As a major supplier of fuel, lubricants, and energy, British Petroleum has created an eminent image for itself around the globe. The following analysis is an overview of the profitability and performance of the company to understand how well the company has been performing in 2017 compared to 2016. To understand the profitability and performance of any company, it is essential to look at several ratios. The first most important ratio that gives an overlook of the financial performance of the company is liquidity analysis.
{"title":"Strategic Report on British Petroleum","authors":"Chenoy Ceil","doi":"10.2139/ssrn.3521088","DOIUrl":"https://doi.org/10.2139/ssrn.3521088","url":null,"abstract":"As a major supplier of fuel, lubricants, and energy, British Petroleum has created an eminent image for itself around the globe. The following analysis is an overview of the profitability and performance of the company to understand how well the company has been performing in 2017 compared to 2016. To understand the profitability and performance of any company, it is essential to look at several ratios. The first most important ratio that gives an overlook of the financial performance of the company is liquidity analysis.","PeriodicalId":415144,"journal":{"name":"EnergyRN: Other Petroleum (Sub-Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114301805","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Muhammed Sehid Gorus, Onder Ozgur, Abdulkadir Develi
The study aims at examining possible impacts of the changes in oil prices and income on crude oil import demand in Turkey using monthly data between 1996:1 and 2017:9. To this end, the study uses a recently introduced Fourier Shin cointegration test of Tsong et al. (2016) and Fourier Toda–Yamamoto approach of Nazlioglu et al. (2016). The study also constructs error correction model to estimate the short‐run parameters. Our empirical findings detect that oil imports are more sensitive to changes in income relative to changes in oil price in the long‐run. Furthermore, 81.4 per cent of the disequilibrium of the shocks converges back to the equilibrium level within the next month. Also, the causality test results provide an evidence for conservation hypothesis in Turkey. Thus, energy conservative policies do not have adverse effects on real economic activity. These results include policy implications for future prospects.
该研究旨在利用1996:1至2017:9之间的月度数据，研究石油价格和收入变化对土耳其原油进口需求的可能影响。为此，本研究使用了Tsong et al.(2016)和Nazlioglu et al.(2016)的Fourier Shin协整检验和Fourier Toda–Yamamoto方法。本文还构建了误差修正模型来估计短运行参数。我们的实证研究发现，长期来看，相对于油价的变化，石油进口对收入的变化更为敏感。此外，81.4%的不平衡冲击会在接下来的一个月内收敛回平衡水平。此外，因果关系检验结果为土耳其的保护假说提供了证据。因此，能源保守政策不会对实体经济活动产生不利影响。这些结果包括对未来前景的政策影响。
{"title":"The Relationship between Oil Prices, Oil Imports and Income Level in Turkey: Evidence from Fourier Approximation","authors":"Muhammed Sehid Gorus, Onder Ozgur, Abdulkadir Develi","doi":"10.1111/opec.12159","DOIUrl":"https://doi.org/10.1111/opec.12159","url":null,"abstract":"The study aims at examining possible impacts of the changes in oil prices and income on crude oil import demand in Turkey using monthly data between 1996:1 and 2017:9. To this end, the study uses a recently introduced Fourier Shin cointegration test of Tsong et al. (2016) and Fourier Toda–Yamamoto approach of Nazlioglu et al. (2016). The study also constructs error correction model to estimate the short‐run parameters. Our empirical findings detect that oil imports are more sensitive to changes in income relative to changes in oil price in the long‐run. Furthermore, 81.4 per cent of the disequilibrium of the shocks converges back to the equilibrium level within the next month. Also, the causality test results provide an evidence for conservation hypothesis in Turkey. Thus, energy conservative policies do not have adverse effects on real economic activity. These results include policy implications for future prospects.","PeriodicalId":415144,"journal":{"name":"EnergyRN: Other Petroleum (Sub-Topic)","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126688648","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Louis H. Ederington, Chitru S. Fernando, S. Hoelscher, Thomas K Lee, S. Linn
We review a large body of the empirical literature focusing on the relation between petroleum product prices and oil prices and discuss the evidence on the direction of causality between crude oil prices and petroleum product prices. In addition, we survey the literature on the much-debated question of whether petroleum product prices respond differently to increases versus decreases in oil prices, which Bacon (1991) labeled the “rockets and feathers” phenomenon.
{"title":"A Review of the Evidence on the Relation Between Crude Oil Prices and Petroleum Product Prices","authors":"Louis H. Ederington, Chitru S. Fernando, S. Hoelscher, Thomas K Lee, S. Linn","doi":"10.2139/ssrn.3249045","DOIUrl":"https://doi.org/10.2139/ssrn.3249045","url":null,"abstract":"We review a large body of the empirical literature focusing on the relation between petroleum product prices and oil prices and discuss the evidence on the direction of causality between crude oil prices and petroleum product prices. In addition, we survey the literature on the much-debated question of whether petroleum product prices respond differently to increases versus decreases in oil prices, which Bacon (1991) labeled the “rockets and feathers” phenomenon.","PeriodicalId":415144,"journal":{"name":"EnergyRN: Other Petroleum (Sub-Topic)","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134111974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates the intraday market activity of West Texas Intermediate (WTI) crude oil futures around the release of the US Energy Intelligence Agency (EIA) report, looking at how prices respond to inventory shocks. It also examines the impacts of belief dispersion and calendar effect as well as oil price movement between the releases of the American Petroleum Institute (API) and EIA reports. Market activity, in terms of price return, volatility and trading volume, responds to inventory shock very quickly, with the effects lasting for about twenty-five minutes. Our results suggest that a positive (negative) inventory shock will result in an immediate price decline (rise), while both kinds of shock increase volatility and trading volume; however, the price reverts quickly after the initial reaction. Moreover, wider belief dispersion is associated with a larger market response to inventory shock. Last, we discuss some intraday trading strategies on EIA report days. Interestingly, we exhibit an even better strategy than the “natural” one of going long (short) after the announcement of a lower-than-expected inventory at 10:30, that is, an alternate strategy that follows the market move between 10:20 and 10:25. This indicates that some market participants may benefit from wireless towers or other systems giving them access to the news prior to its release by the EIA (www.eia.org).
{"title":"An Analysis of Intraday Market Response to Crude Oil Inventory Shocks","authors":"R. Li, H. Geman","doi":"10.21314/jem.2018.174","DOIUrl":"https://doi.org/10.21314/jem.2018.174","url":null,"abstract":"This paper investigates the intraday market activity of West Texas Intermediate (WTI) crude oil futures around the release of the US Energy Intelligence Agency (EIA) report, looking at how prices respond to inventory shocks. It also examines the impacts of belief dispersion and calendar effect as well as oil price movement between the releases of the American Petroleum Institute (API) and EIA reports. Market activity, in terms of price return, volatility and trading volume, responds to inventory shock very quickly, with the effects lasting for about twenty-five minutes. Our results suggest that a positive (negative) inventory shock will result in an immediate price decline (rise), while both kinds of shock increase volatility and trading volume; however, the price reverts quickly after the initial reaction. Moreover, wider belief dispersion is associated with a larger market response to inventory shock. Last, we discuss some intraday trading strategies on EIA report days. Interestingly, we exhibit an even better strategy than the “natural” one of going long (short) after the announcement of a lower-than-expected inventory at 10:30, that is, an alternate strategy that follows the market move between 10:20 and 10:25. This indicates that some market participants may benefit from wireless towers or other systems giving them access to the news prior to its release by the EIA (www.eia.org).","PeriodicalId":415144,"journal":{"name":"EnergyRN: Other Petroleum (Sub-Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116160208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Based on daily data from 1989 to 2016 we find that the correlations between gold and oil market futures and equity returns in the aggregate US market, and specifically in the energy sector stocks have changed strongly during the stock market crisis periods. The correlation between crude oil futures and aggregate US equities increases in crisis periods, whereas in case of gold futures the correlation becomes negative, which supports the safe haven hypothesis of gold. Also for the US energy sector equities our results support using gold futures for cross-hedging especially during the stock market crises.
{"title":"Commodity Market Based Hedging against Stock Market Risk in Times of Financial Crisis: The Case of Crude Oil and Gold","authors":"J. Junttila, J. Pesonen, J. Raatikainen","doi":"10.2139/ssrn.3024668","DOIUrl":"https://doi.org/10.2139/ssrn.3024668","url":null,"abstract":"Based on daily data from 1989 to 2016 we find that the correlations between gold and oil market futures and equity returns in the aggregate US market, and specifically in the energy sector stocks have changed strongly during the stock market crisis periods. The correlation between crude oil futures and aggregate US equities increases in crisis periods, whereas in case of gold futures the correlation becomes negative, which supports the safe haven hypothesis of gold. Also for the US energy sector equities our results support using gold futures for cross-hedging especially during the stock market crises.","PeriodicalId":415144,"journal":{"name":"EnergyRN: Other Petroleum (Sub-Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131557035","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The current Exploration and Production Sharing Agreement IV (EPSA IV) has deficiencies that militate against increased capital investment in Libya's petroleum industry. This paper proposes an improved technique for determining the equity split called the ‘share equation’. The proposed share equation would simplify the Libyan fiscal regime and will provide an incentive for foreign oil companies to invest more during the contract period by raising their percentage share of production when they increase their capital expenditure. More capital expenditure will lead to increasing the recoverable reserves and will subsequently improve the oil recovery for individual fields and for the entire country. The share equation will change the percentage share of production automatically with any change in the oil price. It will increase the percentage share of production of the Libyan National Oil Corporation when the price goes up, and increase the percentage share of production of the foreign oil companies when the oil price goes down. Furthermore, the share equation takes into consideration the probability of success in each of the Libyan basins. The foreign oil companies will get an increased reward when deciding to take more risks by exploration in unknown basins such as the Kufra basin and Cyrenaica platform. But, the share equation will eliminate the restrictive parameters like A and B factors, base factor and R ratio in the current EPSA IV model. This proposal for modifying the Libyan fiscal oil regime aims to increase Libyan oil reserves and attract more foreign capital. By giving more flexibility to the foreign oil companies, the Libyan oil sector will get more contributions of foreign capital and technology. This will improve Libyan oil production and increase the remaining oil reserves. We call this new agreement the Libyan Exploration and Production Sharing Agreement I.
{"title":"Modifying the Libyan Fiscal Regime to Optimise its Oil Reserves and Attract More Foreign Capital Part 1: LEPSA I Proposal","authors":"Saad Balhasan, B. Towler, J. Miskimins","doi":"10.1111/opec.12000","DOIUrl":"https://doi.org/10.1111/opec.12000","url":null,"abstract":"The current Exploration and Production Sharing Agreement IV (EPSA IV) has deficiencies that militate against increased capital investment in Libya's petroleum industry. This paper proposes an improved technique for determining the equity split called the ‘share equation’. The proposed share equation would simplify the Libyan fiscal regime and will provide an incentive for foreign oil companies to invest more during the contract period by raising their percentage share of production when they increase their capital expenditure. More capital expenditure will lead to increasing the recoverable reserves and will subsequently improve the oil recovery for individual fields and for the entire country. The share equation will change the percentage share of production automatically with any change in the oil price. It will increase the percentage share of production of the Libyan National Oil Corporation when the price goes up, and increase the percentage share of production of the foreign oil companies when the oil price goes down. Furthermore, the share equation takes into consideration the probability of success in each of the Libyan basins. The foreign oil companies will get an increased reward when deciding to take more risks by exploration in unknown basins such as the Kufra basin and Cyrenaica platform. But, the share equation will eliminate the restrictive parameters like A and B factors, base factor and R ratio in the current EPSA IV model. This proposal for modifying the Libyan fiscal oil regime aims to increase Libyan oil reserves and attract more foreign capital. By giving more flexibility to the foreign oil companies, the Libyan oil sector will get more contributions of foreign capital and technology. This will improve Libyan oil production and increase the remaining oil reserves. We call this new agreement the Libyan Exploration and Production Sharing Agreement I.","PeriodicalId":415144,"journal":{"name":"EnergyRN: Other Petroleum (Sub-Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127647662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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