Documento no encontrado! Por favor, inténtelo de nuevo
ENERGY What to Watch? Pulling the plug on CAPEX ... - Euler Hermes
Risk of bankruptcies and defaults in U.S. high- yield sector given ... projects, new U.S. shale oil wells, and high-cost ... Oil is indispensable for all kinds of boats,.
Global Sector Report Euler Hermes Economic Research
ENERGY
Sector Risk Rating
What to Watch? Oil’s impact on various segments and industries Risk of bankruptcies and defaults in U.S. highyield sector given current low oil prices Iran’s capacity to return to previous levels of oil exports, which would add to the global supply glut Chinese rebalancing weighing on increase in internal demand for petroleum products M&A opportunities poised to grow in 2016 boosted by very low valuations of oil sector assets
Pulling the plug on CAPEX appears to be the easiest way to address low oil price We expect investments in the exploration and production oil sector (or capital expenditures, aka CAPEX) to continue plunging in 2016, with a -25% fall, on the heels of a -28% dive in 2015. Delayed investment spending accounts for the equivalent of about 30bn barrels of oil reserves, and new investments are not due to come on stream before 2020 at least. By postponing (if not cancelling) investment spending, oil companies have started to offset the impact of lower revenues and curb the fall in margins. The main culprits are Canadian oil sands projects, new U.S. shale oil wells, and high-cost deep water fields, especially those in Angola, Nigeria, the North Sea and the Gulf of Mexico. A few oil players such as state-owned companies in GCC countries benefit from sovereign funds’ large cash hoardings and might get away with long-term depressed oil prices. Although the underlying problem remains and the ongoing de-hoarding of cash cannot last forever, wealthy producers are still far away from running out of money. Thus, these countries can easily withstand this period of turmoil. Considering Iran’s looming return to the market, the question is: how long will oil prices remain low?
Total E&P spending in the oil industry (USD billion) 600 500
400 300 200 100 0
2010
2011
2012
2013
2014
North American independent E&Ps Sources: Bloomberg, Euler Hermes forecasts
2015
2016 (f)
Integrated oils
Sector Value:
6,822bn
ID Card
Key Players Country
Role
United States
#1 producer
China
#2 producer
Japan
#3 producer
USD
Sector Risk
Strengths
Weaknesses
Emerging countries’ rising demand causes a hike in power energy prices
Fossil fuels hit by the slowdown in Asia, especially China
Electricity increasingly indispensable as a source of energy
Environmental costs
Oil is indispensable for all kinds of boats, planes or cars to be operating properly
Subsectors Insights
Rising awareness of coal and nuclear fallout Low oil prices curtailing further growth in renewable energies
Recent Sector Risk Changes
Coal: Still the dirtiest and most vilified fossil fuel, coal remains essential for electricity production in many countries including Japan, China, India and Germany. Renewable sources: Although clean energy companies have been heavily subsidized especially across Europe, profitability has eluded most businesses. Low oil prices do not help the sub sector reach financial strength.
Risk of bankruptcies and defaults in U.S. high- yield sector given current low oil prices. ▫ Iran's capacity to return to previous levels of oil exports, which would ...
fresh data: buy playstation 3 online australia, online book el secreto tras los ojos de ... no cd crack harry potter marauders map youtube el poder del metabolismo pdf ... harry potter and the philosopher's stone how long harry potter books box set .
Everyday football fans can read rumors and news about the Spanish and European ..... 1982: Celebration of the Football World Cup in Spain. .... the flag and the.
Natalia Lleras, Gerente de Proyectos de Movilidad y Seguridad Vial. WRI Ross Center for Sustainable Cities. Page 2. ¿Por qué hablar de velocidad? Fuente: ...
online, buy harry potter wands nz, hermes trismegisto - hermes trismegisto - user ... box,buy car accessories online uk,buy xbox 360 games online singapore,el quinto .... no shipping,buy online kuwait electronics,buy apple keyboard online india.
questions,buy online kindle australia,buy stocks online in uk,o poder interior bob esponja,el poder del interior ... chamber of secrets book level,por el poder de tu amor hillsong acordes,harry potter audio books stream,buy ... potter marauders map d
25 abr. 2013 - 10 calendar days after the employee's last day of actual work ... medical treatment, partial wage replacement for lost time and ... This notice must be posted and maintained by the employer in one or more conspicuous places.
29 jun. 2016 - In particular, we have been able to express the detailed concerns that ... that I will not be present throughout this question time session and will.
Bank information (routing and account numbers for direct deposit). □. Last year's tax return (if you have it). You. Spouse. Dependents Documents Received. □.
(1991). 6. Cornell, W. D.; Cieplak, P.; Bayly, C. I.; Gould, I. R.; Merz,. K. M.; Ferguson, M. D. ..... Grubb, D. T. - En Materials Science and Technology, Vol. 12; Cahn ...
31 mar. 2016 - values and security under the framework of regional integration. DHDEE does this: (i) by supporting the efforts of OAS member states to ...
completamente en el socket y se quiebra al tratar de cerrar el iPod.. English: Folding the flex cable incorrectly display no fully into the socket and breaks when ...
25 abr. 2013 - médico ha sido obtenido; o (C) si el empleado ya no trabaja para el empleador en contra del cual se están buscando beneficios, 10 días después del último día de trabajo para dicho empleador. El aviso puede darse oralmente o por escrito
29 jun. 2016 - Gibraltar from London on Post Brexit Meetings. Mr Speaker, .... issues which arise in our hinterland, the Campo de Gibraltar. I expect we will ...
Ayúdanos a escuchar tus palabras frescas y danos la gracia no sólo para oírlas sino también, Dios oramos por la gracia de responder. Dios, no podemos hacer nada hoy para cambiarnos a nosotros mismos. Necesitamos cambiar nuestros corazones y oramos pa
+ =Data showing Ad/Branded Content minus Branded Content/Ad / Standard Video Ads n = 4,569; Branded Content n = 4,619. Both considered marketing, just ...
5 dic. 2017 - nuestra puerta. Déjeme darle un ejemplo. John Wesley, cuando estaba en la universidad de Oxford, escribe su biógrafo, "Wesley acababa de ...
... on wide-ranging subjects make the databases of entertainment websites. Why would you pay those funds white you can view tv movies online all free. ... with the best apps for Android movies it is possible to find. are great websites to look at mov
ni a la izquierda, para ir tras dioses ajenos y servirlos (Deut. 28:1-14). ... en Deuteronomio 28 versículo 10 que “Entonces verán todos los pueblos de la tierra.