of the International Emissions Trading Association (IETA) in Cologne, Germany, in May 2014. Feedback from that event has also been incorporated into the final version. We would like to acknowledge experts at Royal Dutch Shell, Rio Tinto, and Pacific Gas and Electric Company (PG&E)—among whom Laurel Green, David Hone, Sue Lacey and Neil Marshman—for their collaboration and for sharing insights during the preparation of the report. -
BP Plc Vs Royal Dutch Shell
FEBRUARY 2021 BP plc Vs Royal Dutch Shell 01872 229 000 www.atlanticmarkets.co.uk www.atlanticmarkets.co.uk BP Plc A Brief History BP is a British multinational oil and gas company headquartered in London. It is one of the world’s oil and gas supermajors. · 1908. The founding of the Anglo-Persian Oil Company, established as a subsidiary of Burmah Oil Company to take advantage of oil discoveries in Iran. · 1935. It became the Anglo-Iranian Oil Company · 1954. Adopted the name British Petroleum. · 1959. The company expanded beyond the Middle East to Alaska and it was one of the first companies to strike oil in the North Sea. · 1978. British Petroleum acquired majority control of Standard Oil of Ohio. Formerly majority state-owned. · 1979–1987. The British government privatised the company in stages between. · 1998. British Petroleum merged with Amoco, becoming BP Amoco plc, · 2000-2001. Acquired ARCO and Burmah Castrol, becoming BP plc. · 2003–2013. BP was a partner in the TNK-BP joint venture in Russia. Positioning BP is a “vertically integrated” company, meaning it’s involved in the whole supply chain – from discovering oil, producing it, refining it, shipping it, trading it and selling it at the petrol pump. BP has operations in nearly 80 countries worldwide and has around 18,700 service stations worldwide. Its largest division is BP America. In Russia, BP also own a 19.75% stake in Rosneft, the world’s largest publicly traded oil and gas company by hydrocarbon reserves and production. BP has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. -
Iraq's Oil Sector
June 14, 2014 ISSUE BRIEF: IRAQ’S OIL SECTOR BACKGROUND Oil prices rise on Iraq turmoil Oil markets have reacted strongly to the turmoil in Iraq, the world’s seventh largest oil producer, in recent weeks. International Brent oil prices hit 9-month highs over $113 a barrel on June 13 following the takeover by the Islamic State of Iraq and Syria (ISIS) of Mosul in the north as well as some regions further south with just a few thousand fighters. ISIS has targeted strategic oil operations in the past, attacking and shutting the Kirkuk-Ceyhan pipeline. In Syria, the group holds the Raqqa oil field. POTENTIAL GROWTH The OPEC nation is expected to be largest contributor to global oil supplies through 2035 Iraq’s potential to increase oil production in the coming decades is seen by analysts as a key component to global growth. The IEA's 2013 World Energy Outlook forecasts Iraqi crude and NGL production to ramp up to 5.8 million b/d by 2020 and to 7.9 million b/d by 2035 in the base case scenario, making it the single largest contributor to global oil supply growth through 2035. Iraq produced roughly 3.4 million b/d in May, according to the IEA. The IEA’s medium-term outlook forecasts Iraqi production could reach 4.8 million b/d by 2018. OIL RESERVES Vast reserves are among the cheapest to develop and produce in the world Iraq has the world's fifth largest proven oil reserves, with estimates ranging between 141 billion and 150 billion barrels. -
UK/Netherlands SNS Hackathon Output Report
UK/Netherlands SNS Hackathon Output Report April 2019 Contents Foreword ............................................................................................................................................................. 3 Executive Summary ............................................................................................................................................. 4 Introduction ......................................................................................................................................................... 4 How Does a Hackathon Event Work? ................................................................................................................... 5 Findings ............................................................................................................................................................... 6 Operator Challenges ............................................................................................................................................ 7 Operator 1: Shell .......................................................................................................................................... 7 Operator2: Oranje Nassau Energie B.V. ........................................................................................................ 8 Operator 3: Spirit Energy .............................................................................................................................. 9 Operator 4: Neptune Energy ...................................................................................................................... -
United States Bankruptcy Court Southern District of Texas Houston Division
Case 20-34114 Document 528 Filed in TXSB on 10/19/20 Page 1 of 58 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION ) In re: ) Chapter 11 ) VALARIS PLC, et al.,1 ) Case No. 20-34114 (MI) ) Debtors. ) (Jointly Administered) ) GLOBAL NOTES, METHODOLOGY, AND SPECIFIC DISCLOSURES REGARDING THE DEBTORS’ SCHEDULES OF ASSETS AND LIABILITIES AND STATEMENTS OF FINANCIAL AFFAIRS Introduction Valaris plc (“Valaris”) and its debtor affiliates, as debtors and debtors in possession in the above-captioned chapter 11 cases (collectively, the “Debtors”), with the assistance of their advisors, have filed their respective Schedules of Assets and Liabilities (the “Schedules”) and Statements of Financial Affairs (the “Statements,” and together with the Schedules, the “Schedules and Statements”) with the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”), under section 521 of title 11 of the United States Code (the “Bankruptcy Code”), Rule 1007 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”), and Rule 1007-1 of the Bankruptcy Local Rules for the Southern District of Texas (the “Local Rules”). These Global Notes, Methodology, and Specific Disclosures Regarding the Debtors’ Schedules of Assets and Liabilities and Statements of Financial Affairs (the “Global Notes”) pertain to, are incorporated by reference in, and comprise an integral part of all of the Debtors’ Schedules and Statements. The Global Notes should be referred to, considered, and reviewed in connection with any review of the Schedules and Statements. The Schedules and Statements do not purport to represent financial statements prepared in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”), nor are they intended to be fully reconciled with the financial statements of each Debtor. -
(2386 HK) Sinopec Refining, Chems, LNG Capex Tailwind
18 September 2018 Hong Kong EQUITIES Sinopec Engineering Group (2386 HK) 2386 HK Outperform Sinopec refining, chems, LNG capex tailwind Price (at 08:50, 18 Sep 2018 GMT) HK$8.14 Valuation HK$ 7.50-13.20 Key points - EV-EBITDA (Bear-Bull We are constructive on the earnings turnaround at Sinopec Engineering 12-month target HK$ 11.00 (SEG), albeit with below consensus estimates. Upside/Downside % +35.1 Order flow has positively surprised YTD, and we see material incremental 12-month TSR % +40.5 orders from Sinopec’s expansion plans in refining, chemicals, LNG. Volatility Index Low/Medium Our new HK$11.0 price target (prior HK$9.7) with 35% upside potential GICS sector Capital Goods implies 8x 2019 EV-EBITDA, 0.3x EV-Backlog, and 1.6x P/B. Market cap HK$m 36,044 Market cap US$m 4,594 An improved order backlog and revenue outlook for SEG Free float % 31 30-day avg turnover US$m 4.3 Number shares on issue m 4,428 Investment fundamentals Year end 31 Dec 2017A 2018E 2019E 2020E Revenue m 36,199 41,391 45,486 49,484 EBITDA m 1,859 3,285 3,955 4,408 EBITDA growth % -30.3 76.7 20.4 11.4 EBIT m 1,112 2,501 3,187 3,645 EBIT growth % -42.7 124.8 27.4 14.4 Reported profit m 1,703 2,417 2,749 3,071 Adjusted profit m 1,703 2,417 2,749 3,071 EPS rep Rmb 0.38 0.55 0.62 0.69 EPS rep growth % 2.0 41.9 13.7 11.7 EPS adj Rmb 0.38 0.55 0.62 0.69 EPS adj growth % 2.0 41.9 13.7 11.7 PER rep x 18.5 13.1 11.5 10.3 PER adj x 18.5 13.1 11.5 10.3 Source: Company data, Macquarie Research, September 2018 Total DPS Rmb 0.20 0.33 0.37 0.42 Total div yield % 2.8 4.6 5.2 5.8 1. -
Petrofac Limited
Petrofac Limited INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 30 June 2020 Petrofac Limited CONTENTS Group financial highlights 2 Business review 3 Interim condensed consolidated income statement 15 Interim condensed consolidated statement of comprehensive income 16 Interim condensed consolidated balance sheet 17 Interim condensed consolidated statement of cash flows 18 Interim condensed consolidated statement of changes in equity 19 Notes to the interim condensed consolidated financial statements 20 Appendices 40 Statement of Directors’ responsibilities 46 Shareholder information 47 US$2,103 million US$129 million Revenue EBITDA 1,2 Six months ended 30 June 2019: US$2,821 million Six months ended 30 June 2019: US$305 million US$21 million US$(78) million Business performance net profit 1,3 Reported net loss 3 Six months ended 30 June 2019: US$154 million Six months ended 30 June 2019: US$139 million profit nil 6.2 cents Interim dividend per share Diluted earnings per share 1,3 Six months ended 30 June 2019: 12.7 cents Six months ended 30 June 2019: 44.9 cents US$(13) million US$29 million Free cash flow 4 Net debt Six months ended 30 June 2019: US$123 million At 31 December 2019: US$15 million net cash US$6.2 billion 14% Backlog 6 Return on capital employed 1,5 At 31 December 2019: US$7.4 billion 12 months ended 30 June 2019: 26% 1 Business performance before exceptional items and certain 4 Free cash flow is defined as net cash flows generated from re-measurements. This measurement is shown by Petrofac operating activities and investing activities, less interest paid and as a means of measuring underlying business performance. -
Bowleven PLC to Discuss Etinde Farm-Out Agreement Signed with LUKOIL and Newage Call
THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT BLVN.L - Bowleven PLC to Discuss Etinde Farm-out Agreement Signed with LUKOIL and NewAge Call EVENT DATE/TIME: JUNE 24, 2014 / 9:45AM GMT THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JUNE 24, 2014 / 9:45AM, BLVN.L - Bowleven PLC to Discuss Etinde Farm-out Agreement Signed with LUKOIL and NewAge Call CORPORATE PARTICIPANTS Kevin Hart Bowleven plc - CEO CONFERENCE CALL PARTICIPANTS Rafal Gutaj BofA Merrill Lynch - Analyst Alessandro Pozzi Barclays - Analyst David Farrell Macquarie Research - Analyst Will Forbes Edison - Analyst Charles Vaughan Dundee Securities - Analyst Divaji Hosseini Tudor Pickering Holt - Analyst David Round BMO - Analyst Mark Henderson Westhouse Securities Ltd. - Analyst PRESENTATION Operator Good morning ladies and gentlemen, and welcome to the Bowleven call on the Etinde farm-out transaction. For your information, this conference is being recorded. This morning's call will be led by Kevin Hart, Chief Executive of Bowleven. (Operator Instructions). At the time, I would like to turn the call over to Mr. Kevin Hart, please go ahead sir. Kevin Hart - Bowleven plc - CEO Morning, everybody. First of all, apologies, if I start yawning, I'm not bored. It's the fact I've just flown in Cameroon and on the bounciest flight ever, so I'm running on no sleep at the moment and no caffeine, which is never good. -
Foreign Investment in the Oil Sands and British Columbia Shale Gas
Canadian Energy Research Institute Foreign Investment in the Oil Sands and British Columbia Shale Gas Jon Rozhon March 2012 Relevant • Independent • Objective Foreign Investment in the Oil Sands and British Columbia Shale Gas 1 Foreign Investment in the Oil Sands There has been a steady flow of foreign investment into the oil sands industry over the past decade in terms of merger and acquisition (M&A) activity. Out of a total CDN$61.5 billion in M&A’s, approximately half – or CDN$30.3 billion – involved foreign companies taking an ownership stake. These funds were invested in in situ projects, integrated projects, and land leases. As indicated in Figure 1, US and Chinese companies made the most concerted efforts to increase their profile in the oil sands, investing 2/3 of all foreign capital. The US and China both invested in a total of seven different projects. The French company, Total SA, has also spread its capital around several projects (four in total) while Royal Dutch Shell (UK), Statoil (Norway), and PTT (Thailand) each opted to take large positions in one project each. Table 1 provides a list of all foreign investments in the oil sands since 2004. Figure 1: Total Oil Sands Foreign Investment since 2003, Country of Origin Korea 1% Thailand Norway 6% UK 7% 2% US France 33% 18% China 33% Source: Canoils. Foreign Investment in the Oil Sands and British Columbia Shale Gas 2 Table 1: Oil Sands Foreign Investment Deals Year Country Acquirer Brief Description Total Acquisition Cost (000) 2012 China PetroChina 40% interest in MacKay River 680,000 project from AOSC 2011 China China National Offshore Acquisition of OPTI Canada 1,906,461 Oil Corporation 2010 France Total SA Alliance with Suncor.