...Executive Director Director, Bureau of Competition Director, Bureau of Consumer Protection Director, Bureau of Economics General Counsel Director, Office of Congressional Relations Director, Office of Public Affairs Director, Office of Policy Planning Secretary of the Commission Report Drafters and Contributors Louis Silvia, Assistant Director, Bureau of Economics David Meyer, Bureau of Economics Sarah M. Mathias, Office of General Counsel Policy Studies Michael S. Wroblewski, Assistant General Counsel Policy Studies Phillip L. Broyles, Assistant Director, Bureau of Competition J. Elizabeth Callison, Bureau of Economics Jeffrey Fischer , Bureau of Economics Nicolas J. Franczyk, Bureau of Competition Daniel E. Gaynor, Bureau of Economics Geary A. Gessler, Bureau of Economics James F. Mongoven, Bureau of Competition John H. Seesel, Associate General Counsel for Energy Christopher T. Taylor, Bureau of Economics Michael G. Vita, Assistant Director, Bureau of Economics Anthony G. Alcorn, Bureau of Economics Sarah Croake, Bureau of Competition Madeleine McChesney, Bureau of Economics Guru Raj, Bureau of Competition Natalie Shonka, Office of General Counsel Policy Studies Inquiries concerning this report should be directed to: John H. Seesel at (202) 326-2702 or jseesel@ftc.gov Sarah M. Mathias (202) 326-3254 or smathias@ftc.gov. Acknowledgments: The FTC appreciates the expertise and time contributed by Hearings participants. For all of their contributions, the FTC conveys its thanks...
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...UNIVERSITY OF THE PHILIPPINES DILIMAN – VIRATA SCHOOL OF BUSINESS Petron Corporation Case Presentation Michelle Therese Diaz | Christian Ernest Santos | Abigail Dy | Wilson Ramos | Christian Villar 1 December 2014 Contents The Company ............................................................................................................................................. 2 1.1. Overview ...................................................................................................................................... 2 1.2. Ownership Structure .................................................................................................................. 2 1.3. Business Strategy ...................................................................................................................... 3 1.3.1. Expansion of regional presence in the Asia Pacific ............................................... 3 1.3.2. Leveraging on refining assets to achieve competitive advantage .......................... 3 1.3.3. Ensuring market dominance over the long-term .................................................... 3 The Oil Industry in the Philippines ................................................................................................... 4 2. 2.1. The Philippine Economy ........................................................................................................... 4 2.2. The Oil Industry ....................................................
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...“Ratio Analysis and Comparative Study of Financials of IOCL with its Competitors” Submitted for partial fulfilment of the Award Of Master of Business Administration DEGREE (2011-2013) Submitted By ArushiBhutani 1103270034 UNDER THE GUIDANCE OF Internal Guide:JayaPandey School of Management ABES ENGINEERING COLLEGE, GHAZIABAD (ISO 9001:2000 certified) AFFILIATED TO MAHAMAYA TECHNICAL UNIVERSITY, NOIDA Candidate’s Declaration/Certificate I “ARUSHI BHUTANI” hereby declare that the work which is being presented in this report entitled “Ratio Analysis and Comparative Study of Financials of IOCL with its Competitors” is an authentic record of my own work carried out under the supervision of Ms. “JAYA PANDEY”. The matter embodied in this report has not been submitted by me for the award of any other degree. Dated: ARUSHI BHUTANI MBA Department This is to certify that the above statements made by the candidate are correct to the best of my knowledge. Prof. Rakesh Passi JAYA PANDEY Head of Department Designation: Date: Department: Date: ACKNOWLEDGEMENT “Interdependence is a higher value than independence” Some says “Managers are born and some says managers are made”. I was also in some dilemma before commencing my Summer Internship Project. But after the successful completion of my summer internship project, I came to know that managers are made if they are guided...
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...9 96046.9 78.5 10.0 0.59 21.6 17.6 6.60 13.0 FY07F 1053630 182100 115113 115113 94.1 11.0& 0.65 18.1 14.6 4.29 17.5 FY08F 982038 FY09F 927646 660513 126574 75716.4 75716.4 61.8 7.50 0.44 27.5 19.6 5.18 9.74 Target price 181809& 210725% 122300% 137078% 122300 100.0% 12.0 0.71 17.0& 15.0 3.48 10.6 137078 106.8% 14.0% 0.82 15.9& 12.3 2.54 10.3 Rs1300.00 (from Rs1250.00) Market capitalisation Rs2.37t (US$57.99bn) Avg (12mth) daily turnover Rs1376.07m (US$31.05m) Reuters Bloomberg RELI.BO RIL IN year to Mar, fully diluted Limited earnings growth We estimate RIL's EPS at Rs100-113 over FY08-10, growth of just 6% pa. Our FY10 estimates are 26% below consensus on account of our cautious view on refining/petchem margins and assumption of an appreciating rupee (Rs/US$ will average 41 in FY08, 39.35 in FY09 and 38.40 thereafter). Our FY09-10 estimates now assume oil from KG-D6 and higher prices for KG-D6 gas. Impressive execution capability We...
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...six-plant refining network, a comprehensive terminal and transportation system, and extensive wholesale and retail marketing operations” (“Corporate Profile”). Marathon’s six refineries have a total refining capacity of 1.142 billion barrels per day and provide the United States with approximately seven percent of its total capacity (“About MPC”). Marathon sells 4.1 billion gallons of gasoline each year that are then distributed to over five thousand independently owned and operated Marathon locations (“About MPC”). Marathon owns Speedway, the fourth largest convenience store chain in the U.S. Speedway not only sells gasoline but also sells food and beverages and a variety of other products in one of its 1350 locations scattered throughout the Midwest (“About MPC ”). To be sure, examining Marathon’s overall product process and identifying those phases which might be improved could result in more efficient refining and distribution of the United States’ life blood: transportation fuels. Efficiency improvements to Marathon’s product production process In order to understand at which phase of Marathon’s product process might be improved for efficiency, it is necessary to examine the current process. The current process for Marathon starts with the purchase, delivery, and transportation of crude oil to its refineries. Marathon purchases crude oil from a variety of sources. In 2010,...
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...THIS ONE question is compulsory and MUST be attempted Section B – TWO questions ONLY to be attempted Do NOT open this paper until instructed by the supervisor. During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor. This question paper must not be removed from the examination hall. The Association of Chartered Certified Accountants Paper P5 Section A: THIS ONE question is compulsory and MUST be attempted 1 Mackerel Contracting (Mackerel) is a listed defence contractor working mainly for its domestic government in Zedland. You are a consultant brought in to advise Mackerel on a number of issues facing the company. The board need a report from you: • outlining the external factors affecting the profitability of a potential new contract and how these factors can be built in to the choice of the design budget which is ultimately set, • advising on a proposed change to the company’s information systems and • advising on suitable performance measures for Mackerel. Firstly, Mackerel is currently considering tendering for a contract to develop a new armoured personnel vehicle (APV) for the army to protect its soldiers during transport around any future battlefield. The invitation to tender from the government specifies that the APV should take two years to develop and test, and be delivered for a full cost to Mackerel of no more than $70,000 per unit at current prices. Normally...
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...mining; integrated gas; and refining, marketing and transportation (www.marathonoil.com). Marathon Oil Corporation operates seven refineries and sells refined products at Marathon-branded gas stations, and through retail subsidiary Speedway outlets. It also holds stakes in 10,000 miles of pipeline, and is one of the largest asphalt and light oil product terminal operators in the US. It distributes petroleum products wholesale to private brand marketers and to large commercial and industrial consumers, as well as to the spot market. The company has operations in more than 20 US states. The phase open to the greatest number of efficiency improvements is the pipeline transport of crude oil. Once the crude oil is in the pipeline it will take about eight to ten days to reach the refinery. “The Capeline Pipeline is a major thoroughfare for crude oil in the U.S., transporting up to one million barrels of crude oil a day…at an average speed of four miles per hour…” (“The time it takes,” n.d.). Transporting oil through pipelines is more economical than transporting over land. If Marathon improves the throughput rate of crude oil delivery they will be able to refine more barrels of gasoline and other petroleum products a day. As previously stated the pipeline can transport up to one million barrels of crude oil a day, and according to marathon.com their refinery network has a crude oil throughput capacity of 1,142,000 barrels per day. Improving the pipeline transport will improve the...
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...Forward Contract We start with an example of a simple forward contract. Arctic Fuels, the heating-oil distributor, plans to deliver one million gallons of heating oil to its retail customers next January. Arctic worries about high heating-oil prices next winter and wants to lock in the cost of buying its supply. Northern Refineries is in the opposite position. It will produce heating oil next winter, but doesn't know what the oil can be sold for. So the two firms strike a deal: Arctic Fuels agrees in September to buy one million gallons from Northern Refineries at $1.60 per gallon, to be paid on delivery in January. Northern agrees to sell and deliver one million gallons to Arctic in January at $1.60 per gallon. Arctic and Northern are now the two counterparties in a forward contract. The forward price is $1.60 per gallon. This price is fixed today, in September in our example, but payment and delivery occur later. (The price for immediate delivery is called the spot price Price of asset for immediate delivery (in contrast to forward or futures price).Arctic, which has agreed to buy in January, has the long position in the contract. Northern Refineries, which has agreed to sell in January, has the short position. Both companies have eliminated a business risk: Arctic has locked in its costs, and Northern has locked in its revenues for one million gallons of output. Do not confuse this forward contract with an option. Arctic does not have the option to buy. It has committed...
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...Royal Dutch Shell PLC RDS.A [pic][pic][pic][pic][pic] [pic][pic] [pic] | | |[pic][pic] | |[pic] | |[pic] | |[pic] | | | | | | | |[pic] | |[pic] ...
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...Hindustan Petroleum Corporation Limited * Stock Analysis Contents About Hindustan Petroleum Corporation Limited 4 The Indian Oil and Gas Industry Overview – Why the industry is Superior 4 About the industry 4 Yearly Consumption 5 Yearly Domestic Production 6 Imports 7 Industry Prospects 8 HPCL – Superior Business from Superior Industry 9 Industry Growth vs Overall Economy Growth 10 HPCL’s Profitability vs other Players in the Industry 10 Net Profit Margin 11 Return on Capital Employed 11 Return on Net Worth 12 Earnings per Share 13 Net Cash from Operating Activities 14 Barriers to entry in the Oil and Gas Industry 15 Growth Prospects of HPCL 15 Valuation Measures of HPCL 16 Intangible Assets of HPCL 17 Risk Parameters of HPCL 17 Use of Leverage by HPCL 18 Debt Equity Ratio 18 Return on Equity & Earnings per Share 19 Barriers to Entry enjoyed by HPCL 20 Shareholders’ Objectives and Returns 21 Quality Management – ROE and Stock Price 22 Shareholding Pattern 23 Valuation of HPCL 24 Free Cash Flow to Firm Approach 24 Dividend Discount Model 27 Ratios – ROE/PE & PEG 28 ROE/PE 28 PEG 28 Scenario Analysis 29 Optimistic Scenario 29 Most Likely Scenario 29 Pessimistic Scenario 30 Conclusion 30 References 31 About Hindustan Petroleum Corporation Limited Hindustan Petroleum Corporation Limited is a major player operating in the Indian Oil and Gas Industry with around 20% market share. HPCL is...
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...large corporations, and many smaller organizations. It is difficult to enter into this market because of the high entry barriers. There are many small exploration companies that contract out to the big players of this industry such as ExxonMobil and the members of the strategic group. Some small exploration companies are Continental Energy Corporation, Atlantic Petroleum, and Anadarko Petroleum Corporation. Anadarko Petroleum Corporation works hand in hand with Beyond Petroleum, and was indirectly involved with the oil spill in the Gulf of Mexico. The members of Exxon’s strategic group consist of Beyond Petroleum, Conoco Phillips, and Chevron. These members are a part of the strategic group because they explore, produce, refine and market oil and gas. A reason why we didn’t pick Royal Dutch Shell is because we found that they have a joint venture with Exxon Mobil. With the recent hunches of more regulation in the oil industry, these corporations are investing in natural gas companies. In order for these companies to remain competitive they need to always be innovative and creative. This is another reason why we picked these three members as a part of the strategic group. Conoco Phillips is the smallest one in the strategic group bringing in only $16.99 million in net income at the end of 2008 (ConocoPhillips, 2008). Even with this small number we still consider Conoco Phillips a threat to Exxon Mobil. Companies | Exxon Mobil | BP | Chevron | ConocoPhillips | Revenues | 335...
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...Oil Sector – Extracting Value We launch coverage on the London listed Palm Oil sector with a positive view as we believe the industry will continue to grow and current production will struggle to meet global demand. In our view, companies (such as the ones under our coverage) that have; agricultural land rights in equatorial regions (where oil palms thrive), industry expertise, experienced management teams, and access to capital, have defensible competitive advantages and are likely to experience earnings growth and margin expansion going forward. New Britain Palm Oil (NBPO LN, BUY, 1,197p price target, 23% upside) NBPO produces sustainable and traceable Palm Oil in Papua New Guinea (PNG), which it sells to European markets. We believe the company’s competitive advantages, (the traceability and sustainability of its oil, above industry average yields, land and other assets, management team and industry relationships) will enable it to increase sales, expand margins and maintain a market leading position going forward. Asian Plantations (PALM LN, BUY, 345p price target, 29% upside) Source: MP Evans Palm Tree Plantation Asian Plantations is involved in the acquisition and development of Palm Oil plantation land in Sarawak, Malaysia. We believe the company will be able to execute on its strategy (acquiring undeveloped land and selling it when it reaches full maturity) given its competitive advantages (land rights, mill technology and management) and its track record since...
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...Chesapeake Energy T E A M - C Members: Misti Smith Kyle Thompson Daniel Ogeto Harding University Spring 2013 TEAM C: The team assignments for our research paper are as follows: Week 2 - Outsourcing – Daniel Ogeto Week 3 - Overview of the Oil and Gas Industry – Daniel Ogeto Week 4 - Chesapeake Energy & its four affiliates - Kyle Thompson Week 5 - Chesapeake Company Operations - Misti Smith Week 6 - Chesapeake Company Future - Daniel Ogeto Abstract Chesapeake Energy is headquartered in Oklahoma City, Oklahoma. This independent company is involved in oil and natural gas exploration and production. The company’s operations, shares and debt; affiliations, outsourcing and future will be discussed in this paper. The oil and gas industry overview will also be covered. CONTENTS 1. Overview of the Oil and Gas Industry ------------------------Page 4 – 21 2. Chesapeake Company Operations ----------------------------Page 21-27 3. Chesapeake & Affiliates ----------------------------------------- Page 28-32 4. Outsourcing -------------------------------------------------------- Page 32-37 5. Chesapeake’s Future --------------------------------------------- Page 37-42 References ---------------------------------------------------------- Page 43-44 OVERVIEW OF THE OIL AND GAS INDUSTRY Companies in this industry develop and operate fields to extract crude oil and natural gas. Major players include Apache, Conoco Phillips, and...
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...2014 ANNUAL REport Focused Performance Financial Calendar Contents Year ended 31 December 2014 1 With you all the way 2 Report from the Chairman and the Managing Director & CEO 07 MAY 2015 Annual General Meeting 4 Year ending 31 December 2015* 24 AUGUST 2015 Half year results and interim dividend announcement 08 SEPTEMBER 2015 Record date for interim dividend entitlement 30 SEPTEMBER 2015 Interim dividend payable if declared 22 FEBRUARY 2016 Full year results and final dividend announcement 08 MARCH 2016 Record date for final dividend entitlement 31 MARCH 2016 Final dividend payable if declared * These dates are subject to change. Corporate Governance Statement 16 2014 Financial Report for Caltex Australia Limited 17 Directors’ Report 62 Consolidated income statement 63 Consolidated statement of comprehensive income 64 Consolidated balance sheet 65 Consolidated statement of changes in equity 66 Consolidated cash flow statement 67 Notes to the financial statements 67 1. Significant accounting policies 76 2. Revenue and other income 76 3. Costs and expenses 77 4. Income tax expense 79 5. Dividends 79 Basic and diluted earnings per share 6. 80 7. Receivables 81 8. Inventories 81 9. Other assets 81 10. Other investments 82 11. Intangibles 83 12. Property, plant and equipment 85 13. Payables 85 14. Interest bearing liabilities 86 15. Provisions 86 16. Issued...
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...CASE Established in 2002 in Taiping, Perak, Palm Haul Sdn Bhd (PHSB) was a small and medium sized enterprise in the Crude Palm Oil (CPO) transportation business. PHSB was managed by En. Rossly, the Chief Executive Officer which is also the son-in-law of PHSB’s founder, Datuk S. Najeed. Like the other transport companies involved in the business, PHSB also faced problems with its drivers embroiling in oil piracy. Transport companies are naturally will held the responsibility for such thefts as they usually take place under their watch and these companies are bound to compensate the refineries for such losses. The culprits involved frequently tanker drivers, depot operators and transporters. One of the major customer of PHSB, Oilene Refineries (Oilene) complaint about the quality of the CPO delivered by PHSB and its later impact on Oilene’s failure to fulfil their customer orders. This is because of the practice of siphoning CPO and adulterating the consignment with water, used oil or sludge was so uncontrolled that a number of PHSB’s customers have threatened to change their custom to other more reliable transport companies. Besides that, profits for the first quarter of 2009 had drastically decrease compared to the same period on the previous year due to the high compensation expenses and maintenance cost. These matters worried Datuk Najeed whom then insisted En. Rossly inspect the matters and report to him within one week with possible solutions. En. Rossly then asked his university...
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