Investing in Energy A Primer on the Economics

An energy industry researcher and investment advisor provides a fresh perspective on the economics of energyFrom 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 Investing in Energy: A Primer on the Economics of the Energy Industry. Details how to value and invest in the four big energy sectors: oil, gas, power, and green Describes key financial considerations for the energy sectors, including credit metrics, the importance of liquidity, cash flow, and capital expenditures From Bloomberg, a leading provider of the most up-to-date business news and financial dataA comprehensive guide to the economics of the energy industry, Investing in Energy 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.

Gianna Bern 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 The Brookshire Report, a quarterly global oil market outlook, and,The Brookshire Energy Series, independent oil and gas investment research.

Gianna 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.

Prior 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.

Previously, 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.

Preface.

Acknowledgments.

Part I Introduction and Financial Considerations.

Chapter 1 Historical Perspectives.

Oil and Gas Producers.

Production Perspectives.

Importance of Reserves.

Regulatory Environment.

Alternative Energy Forms.

Alternative Energy Growth.

Energy Investment Cost Considerations.

Concluding Thoughts.

Chapter 2 Investment Opportunities in Energy.

Asia Comes of Age.

Australia's Natural Gas Boom.

Brazil Beckons with Deepwater.

Iraq's Road to Recovery.

North American Unconventional Natural Gas Plays.

Solar Power Generation.

Concluding Thoughts.

Chapter 3 Cash Flow and Liquidity at Various Crude Prices.

Independent Oil Companies.

National Oil Companies.

Capital Expenditure Planning.

Liquidity - Cash is Still King.

Liquidity Metrics.

Cash-Flow Considerations.

Cash-Flow Metrics.

Leverage.

Concluding Thoughts.

Chapter 4 Capital Structure and Capital Markets.

Capital Structure.

Investors.

Alternative Energy Subsidies.

Concluding Thoughts.

Chapter 5 The Quarterly Earnings Disconnect.

Short Term versus Long Term.

Business Risks.

Concluding Thoughts.

Part II Crude Oil and Natural Gas.

Chapter 6 Analyzing Reserves.

Authorities on Reserves.

Proven Reserves.

Industry Nomenclature.

Proven Reserve Criterion.

Unproven Reserves.

Certification Process.

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Investing in Energy A Primer on the Economics of the Energy Industry

Summary

Author Biography

Table of Contents

Supplemental Materials