{"product_id":"investing-in-energy-isbn-9781576603758","title":"Investing in Energy","description":"\u003cb\u003eAn energy industry researcher and investment advisor provides a fresh perspective on the economics of energy\u003c\/b\u003e \u003cp\u003eFrom major players in the energy industry, such as big oil, to the emerging cap-and-trade market, no other book offers a more complete overview of the energy industry, specifically its economic and financial intricacies, than \u003ci\u003eInvesting in Energy: A Primer on the Economics of the Energy Industry\u003c\/i\u003e.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eDetails how to value and invest in the four big energy sectors: oil, gas, power, and green\u003c\/li\u003e \u003cli\u003eDescribes key financial considerations for the energy sectors, including credit metrics, the importance of liquidity, cash flow, and capital expenditures\u003c\/li\u003e \u003cli\u003eFrom Bloomberg, a leading provider of the most up-to-date business news and financial data\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eA comprehensive guide to the economics of the energy industry, \u003ci\u003eInvesting in Energy\u003c\/i\u003e will prove an invaluable resource for traditional energy investors looking to expand into new areas, as well as for eco-investors looking to better understand how energy markets function.\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I: Introduction and Financial Considerations\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Historical Perspectives 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOil and Gas Producers 4\u003c\/p\u003e \u003cp\u003eProduction Perspectives 5\u003c\/p\u003e \u003cp\u003eImportance of Reserves 6\u003c\/p\u003e \u003cp\u003eRegulatory Environment 7\u003c\/p\u003e \u003cp\u003eAlternative Energy Forms 8\u003c\/p\u003e \u003cp\u003eAlternative Energy Growth 8\u003c\/p\u003e \u003cp\u003eEnergy Investment Cost Considerations 12\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 12\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Investment Opportunities in Energy 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAsia Comes of Age 15\u003c\/p\u003e \u003cp\u003eAustralia’s Natural Gas Boom 16\u003c\/p\u003e \u003cp\u003eBrazil Beckons with Deepwater 17\u003c\/p\u003e \u003cp\u003eIraq’s Road to Recovery 20\u003c\/p\u003e \u003cp\u003eNorth American Unconventional Natural Gas Plays 23\u003c\/p\u003e \u003cp\u003eSolar Power Generation 24\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 24\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Cash Flow and Liquidity at Various Crude Prices 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIndependent Oil Companies 27\u003c\/p\u003e \u003cp\u003eNational Oil Companies 28\u003c\/p\u003e \u003cp\u003eCapital Expenditure Planning 29\u003c\/p\u003e \u003cp\u003eLiquidity—Cash Is Still King 31\u003c\/p\u003e \u003cp\u003eLiquidity Metrics 32\u003c\/p\u003e \u003cp\u003eCash-Flow Considerations 32\u003c\/p\u003e \u003cp\u003eCash-Flow Metrics 33\u003c\/p\u003e \u003cp\u003eLeverage 33\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 34\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Capital Structure and Capital Markets 37\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCapital Structure 37\u003c\/p\u003e \u003cp\u003eInvestors 39\u003c\/p\u003e \u003cp\u003eAlternative Energy Subsidies 42\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 43\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 The Quarterly Earnings Disconnect 45\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eShort Term versus Long Term 45\u003c\/p\u003e \u003cp\u003eBusiness Risks 49\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 50\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II: Crude Oil and Natural Gas\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Analyzing Reserves 53\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAuthorities on Reserves 53\u003c\/p\u003e \u003cp\u003eProven Reserves 54\u003c\/p\u003e \u003cp\u003eIndustry Nomenclature 54\u003c\/p\u003e \u003cp\u003eProven Reserve Criterion 55\u003c\/p\u003e \u003cp\u003eUnproven Reserves 57\u003c\/p\u003e \u003cp\u003eCertification Process 58\u003c\/p\u003e \u003cp\u003eMore on Reserve Authorities 59\u003c\/p\u003e \u003cp\u003eMeasuring Reserves 61\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 63\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Crude Oil Markets and Production 65\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Crude Oil Markets 65\u003c\/p\u003e \u003cp\u003eBenchmark Crudes 65\u003c\/p\u003e \u003cp\u003eInventory Levels 67\u003c\/p\u003e \u003cp\u003eCrude Oil Quality 67\u003c\/p\u003e \u003cp\u003eCrude Oil Markets 68\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 74\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Natural Gas Markets and Production 75\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDe-Coupling of Natural Gas from Crude Oil 75\u003c\/p\u003e \u003cp\u003eConventional Natural Gas Production 76\u003c\/p\u003e \u003cp\u003eNorth American Unconventional Natural Gas Shale Plays 77\u003c\/p\u003e \u003cp\u003eCanadian Natural Gas Markets 78\u003c\/p\u003e \u003cp\u003eNatural Gas Markets 79\u003c\/p\u003e \u003cp\u003eLNG—Fuel for the Future 81\u003c\/p\u003e \u003cp\u003eNatural Gas Storage 81\u003c\/p\u003e \u003cp\u003eNatural Gas as a Utility 82\u003c\/p\u003e \u003cp\u003eNatural Gas—The Cleaner Fuel 82\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 83\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Understanding Refining Economics 85\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Business Model 85\u003c\/p\u003e \u003cp\u003eChallenge for Independent Refiners 86\u003c\/p\u003e \u003cp\u003ePhysical Crude Oil Trading 86\u003c\/p\u003e \u003cp\u003eRefining Capacity, Complexity, and Utilization 87\u003c\/p\u003e \u003cp\u003eBenchmark Crude Oils 90\u003c\/p\u003e \u003cp\u003eCrack Spreads 90\u003c\/p\u003e \u003cp\u003eThe Challenge 93\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 94\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Integrated Majors and the Evolution of the Competitive Landscape 95\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRole of National Oil Companies 95\u003c\/p\u003e \u003cp\u003eThe Road Ahead for Integrated Majors 97\u003c\/p\u003e \u003cp\u003eU.S. Safety and Regulation 97\u003c\/p\u003e \u003cp\u003eUK Environmental Program 98\u003c\/p\u003e \u003cp\u003eTechnological Challenges Abound 99\u003c\/p\u003e \u003cp\u003eReserve Changes 101\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 102\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 The Oilfield Service Sector and Oil Juniors 103\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe World Is Their Platform 103\u003c\/p\u003e \u003cp\u003eOil Juniors: Is Smaller Better? 106\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 110\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 OPEC 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOPEC Organization 111\u003c\/p\u003e \u003cp\u003eOPEC Crude Basket 112\u003c\/p\u003e \u003cp\u003eOPEC Crude Production 112\u003c\/p\u003e \u003cp\u003eOPEC’s Role during the Financial Crisis 2008 to 2009 113\u003c\/p\u003e \u003cp\u003eSaudi Arabia’s Role in OPEC 115\u003c\/p\u003e \u003cp\u003eOPEC versus Non-OPEC Reserves 116\u003c\/p\u003e \u003cp\u003eGeopolitics of Crude 117\u003c\/p\u003e \u003cp\u003eNationalization of Assets 117\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 118\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Bidding and Production Rights 119\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBrazil 119\u003c\/p\u003e \u003cp\u003eMexico 121\u003c\/p\u003e \u003cp\u003eNorway 123\u003c\/p\u003e \u003cp\u003eThe United Kingdom 124\u003c\/p\u003e \u003cp\u003eVenezuela 125\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 126\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Analyzing State-Owned Oil Companies 127\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHydrocarbons, a Source of Revenue 127\u003c\/p\u003e \u003cp\u003eRegulatory Frameworks 128\u003c\/p\u003e \u003cp\u003eConcessions and Bid Rounds 129\u003c\/p\u003e \u003cp\u003eTaxes and Royalties 129\u003c\/p\u003e \u003cp\u003ePensions and Legacy Support 129\u003c\/p\u003e \u003cp\u003eTransparency 130\u003c\/p\u003e \u003cp\u003eSocial Programs 130\u003c\/p\u003e \u003cp\u003eCapital Markets 131\u003c\/p\u003e \u003cp\u003eMexico’s PEMEX 131\u003c\/p\u003e \u003cp\u003eOwnership Structure 132\u003c\/p\u003e \u003cp\u003eHybrid-Capital Companies 132\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 136\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 Crude Oil Pricing and Industry Investment 137\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHigher Crude Prices Impact Demand 137\u003c\/p\u003e \u003cp\u003eGlobal Oil Imbalance 138\u003c\/p\u003e \u003cp\u003eUnprecedented Financial Crises 139\u003c\/p\u003e \u003cp\u003eGreat Commodity Collapse of 2009 140\u003c\/p\u003e \u003cp\u003eLeverage Creep 141\u003c\/p\u003e \u003cp\u003eImproved Market Fundamentals 142\u003c\/p\u003e \u003cp\u003eInvestment Outlook 142\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 143\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III: The Power Sector\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Hydroelectric Power 147\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAdvantages 148\u003c\/p\u003e \u003cp\u003eDisadvantages 149\u003c\/p\u003e \u003cp\u003eChina 150\u003c\/p\u003e \u003cp\u003eBrazil and Paraguay 151\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 152\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 Nuclear Quagmire 153\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Issue: Nuclear Waste 153\u003c\/p\u003e \u003cp\u003eThe Benefits 154\u003c\/p\u003e \u003cp\u003eNuclear Power in the United States 154\u003c\/p\u003e \u003cp\u003eThe Future of Nuclear Energy 156\u003c\/p\u003e \u003cp\u003eNuclear Energy in France 157\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 159\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18 Geothermal and Wind Energy 161\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUnited States 162\u003c\/p\u003e \u003cp\u003ePhilippines 162\u003c\/p\u003e \u003cp\u003eWind Generation Energy 163\u003c\/p\u003e \u003cp\u003eDenmark 164\u003c\/p\u003e \u003cp\u003eUnited Kingdom 165\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 165\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19 Solar Energy 167\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTypes of Solar Energy 167\u003c\/p\u003e \u003cp\u003eSpain 168\u003c\/p\u003e \u003cp\u003eGermany 170\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 171\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV: Green Energy Chapter 20\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eBiofuels and Ethanol 175\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBiofuels Development 175\u003c\/p\u003e \u003cp\u003eEthanol Development 177\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 182\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 21 Cleaner Coal 183\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCoal as a Fuel Source 183\u003c\/p\u003e \u003cp\u003eCleaner Coal 186\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 189\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart V: Summary and Conclusion\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 22 Opportunities and Challenges in Green and Traditional Energies 193\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRenewable Energy 193\u003c\/p\u003e \u003cp\u003eCap and Trade 195\u003c\/p\u003e \u003cp\u003eNatural Gas Opportunities 196\u003c\/p\u003e \u003cp\u003eOffshore Drilling Challenges 197\u003c\/p\u003e \u003cp\u003eConcluding Thoughts: Energy Independence—A Strategic Imperative 197\u003c\/p\u003e \u003cp\u003eAppendix: Energy Equivalent Conversions 199\u003c\/p\u003e \u003cp\u003eGlossary 201\u003c\/p\u003e \u003cp\u003eAbout the Author 205\u003c\/p\u003e \u003cp\u003eIndex 207\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eGIANNA BERN\u003c\/b\u003e is President of Brookshire Advisory and Research, Inc., and a recognized energy market strategist and oil analyst. Brookshire is a Chicago-based registered investment advisory firm focused on oil and gas commodity research, energy sector investment research, and energy risk management advisory services with clients based in Europe, Latin America, Canada, and the United States. Brookshire also is the publisher of \u003ci\u003eThe Brookshire Report\u003c\/i\u003e, a quarterly global oil market outlook, and,\u003ci\u003eThe Brookshire Energy Series\u003c\/i\u003e, independent oil and gas investment research. \u003c\/p\u003e\u003cp\u003eGianna is a registered investment advisor and energy analyst with more than twenty years of experience in the energy sector, risk management trading, corporate finance, credit portfolio management, and corporate banking. Gianna is frequently interviewed and quoted on oil markets in Bloomberg News, Dow Jones Newswires, CNN Money, Reuters, and other major media. \u003c\/p\u003e\u003cp\u003ePrior to Brookshire, Gianna was a senior director in Fitch Ratings' Latin America Corporate Finance group with responsibility for oil, gas, and utilities. Before joining Fitch, Gianna was the credit portfolio manager of a leading commercial lease finance company where she managed a $2.5 billion commercial finance lease portfolio. \u003c\/p\u003e\u003cp\u003ePreviously, Gianna was a crude and gasoline trader and manager of risk management trading at BP Amoco Plc. Before the merger of Amoco Corporation and BP Plc., Gianna was a senior energy analyst at Amoco Oil. Gianna began her career in corporate finance at Continental Bank (now Bank of America Merrill Lynch). Gianna has a BBA from Illinois Institute of Technology and an MBA from The University of Chicago Booth School of Business.   \t \u003c\/p\u003e\u003cp\u003e\u003cb\u003eINVESTING IN ENERGY A PRIMER ON THE ECONOMICS OF THE ENERGY INDUSTRY\u003c\/b\u003e   \u003c\/p\u003e\u003cp\u003eAS IT REACTS TO new challenges in regulation, exploration, and alternative energy initiatives, the energy sector has emerged as one of the most rapidly growing and complex sectors for investment. \u003ci\u003eInvesting in Energy: A Primer on the Economics of the Energy Industry\u003c\/i\u003e is a response to this growth, providing the most up-to-date knowledge for both established and would-be investors.  \u003c\/p\u003e\u003cp\u003eConsidering the economics of the industry and the multifaceted factors involved in investing, \u003ci\u003eInvesting in Energy\u003c\/i\u003e identifies and assesses the major energy sectors: oil and natural gas— currently the most dominant sources—as well as power and emerging green industries.  \u003c\/p\u003e\u003cp\u003eA comprehensive look at the economics of the energy industry, the book reviews the financial considerations necessary for evaluating and assessing investment opportunities, including \u003c\/p\u003e\u003cp\u003ecash flow, capital structure, and the role of capital markets across a myriad of energy sector firms. It also looks at the financial considerations for these sectors, including key credit metrics, the importance of liquidity, cash flow, and capital expenditure, as well as the multitude of investment strategies applicable to the green energy sector.  \u003c\/p\u003e\u003cp\u003eA detailed guide to all of the major energy technologies, an overview of the economics of the industry, a review of the financial considerations, and an evaluation of each major sector of energy production, \u003ci\u003eInvesting in Energy\u003c\/i\u003e covers everything from OPEC to biofuels, and everything in between, in order to get investors the information that they need to make informed decisions on how to invest in the energy industry.  \t \t \t \t  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eINVESTING IN ENERGY\u003c\/b\u003e A PRIMER ON THE ECONOMICS OF THE ENERGY INDUSTRY \u003c\/p\u003e\u003cp\u003eAS IT REACTS TO new challenges in regulation, exploration, and alternative energy initiatives, the energy sector has emerged as one of the most rapidly growing and complex sectors for investment. \u003ci\u003eInvesting in Energy: A Primer on the Economics of the Energy Industry\u003c\/i\u003e is a response to this growth, providing the most up-to-date knowledge for both established and would-be investors. \u003c\/p\u003e\u003cp\u003eConsidering the economics of the industry and the multifaceted factors involved in investing, \u003ci\u003eInvesting in Energy\u003c\/i\u003e identifies and assesses the major energy sectors: oil and natural gas—currently the most dominant sources—as well as power and emerging green industries. \u003c\/p\u003e\u003cp\u003eA comprehensive look at the economics of the energy industry, the book reviews the financial considerations necessary for evaluating and assessing investment opportunities, including cash flow, capital structure, and the role of capital markets across a myriad of energy sector firms. It also looks at the financial considerations for these sectors, including key credit metrics, the importance of liquidity, cash flow, and capital expenditure, as well as the multitude of investment strategies applicable to the green energy sector. \u003c\/p\u003e\u003cp\u003eA detailed guide to all of the major energy technologies, an overview of the economics of the industry, a review of the financial considerations, and an evaluation of each major sector of energy production, \u003ci\u003eInvesting in Energy\u003c\/i\u003e covers everything from OPEC to biofuels, and everything in between, in order to get investors the information that they need to make informed decisions on how to invest in the energy industry.\u003c\/p\u003e","brand":"Bloomberg Press","offers":[{"title":"Default Title","offer_id":47989473673445,"sku":"NP9781576603758","price":60.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781576603758.jpg?v=1761784244","url":"https:\/\/k12savings.com\/products\/investing-in-energy-isbn-9781576603758","provider":"K12savings","version":"1.0","type":"link"}