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http://www.cbc.ca/news/background/oil/gfx/titlephoto2.jpg. MAJOR OIL PRODUCING CORPORATIONS. CANADA BOLIVARIAN REPUBLIC OF VENEZUELA SAUDI ARABIA. CANADA Imperial Oil. Largest integrated oil company 5,100 employees Owned and operated by ExxonMobil

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canada imperial oil
CANADAImperial Oil
  • Largest integrated oil company
  • 5,100 employees
  • Owned and operated by ExxonMobil
  • Founded in 1880 by Frederick A. Fitzgerald
  • Largest refiner and marketer of petroleum products
  • Three distinct operating segments
    • Natural resources
    • Petroleum products
    • Chemicals

Company Profile

http://www.livingcanvas.com/exxonmobil.jpg

company structure
COMPANY STRUCTURE
  • CEO is Timothy J. Hearn
    • Appointed April 23, 2002
    • Also holds position of Chairman and President
    • Graduate of University of Manitoba
    • Total direct compensation is $4,731,383*
    • One of 50 Best Paid Executives*
  • Board Consists of Eight (8) Members
    • Randy L. Broiles, Senior Vice President- Resource Division
    • Paul A. Smith, Senior Vice President-Controller
    • Independent directors

http://www.uofaweb.ualberta.ca/campaign/images/HearnTim.JPG

*Source: Mercer Human Resources Consulting

directors senior management and officers
DIRECTORS, SENIOR MANAGEMENT, AND OFFICERS

Picture taken from page 6 of the 2005 Annual Report at www.limperiale.ca/Canada-English/Files/Investors/2005-AR-investors.pdf

stock financial condition
Stock/Financial Condition

Stock Condition

  • Traded on the American Stock Exchange and Toronto Stock Exchange
    • Stock trader symbol: IMO
    • Stock price as of March 31, 2006: $107.56*
  • Shares have tripled between 1992 and 2002
  • Largest stockholder is ExxonMobil with 69.6% of shares
  • Stockholders consist of more than 65,000

Financial State

  • First Quarter of 2006
    • Posted a net income of $591 million
      • Up from previous year but still failed to meet expectations
    • Issued cash dividends of $80 million
  • Liabilities and shareholders’ equity totaling almost $14.985 billion
  • In 2004, Imperial Oilpaid over $3 billion in taxes
  • In 2002, contributed $6.7 million to charities and universities

*American dollars USD

slide6

Graph: http://www.limperiale.ca/Canada-English/Files/Investors/2005_AR_YearInReview.pdf

demand and distribution
DEMAND AND DISTRIBUTION
  • 2100 Service Stations
    • Known for the brand Esso
  • 295 bulk plants
  • 30 distribution channels
  • Four (4) refineries
  • Over 99% of oil is exported to the U.S.
  • In 2005, ADP was 358,000 oil-equivalent barrels of crude oil, natural gas liquids, and natural gas
  • U.S. demand from Canada and Imperial Oil is growing
oil sands
OIL SANDS
  • Oil sands are the future of oil production
  • Oil sands contain “bitumen” - heavy, viscous oil
  • Difficult to extract and produce, requires new technology
    • Expensive production costs, which are passed down to the consumer
  • “Canada had a reported 178.8 billion barrels of proven oil reserves as of January 2006, second only to Saudi Arabia”
  • EIA’s International Energy Outlook(IEO) estimates that Canadian oil sands operators will produce 3.5 million bbl/d of synthetic crude by 2025
bolivarian republic of venezuela pdvsa
BOLIVARIAN REPUBLIC OF VENEZUELAPdVSA
  • Venezuela nationalized its oil industry in 1975-76
    • Established state-run agency PdVSA (Petroleos de Venezuela, S.A.)
    • PdVSA is the state-run oil and natural gas company
      • Largest employer in Venezuela
  • Five (5) corporate locations in
    • Argentina
    • Brazil
    • United Kingdom
    • Holland
    • Cuba
  • PdVSA is responsible for 50-60% of Venezuela oil production

http://www.worldpress.org/images/0203pil.jpg

structure
STRUCTURE
  • Venezuelan President is Hugo Chavez
  • State-run agency is the Ministry of Energy and Petroleum
    • Chavez appointed Raphael R. Carreno to Chairman in November 2004
      • Essentially, head of the PdVSA
      • Mechanical engineer
      • Graduate of Los Andes University in 1989
    • Luis Vierma is Vice President
    • Alejandro Granado is Vice President

http://i4.photobucket.com/albums/y116/angryeddy/chavez.jpg

economics
ECONOMICS
  • Finances mixed and inconsistent with OSA organizations
  • PdVSA spends $3 billion each year just to maintain production in existing oil fields
  • PdVSA accounts for 33% of Venezuela’s GDP
    • 50% of revenue
    • 80% of export earnings
  • Investing $26 billion in expanding hydrocarbon reserves and production between 2004 and 2009
  • Major exporter to the U.S.
operations and future
OPERATIONS AND FUTURE
  • PdVSA opened oil sector to private investment in 1990.
    • Established 32 operating service agreements (OSA) with 22 separate foreign oil firms
      • Chevron
      • B.P.
      • Total
        • These companies operate oil fields for a fee paid by the PdVSA
  • Puchased U.S. owned Citgo in 1990
    • Controls 734,000 bbl/d of crude oil refining in the U.S.
    • Three (3) product refineries
    • 14,000 service stations

http://www.venezuelanalysis.com/images/people/felix-rodriguez-citgo.jpg

Citgo CEO Felix Rodriguez

http://www.romarinfo.com/CITGO%204c.jpg

saudi arabia profile
SAUDI ARABIAProfile
  • Monopolized by state corporations
    • Saudi Aramco
    • SABIC
  • Corporations are controlled by the government with limited services contracted to private firms
  • More than half of its oil reserves are located in eight oil fields
    • Ghawar is the world’s largest oil field
  • Saudi King is King Adullah
  • Largest net oil exporter in the world

http://news.bbc.co.uk/olmedia/820000/images/_820118_kuwait_oil300.jpg

structure1
STRUCTURE
  • Saudi Oil Minister is Al Naimi
  • Two companies dominate the country and the

economy

  • The Supreme Petroleum Council governs the oil

industry which is nationalized

  • Recently started allowing limited privatization
    • Current deals with Shell (Japan) and India
  • Oil industry is Saudi Arabia is thriving
    • Al Naimi: “cost of adding...capacity - that is, all the infrastructure, producing and transportation facilities - necessary to produce one additional barrel of oil per day in Saudi Arabia is, at most, $5,000 compared to between $10,000 and $20,000 in most areas of the world."

http://www.saudiaramco.com/bvsm/JSP/content/[email protected]@@@[email protected]@@@&BV_EngineID=cccdaddhjlmgdmdcefeceefdfnkdfhl.0&datetime=05%2F06%2F06+22%3A13%3A22&SA.channelID=-1073750829

saudi aramco
SAUDI ARAMCO
  • Saudi Aramco
    • Controls 98% of country’s oil reserves
    • More than 54,000 workers
    • Recently awarded contracts to Italy totaling more than $630 million
    • CEO/President is Abdullah S. Jum’ah
      • Appointed November 1995
      • Graduate of the American University of Beirut
      • Completed the Program for Management Development at Harvard University in 1976.
    • Estimates that the average total depletion for oil fields is 28%
    • Aramco has 25% interest in a new plant in China
major economic concerns
MAJOR ECONOMIC CONCERNS
  • Security Issues
    • Saudi Aramco is responsible for approximately 1.5 million square kilometers of oil fields
      • Difficult to protect and provide security
    • There are roughly 3,000 western workers in Saudia Arabia with many working for Saudi Aramco
    • Saudi Aramco employs 5,000 security guards
  • Terrorism
    • Five staff members were killed in an attack on the U.S. consulate in Jeddah in December 2004.
    • Major economic concern for foreign companies with interest and large amount of investment
    • Westerners have been kidnapped and beheaded
    • A recent quote from al-Qaeda
      • “strike all foreign targets and the hideouts of the tyrants to rid the peninsula of the infidels and their supporters.”
references
REFERENCES
  • "Canada." Energy Information Administration. Department of Energy. 10 Apr. 2006 <http://www.eia.doe.gov/emeu/cabs/Canada/>.
  • "Iraq." Energy Information Administration. Department of Energy. 10 Apr. 2006 <http://www.eia.doe.gov/emeu/cabs/Iraq/>.
  • "Mexico." Energy Information Administration. Department of Energy. 10 Apr. 2006 <http://www.eia.doe.gov/emeu/cabs/Mexico/>.
  • "Saudi Arabia." Energy Information Administration. Department of Energy. 10 Apr. 2006 <http://www.eia.doe.gov/emeu/cabs/Saudi/>.
  • "U.S. Natural gas Imports by Country." Energy Information Administration. Department of Energy. 10 Apr. 2006 <http://tonto.eia.doe.gov/dnav/ng/ng_move_impc_s1_m.htm >.
  • "U.S. Imports by Country of Origin." Energy Information Administration. Department of Energy. 10 Apr. 2006 <http://tonto.eia.doe.gov/dnav/pet/pet_move_impcus_a2_nus_ep00_im0_mbbl_a.html >.
  • “Imperial Oil LTD-IMO.” American Stock Exchange. 5 May 2006 <http://www.amex.com/>
  • “Corporate Profile.” This is Imperial Oil. Imperial Oil. 5 May 2006 <http://www.imperialoil.ca/Canada-English/ThisIs/Profile/TI_P_CorporateProfile.asp>
  • “Corporate Governance.” This is Imperial Oil. Imperial Oil. 5 May 2006 <http://www.imperialoil.ca/Canada-English/ThisIs/Governance/TI_G_CorporateGovernance.asp>
  • “Quarterly Report 1.” Investors. Imperial Oil. 5 May 2006 <http://www.imperialoil.ca/Canada-English/Files/Investors/2006_Q1_IMO_WholeReport.pdf>
  • “Venezuela." Energy Information Administration. Department of Energy. 5 May. 2006 <"Canada." Energy Information Administration. Department of Energy. 10 Apr. 2006 <http://www.eia.doe.gov/emeu/cabs/Venezuela/Oil.html>
  • “Board Committee.” About PdVSA. PDVSA. 6 May 2006 <http://www.pdvsa.com/index2.html>
  • “Corporate Management.” At a Glance. Saudi Aramco. 6 May 2006 <http://www.saudiaramco.com/bvsm/JSP/home.jsp>
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