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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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Major oil producing corporations

http://www.cbc.ca/news/background/oil/gfx/titlephoto2.jpg

MAJOR OIL PRODUCING CORPORATIONS

CANADA

BOLIVARIAN REPUBLIC OF VENEZUELA

SAUDI ARABIA


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


Major oil producing corporations

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


Demand and distribution
DEMAND AND http://www.limperiale.ca/Canada-English/Files/Investors/2005_AR_YearInReview.pdfDISTRIBUTION

  • 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


Major oil producing corporations

Graph: http://www.eia.doe.gov/emeu/cabs/Canada/Oil.html http://www.limperiale.ca/Canada-English/Files/Investors/2005_AR_YearInReview.pdf


Oil sands
OIL SANDS http://www.limperiale.ca/Canada-English/Files/Investors/2005_AR_YearInReview.pdf

  • 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 VENEZUELA http://www.limperiale.ca/Canada-English/Files/Investors/2005_AR_YearInReview.pdfPdVSA

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

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

  • 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.


Major oil producing corporations

Source: http://www.eia.doe.gov/emeu/cabs/Venezuela/Oil.html http://www.limperiale.ca/Canada-English/Files/Investors/2005_AR_YearInReview.pdf


Operations and future
OPERATIONS AND FUTURE http://www.limperiale.ca/Canada-English/Files/Investors/2005_AR_YearInReview.pdf

  • 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 ARABIA http://www.limperiale.ca/Canada-English/Files/Investors/2005_AR_YearInReview.pdfProfile

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

  • 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/channelDetail.jsp?BV_SessionID=@@@@1621821498.1146942515@@@@&BV_EngineID=cccdaddhjlmgdmdcefeceefdfnkdfhl.0&datetime=05%2F06%2F06+22%3A13%3A22&SA.channelID=-1073750829


Saudi aramco
SAUDI ARAMCO http://www.limperiale.ca/Canada-English/Files/Investors/2005_AR_YearInReview.pdf

  • 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 oil producing corporations

Source: http://www.eia.doe.gov/emeu/cabs/saudi.html http://www.limperiale.ca/Canada-English/Files/Investors/2005_AR_YearInReview.pdf


Major economic concerns
MAJOR ECONOMIC CONCERNS http://www.limperiale.ca/Canada-English/Files/Investors/2005_AR_YearInReview.pdf

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

  • "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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