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Integrated Oil & Gas Sector Report

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Integrated Oil & Gas Sector Report EXCERPT ONLY THIS IS NOT A FULL REPORT KEY ISSUES FOR STRATEGIC INVESTORS: Integrated Oil & Gas Securing Access to New Sector Report Reserves Major oil and gas reserves are located in emerging markets, often in politically November 2006 volatile regions or conflict zones. There are associated environmental and social Report prepared by: Christian Meade, Analyst, [email protected]; Doug issues particularly regarding human Morrow, Senior Analyst, [email protected]; Dana Sasarean, Analyst, rights, transparency and the [email protected]; Susan Viets, Director, Research, environment. Failure to manage these [email protected]. For more information on this report or other Innovest reports, issues with upfront risk analysis can please contact Peter Wilkes, Managing Director, [email protected]. result in sunk investments that are either unrecoverable or fail to generate growth Developed Countries Emerging Market Countries 400 at anticipated rates. Similar issues exist in developed countries for growth 350 through the expansion of reserves in 300 ecologically sensitive regions like the Arctic, and growth through non- 250 conventional oil, such as oil sands 200 operations, where the environmental impact is high. Return (%) 150 100 Climate Change Strategies Companies are increasingly operating in 50 a carbon-constrained world owing to 0 tightening regulatory regimes. Exposure AAA AA A BBB BB B CCC to emissions and associated costs varies Rating depending on volume of emissions and the geographic base for operations and Innovest Rating vs. Three Year Total Returns as of September 2006. Innovest sales. For proactive companies energy- believes that as these companies in emerging markets increasingly compete in efficiency and cogeneration lower international markets for access to capital that over the long term they will be at a operating costs; a focus on natural gas disadvantage in comparison with sector leaders, unless they substantially improve as well as renewable fuels and energy their sustainability performance. See page 14 for further explanation. reduces the environmental footprint… No part of this report may be reproduced in any manner without the written permission of Innovest Strategic Value Advisors, Inc. The information herein has been obtained from sources which we believe to be reliable, but we do not guarantee its accuracy or completeness. All opinions expressed herein are subject to change without Go to page 6 for the full list of notice. Innovest Strategic Value Advisors, Inc., its affiliated companies, or their respective shareholders, directors, officers and/or employees, may have a position in the securities discussed herein. The securities mentioned in this Key Issues for Strategic Investors document may not be eligible for sale in some states or countries, nor suitable for all types of investors; their value and the income they produce may fluctuate and/or be adversely affected by exchange rates. © 2006 Innovest Strategic Value Advisors, Inc. All rights reserved. New York Toronto San Francisco Tokyo Mr. Peter Wilkes Ms. Susan McGeachie Mr. Pierre Trevet Mr. Hiromichi Soma Managing Director Director Managing Director Director +1 212 421 2000 ext. 216 +1 905 707 0876 ext. 217 +1 415 332 3506 +81 3 5976 8337 [email protected] [email protected] [email protected] [email protected] Paris London Sydney Innovest Uncovering Hidden Value Perrine Dutronc Mr. Andy White Mr. Bill Hartnett for Strategic Investors Managing Director Managing Director Managing Director +33 (0)1 44 54 04 89 +44 (0) 20 7073 0469 +61 2 9940 2688 [email protected] [email protected] [email protected] www.innovestgroup.com Innovest Strategic Value Advisors Integrated Oil & Gas Sector Report www.innovestgroup.com November 2006 Table of Contents Chapters 1 Executive Summary.................................................................................... 6 Securing Access to New Reserves........................................................................................6 Climate Change Strategies ....................................................................................................6 Growth Market in Clean Energy.............................................................................................6 Managing Environmental Impacts..........................................................................................7 Managing Social Impact at the Community Level..................................................................7 Best and Worst Performers .........................................................................................................8 Top Rated Companies .........................................................................................................10 Bottom Rated Companies....................................................................................................10 Leaders and Laggards...............................................................................................................10 Sector Leaders.....................................................................................................................10 Sector Laggards...................................................................................................................10 2 Ratings and Financials............................................................................. 11 Company Ratings and Rankings...............................................................................................11 Investment valuation and financial ratios...................................................................................12 3 Core Industry Trends: Environmental, Social and Governance (ESG) Trends Impacting Company Growth ............................................................... 17 3.1 Global Energy Demand and Supply ....................................................................................18 3.2 Climate Change and the Regulatory Environment: Companies are Operating in a Carbon- Constrained World.....................................................................................................................21 3.3 Growth Opportunities for Integrated Oil and Gas Companies.............................................29 3.4 Growth Beyond Fossil Fuels: Renewables..........................................................................33 Biofuels are a Growth Market ..............................................................................................38 Regulatory Support for Biofuels ...........................................................................................38 Public, Industry and Investor Interest in Biofuels .................................................................39 Integrated Oil and Gas Companies Step Up Involvement in Biofuels Market......................39 The Downside of Biofuels ....................................................................................................39 Synfuels ...............................................................................................................................39 4 Key Intangible Value Drivers, Current/Best Practice and Company Performance....................................................................................................... 40 Strategic Governance ..................................................................................... 41 I) Strategy ..................................................................................................................................42 Value Drivers .......................................................................................................................42 Current/ Best Practice and Company Performance.............................................................43 Value Drivers .......................................................................................................................45 Current Practice and Company Performance ......................................................................45 II) Strategic Adaptability/Responsiveness and Capability ........................................................47 Value Drivers .......................................................................................................................48 Current/Best Practice and Company Performance..............................................................48 2 Innovest Strategic Value Advisors Integrated Oil & Gas Sector Report www.innovestgroup.com November 2006 Value Drivers .......................................................................................................................49 Current Practice and Company Performance ......................................................................50 III) Traditional Governance........................................................................................................52 Value Drivers .......................................................................................................................52 Current/Best Practice and Company Performance..............................................................52 Products and Services – Strategic Profit Opportunities.................................. 55 I) Intellectual Capital ..................................................................................................................57 Value Drivers .......................................................................................................................57
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