Industry survey: oil & gas
Oil & Gas: Production & Marketing
March 20, 2008
Tina Vital Integrated Oil & Gas Analyst
CURRENT ENVIRONMENT..................................................................1 Companies struggle to boost profits as oil tops $100 a barrel
Non-OECD economies drive global oil demand Oil markets remain tight New oil supplies ease concerns Keep that refinery goin’… Upside seen for US natural gas prices
INDUSTRY PROFILE...............................................................................8 Rise in resource nationalism
High oil prices drive gains for leading oil companies INDUSTRY TRENDS ...............................................................................10 Is the energy cycle disappearing? Is bigger better? Upstream spending accelerates on acquisitions amid rising costs Global crude quality remains stable LNG leads natural gas into a global market expansion Global warming concerns HOW THE INDUSTRY OPERATES .............................................................21 Industry divisions Upstream operations: the exploration and production process Midstream operations: transportation and storage Downstream operations: refining and marketing OPEC wields worldwide power KEY INDUSTRY RATIOS AND STATISTICS ...................................................34 HOW TO ANALYZE AN OIL AND GAS COMPANY ......................................36 Company-specific factors Evaluating the financial statements Valuation techniques
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GLOSSARY .............................................................................................41 INDUSTRY REFERENCES.....................................................................44 COMPARATIVE COMPANY ANALYSIS