NAL Energy Corporation is an oil and gas producer focused on light oil with assets in western Canada. Some key points:
- Market cap of $1.2 billion with monthly dividend of $0.07/share and current yield of 10.4%
- Produces over 28,000 boe/day from assets in Alberta, southeast Saskatchewan, and British Columbia. Reserves of 104 MMBoe with 50% liquids.
- Focused on oil drilling for its 2011 $240 million capital program to maintain production of around 28,500 boe/day for the year. Hedges over 50% of oil volumes.
- Operates across different oil resource plays like the Cardium, V
March 2012 NAL Energy Corporate PresentationNALenergy
NAL Energy Corporation is an oil and gas company with a market capitalization of $1.1 billion and monthly dividend of $0.05 per share. It has several series of convertible debentures outstanding. The company's strategic direction focuses on long term sustainability through dividend payments, adding scalable liquids opportunities, cost efficiency, and disciplined acquisitions. NAL provides a corporate presentation outlining its operational and financial strategies, including growing its liquids volumes, maintaining financial flexibility, and providing 2012 guidance and reserve information.
The document discusses current trends in the Canadian oil and gas industry, including a period of political transition, increasing divergence between crude oil and natural gas markets, and increasing pressure on costs and skilled labor. It provides data on land sales, well drilling, capital spending, production forecasts, and other metrics. The outlook emphasizes balancing environmental, economic and energy security priorities through technology, collaboration, and maintaining competitiveness and social acceptance.
2012 Reenergize the Americas 2A: Jesse ThompsonReenergize
The shale boom is having a significant positive impact on the Texas economy in several ways:
1) Oil and gas revenues are increasing state tax collections from severance and sales taxes.
2) Economic activity and jobs in the oil, gas, and chemical industries are growing significantly in Texas regions like the Eagle Ford.
3) As the US increases oil and gas production, it is becoming more energy independent and even a net exporter of some fuels.
Exelon Corporation at Lehman Brothers CEO Energy Conferencefinance14
This document provides an overview of Exelon Corporation and its competitive position in the energy industry. Exelon has a large, low-cost nuclear fleet that provides over half of its generating capacity. It also has a diverse fossil and hydro fleet. Exelon has delivered strong financial performance and shareholder returns. It aims to protect existing value while pursuing growth opportunities through competitive operations, supporting markets, financial discipline, and evaluating new projects. Key challenges include addressing climate change and supporting various energy policies.
JBS reported strong financial results for 3Q11, with net revenue increasing 10.6% over 3Q10. EBITDA margin expanded 101 bps to 5.1% and net debt to EBITDA ratio reduced from 3.2x to 3.0x excluding Pilgrim's Pride. Several business units performed well, with JBS Mercosul achieving an EBITDA margin of 11.6% and JBS USA Pork EBITDA 51.8% higher than 2010. The company has significant debt maturities from 2014-2021 secured by various subsidiaries and guaranteed by JBS S.A. and JBS USA. Ratings agencies assess JBS and Pilgrim's Pride credit ratings as BB
2007* Airline Marketing Embraer Day 2007Embraer RI
This document summarizes an Embraer Day 2007 presentation on the airline market and Embraer programs for aircraft in the 30-120 seat segment. It includes the following key points:
1) The air transport industry has seen strong demand growth in recent years and is projected to continue growing. However, airlines have had to work hard to reduce costs to offset rising fuel prices.
2) The regional jet market served by Embraer's ERJ145 family and the 70-120 seat market served by Embraer's E-Jets have both evolved in recent years.
3) Projections show the airline industry as a whole and most regions are expected to have positive net results in 2007 and 2008
The 10th Annual Latin American Conference hosted by Santander will take place from January 17-20, 2006 in Acapulco, Mexico. Raul Adalberto de Campos, the Investor Relations Executive Manager for Petrobras, will present at the conference. The presentation may contain forecasts about future events involving risks and uncertainties that could cause actual results to differ from expectations. Petrobras is not obligated to update any forecasts based on new information.
March 2012 NAL Energy Corporate PresentationNALenergy
NAL Energy Corporation is an oil and gas company with a market capitalization of $1.1 billion and monthly dividend of $0.05 per share. It has several series of convertible debentures outstanding. The company's strategic direction focuses on long term sustainability through dividend payments, adding scalable liquids opportunities, cost efficiency, and disciplined acquisitions. NAL provides a corporate presentation outlining its operational and financial strategies, including growing its liquids volumes, maintaining financial flexibility, and providing 2012 guidance and reserve information.
The document discusses current trends in the Canadian oil and gas industry, including a period of political transition, increasing divergence between crude oil and natural gas markets, and increasing pressure on costs and skilled labor. It provides data on land sales, well drilling, capital spending, production forecasts, and other metrics. The outlook emphasizes balancing environmental, economic and energy security priorities through technology, collaboration, and maintaining competitiveness and social acceptance.
2012 Reenergize the Americas 2A: Jesse ThompsonReenergize
The shale boom is having a significant positive impact on the Texas economy in several ways:
1) Oil and gas revenues are increasing state tax collections from severance and sales taxes.
2) Economic activity and jobs in the oil, gas, and chemical industries are growing significantly in Texas regions like the Eagle Ford.
3) As the US increases oil and gas production, it is becoming more energy independent and even a net exporter of some fuels.
Exelon Corporation at Lehman Brothers CEO Energy Conferencefinance14
This document provides an overview of Exelon Corporation and its competitive position in the energy industry. Exelon has a large, low-cost nuclear fleet that provides over half of its generating capacity. It also has a diverse fossil and hydro fleet. Exelon has delivered strong financial performance and shareholder returns. It aims to protect existing value while pursuing growth opportunities through competitive operations, supporting markets, financial discipline, and evaluating new projects. Key challenges include addressing climate change and supporting various energy policies.
JBS reported strong financial results for 3Q11, with net revenue increasing 10.6% over 3Q10. EBITDA margin expanded 101 bps to 5.1% and net debt to EBITDA ratio reduced from 3.2x to 3.0x excluding Pilgrim's Pride. Several business units performed well, with JBS Mercosul achieving an EBITDA margin of 11.6% and JBS USA Pork EBITDA 51.8% higher than 2010. The company has significant debt maturities from 2014-2021 secured by various subsidiaries and guaranteed by JBS S.A. and JBS USA. Ratings agencies assess JBS and Pilgrim's Pride credit ratings as BB
2007* Airline Marketing Embraer Day 2007Embraer RI
This document summarizes an Embraer Day 2007 presentation on the airline market and Embraer programs for aircraft in the 30-120 seat segment. It includes the following key points:
1) The air transport industry has seen strong demand growth in recent years and is projected to continue growing. However, airlines have had to work hard to reduce costs to offset rising fuel prices.
2) The regional jet market served by Embraer's ERJ145 family and the 70-120 seat market served by Embraer's E-Jets have both evolved in recent years.
3) Projections show the airline industry as a whole and most regions are expected to have positive net results in 2007 and 2008
The 10th Annual Latin American Conference hosted by Santander will take place from January 17-20, 2006 in Acapulco, Mexico. Raul Adalberto de Campos, the Investor Relations Executive Manager for Petrobras, will present at the conference. The presentation may contain forecasts about future events involving risks and uncertainties that could cause actual results to differ from expectations. Petrobras is not obligated to update any forecasts based on new information.
The document summarizes Bill Johnson's presentation at the Morgan Stanley Global Electricity & Energy Conference on April 3, 2008. The presentation outlines Progress Energy's strategy to secure its energy future through operational excellence, growth prospects like rate base expansion, and maintaining constructive regulation. It highlights Progress Energy's two regulated utilities with strong growth prospects and discusses key strategic issues like US climate change policy and needed new baseload capacity like the proposed Levy County nuclear project.
This document provides a summary of Procter & Gamble's (P&G's) 2003 annual report. It discusses P&G's strong financial performance in fiscal year 2003, with 8% sales growth, 19% earnings growth, and market share gains across most major brands. It highlights the completion of P&G's restructuring program ahead of schedule. The summary also outlines P&G's strategic focus on growing existing core businesses, leading customers, large countries, and health/beauty categories. It emphasizes P&G's continued focus on productivity, cost reduction, cash management, and leveraging its strengths in branding, innovation, and global scale.
IMPACT OF LNG AS ENERGY FUEL MIX FOR END USER:A MALAYSIAN PERSPECTIVEIPPAI
This document discusses the impact of liquefied natural gas (LNG) as an energy fuel for end users in Malaysia. It provides background on Malaysia transitioning from oil-dominated to gas-dominated fuel mix for electricity generation. It notes current issues with gas supply shortages negatively impacting the power sector. The future fuel mix may depend on fuel prices and diversification needs, though LNG can complement declining domestic gas and provide stability. While LNG improves energy security, it may increase costs for consumers. The economy needs readiness to pay for improved security that LNG brings.
JBS S.A. is a leading global protein producer founded in the 1950s in Brazil. In the first nine months of 2011, JBS reported revenues of over $27 billion and EBITDA of $1.3 billion. JBS has 125,000 employees worldwide and 134 production units across 6 continents. The presentation highlights JBS' strong organic revenue growth across its business units in local currencies, with most reporting double digit growth year-over-year in the third quarter of 2011. JBS' geographic and market segment diversification has supported its continued financial success.
Smallholders represent a significant portion (38%) of oil palm cultivation in Indonesia, and represent a critical component of the palm oil industry, as well as constitute a significant opportunity to improve livelihoods in resource-poor settings. Smallholders’ engagement in oil palm cultivation began as part of Indonesian government to promote tree plantation crops in the late 1970s. The initial programme consisted basically of direct state investments through state-owned companies (PTPN) and was integrated with government-sponsored transmigration programmes to provide a labor force for the new plantations. This integration was embryonic for smallholder engagement in state-led agribusiness. The emergence of smallholder oil palm planters constituted a spread effect of plantation development led by the government. The state agribusiness-driven policy has transformed rural areas and settlement development was started in the surrounding of large-scale oil palm plantation.
Sorghum breeding for Improved productivity nutrition and INDUSTRIAL useRUFORUM
This document summarizes research on sorghum breeding for improved productivity, nutrition, and industrial use. Over 1,500 new sorghum and maize genotypes have been developed with traits like waxy endosperm and quality protein. A transformation protocol for sorghum was also developed. Marker-assisted selection is being used to map loci for maize streak virus resistance, with one resistance locus identified based on dominance. Modern tools like SSR analysis are assisting the breeding program. The overall goal is to develop specialized sorghum and maize technologies to increase food security and market opportunities in a sustainable way.
The document provides an overview of AES Brasil Group, including:
1) Market share information for distribution and generation companies.
2) Shareholding structure details for AES Brasil Group and its subsidiaries.
3) Key operating and financial metrics for AES Eletropaulo, including consumption trends, investments, SAIDI/SAIFI indexes, costs and expenses, EBITDA, net income, dividends paid, and debt profile.
Atmos Energy Corporation provides forward-looking statements about its business in this presentation. It operates natural gas utilities in 12 states and nonutility businesses in 22 states. The company has grown through acquisitions, becoming the largest pure-play natural gas distribution company based on customers. It aims to maximize core utility earnings through regulatory strategies including weather normalization adjustment mechanisms, gas cost recovery, and capital investment recovery riders. Nonutility operations in gas marketing and pipeline/storage complement the utility business.
This document summarizes an earnings conference call for the first quarter of 2009. It includes cautionary statements about forward-looking projections and defines adjusted earnings as a non-GAAP measure. The document highlights that FPL Group had strong overall results for the quarter and is well positioned given policy trends. It also notes that FPL saw improved earnings despite economic challenges, while NextEra Energy Resources' growth was driven by new investments. Key provisions of the American Recovery and Reinvestment Act that could benefit renewable energy are also summarized.
Banco ABC - 4th Quarter 2008 Results PresentationBanco ABC Brasil
The document is Banco ABC Brasil's 4Q08 earnings presentation from February 18, 2009. It highlights the bank's recurring net income growth of 36% in 2008 to BRL 160.7 million. Net income in 4Q08 was BRL 30.9 million, down 36.2% from 3Q08 due to additional loan loss provisions. The credit portfolio reached BRL 6.485 billion, growing 29.9% year-over-year. Credit quality remained high, with 97.6% of loans rated AA to C by the Central Bank.
Patrick D. Campbell Senior Vice President and Chief Financial Officerfinance10
3M aims to accelerate growth to enhance shareholder value. The presentation outlines plans to achieve 5-8% organic local currency growth in traditional businesses through leveraging existing assets, pursue international expansion, and continue productivity initiatives. It also discusses growing new market adjacencies at a faster pace through acquisitions and new brands. Maintaining strong margins and returns on invested capital as growth increases is a key focus.
The document summarizes the 2006 results of an energy company. Some key highlights include:
1) Adjusted EBITDA was R$2.49 billion in 2006, 16.7% higher than 2005. Net profit was R$373.4 million compared to a loss in 2005.
2) Debt was reduced by 19.8% and credit ratings were increased.
3) The captive electricity market grew 5.1% excluding free consumers. Total market increased 4.6% to 38,183 GWh.
4) Technical and commercial losses decreased while collection rates remained steady at over 99%. Fraud detection and clandestine connections were reduced.
Introduction of short duration pulses into rice-based cropping systems in wes...ACIAR
This document summarizes a project in Bangladesh that aims to introduce short duration pulses like lentils and peas into rice-based cropping systems to increase pulse production. The project is a collaboration between universities and research organizations in Bangladesh and Australia. It plans to widen the window between rice crops and use techniques like relay cropping and early maturing varieties to grow pulses. Initial findings showed pulses can be grown before or after rice. Constraints identified were waterlogging and diseases. Potential future collaborations discussed other countries and projects addressing similar cropping patterns and climate change adaptation.
The document is a presentation by Pat Reddy, SVP and CFO of Atmos Energy Corporation, given at the Wachovia Nantucket Equity Conference on June 26, 2007. It provides an overview of Atmos Energy, including its growth through acquisitions, focus on maximizing core utility earnings, complementary nonutility operations, and recent regulatory and project activities. Forward-looking statements are presented, subject to various risk factors.
2008 Merrill Lynch Global Transportation Conference Presentationfinance13
This document discusses UAL Corporation's performance in 2007 and its strategy going forward.
[1] In 2007, UAL had over $1 billion in operating income, over $600 million in pre-tax profit, and $2.1 billion in operating cash flow. [2] However, fresh start accounting significantly affects competitive comparisons of pre-tax income. [3] Going forward, UAL's strategy is focused on "Back to Basics" priorities of industry-leading revenues, competitive costs, service basics like on-time performance, and unrivaled customer satisfaction.
This document summarizes a presentation given by Mark Mulhern, Senior Vice President and CFO of Progress Energy, at a Power & Gas Leaders Conference on September 24, 2008. The presentation discusses Progress Energy's strategy of securing its energy future through significant rate base growth, nuclear expansion projects, and maintaining a supportive regulatory environment. It provides an overview of Progress Energy's utilities in North Carolina and Florida, outlines major capital investment projects, and reviews the company's financial position and objectives to achieve steady earnings growth.
The document provides an investor briefing for Bemis Company. It summarizes Bemis' business profile including its global presence, vertical integration, and key financial metrics. The briefing also outlines Bemis' strategic priorities to optimize its scale, grow in target areas like medical packaging, and accelerate innovation in materials and packaging features. Guidance is given for 2013 with adjusted EPS expected between $2.30 to $2.45 and cash flow from operations above $430 million.
Rosemarie Anderson, Federal Highway Administration, shared information about addressing rural road safety in this session at the 2012 National Rural Transportation Peer Learning Conference, April 25-27 in Burlington, VT.
Leslie Appleton Young, CAR Chief Economist, spoke at the Real Living Lifestyles New Year, New You Real Estate Symposium on January 31, 2012. She shared her economic forecast for the coming year, and all of the latest charts and stats on the California economy.
Leslie Appleton-Young, Chief Economist/California Association of Realtors presents his annual report to the California Desert Association of Realtors.
The Palm Springs desert area (Coachella Valley) housing market is on the upswing once again.
The CEO’s Dilemma - How to drive efficient innovation in the organizationJoeBarkai
Product organizations spend considerable effort and resources on innovation. However, many companies are engages in unfocused and inefficient innovation that does not support the company\'s strategic vision. In fact, many companies seem to engage in innovation for innovation sake and can be characterized as reckless innovators. This presentation discusses the role of lean and efficient innovation and how successful companies focus innovation to help connect business strategy to execution.
The document summarizes Bill Johnson's presentation at the Morgan Stanley Global Electricity & Energy Conference on April 3, 2008. The presentation outlines Progress Energy's strategy to secure its energy future through operational excellence, growth prospects like rate base expansion, and maintaining constructive regulation. It highlights Progress Energy's two regulated utilities with strong growth prospects and discusses key strategic issues like US climate change policy and needed new baseload capacity like the proposed Levy County nuclear project.
This document provides a summary of Procter & Gamble's (P&G's) 2003 annual report. It discusses P&G's strong financial performance in fiscal year 2003, with 8% sales growth, 19% earnings growth, and market share gains across most major brands. It highlights the completion of P&G's restructuring program ahead of schedule. The summary also outlines P&G's strategic focus on growing existing core businesses, leading customers, large countries, and health/beauty categories. It emphasizes P&G's continued focus on productivity, cost reduction, cash management, and leveraging its strengths in branding, innovation, and global scale.
IMPACT OF LNG AS ENERGY FUEL MIX FOR END USER:A MALAYSIAN PERSPECTIVEIPPAI
This document discusses the impact of liquefied natural gas (LNG) as an energy fuel for end users in Malaysia. It provides background on Malaysia transitioning from oil-dominated to gas-dominated fuel mix for electricity generation. It notes current issues with gas supply shortages negatively impacting the power sector. The future fuel mix may depend on fuel prices and diversification needs, though LNG can complement declining domestic gas and provide stability. While LNG improves energy security, it may increase costs for consumers. The economy needs readiness to pay for improved security that LNG brings.
JBS S.A. is a leading global protein producer founded in the 1950s in Brazil. In the first nine months of 2011, JBS reported revenues of over $27 billion and EBITDA of $1.3 billion. JBS has 125,000 employees worldwide and 134 production units across 6 continents. The presentation highlights JBS' strong organic revenue growth across its business units in local currencies, with most reporting double digit growth year-over-year in the third quarter of 2011. JBS' geographic and market segment diversification has supported its continued financial success.
Smallholders represent a significant portion (38%) of oil palm cultivation in Indonesia, and represent a critical component of the palm oil industry, as well as constitute a significant opportunity to improve livelihoods in resource-poor settings. Smallholders’ engagement in oil palm cultivation began as part of Indonesian government to promote tree plantation crops in the late 1970s. The initial programme consisted basically of direct state investments through state-owned companies (PTPN) and was integrated with government-sponsored transmigration programmes to provide a labor force for the new plantations. This integration was embryonic for smallholder engagement in state-led agribusiness. The emergence of smallholder oil palm planters constituted a spread effect of plantation development led by the government. The state agribusiness-driven policy has transformed rural areas and settlement development was started in the surrounding of large-scale oil palm plantation.
Sorghum breeding for Improved productivity nutrition and INDUSTRIAL useRUFORUM
This document summarizes research on sorghum breeding for improved productivity, nutrition, and industrial use. Over 1,500 new sorghum and maize genotypes have been developed with traits like waxy endosperm and quality protein. A transformation protocol for sorghum was also developed. Marker-assisted selection is being used to map loci for maize streak virus resistance, with one resistance locus identified based on dominance. Modern tools like SSR analysis are assisting the breeding program. The overall goal is to develop specialized sorghum and maize technologies to increase food security and market opportunities in a sustainable way.
The document provides an overview of AES Brasil Group, including:
1) Market share information for distribution and generation companies.
2) Shareholding structure details for AES Brasil Group and its subsidiaries.
3) Key operating and financial metrics for AES Eletropaulo, including consumption trends, investments, SAIDI/SAIFI indexes, costs and expenses, EBITDA, net income, dividends paid, and debt profile.
Atmos Energy Corporation provides forward-looking statements about its business in this presentation. It operates natural gas utilities in 12 states and nonutility businesses in 22 states. The company has grown through acquisitions, becoming the largest pure-play natural gas distribution company based on customers. It aims to maximize core utility earnings through regulatory strategies including weather normalization adjustment mechanisms, gas cost recovery, and capital investment recovery riders. Nonutility operations in gas marketing and pipeline/storage complement the utility business.
This document summarizes an earnings conference call for the first quarter of 2009. It includes cautionary statements about forward-looking projections and defines adjusted earnings as a non-GAAP measure. The document highlights that FPL Group had strong overall results for the quarter and is well positioned given policy trends. It also notes that FPL saw improved earnings despite economic challenges, while NextEra Energy Resources' growth was driven by new investments. Key provisions of the American Recovery and Reinvestment Act that could benefit renewable energy are also summarized.
Banco ABC - 4th Quarter 2008 Results PresentationBanco ABC Brasil
The document is Banco ABC Brasil's 4Q08 earnings presentation from February 18, 2009. It highlights the bank's recurring net income growth of 36% in 2008 to BRL 160.7 million. Net income in 4Q08 was BRL 30.9 million, down 36.2% from 3Q08 due to additional loan loss provisions. The credit portfolio reached BRL 6.485 billion, growing 29.9% year-over-year. Credit quality remained high, with 97.6% of loans rated AA to C by the Central Bank.
Patrick D. Campbell Senior Vice President and Chief Financial Officerfinance10
3M aims to accelerate growth to enhance shareholder value. The presentation outlines plans to achieve 5-8% organic local currency growth in traditional businesses through leveraging existing assets, pursue international expansion, and continue productivity initiatives. It also discusses growing new market adjacencies at a faster pace through acquisitions and new brands. Maintaining strong margins and returns on invested capital as growth increases is a key focus.
The document summarizes the 2006 results of an energy company. Some key highlights include:
1) Adjusted EBITDA was R$2.49 billion in 2006, 16.7% higher than 2005. Net profit was R$373.4 million compared to a loss in 2005.
2) Debt was reduced by 19.8% and credit ratings were increased.
3) The captive electricity market grew 5.1% excluding free consumers. Total market increased 4.6% to 38,183 GWh.
4) Technical and commercial losses decreased while collection rates remained steady at over 99%. Fraud detection and clandestine connections were reduced.
Introduction of short duration pulses into rice-based cropping systems in wes...ACIAR
This document summarizes a project in Bangladesh that aims to introduce short duration pulses like lentils and peas into rice-based cropping systems to increase pulse production. The project is a collaboration between universities and research organizations in Bangladesh and Australia. It plans to widen the window between rice crops and use techniques like relay cropping and early maturing varieties to grow pulses. Initial findings showed pulses can be grown before or after rice. Constraints identified were waterlogging and diseases. Potential future collaborations discussed other countries and projects addressing similar cropping patterns and climate change adaptation.
The document is a presentation by Pat Reddy, SVP and CFO of Atmos Energy Corporation, given at the Wachovia Nantucket Equity Conference on June 26, 2007. It provides an overview of Atmos Energy, including its growth through acquisitions, focus on maximizing core utility earnings, complementary nonutility operations, and recent regulatory and project activities. Forward-looking statements are presented, subject to various risk factors.
2008 Merrill Lynch Global Transportation Conference Presentationfinance13
This document discusses UAL Corporation's performance in 2007 and its strategy going forward.
[1] In 2007, UAL had over $1 billion in operating income, over $600 million in pre-tax profit, and $2.1 billion in operating cash flow. [2] However, fresh start accounting significantly affects competitive comparisons of pre-tax income. [3] Going forward, UAL's strategy is focused on "Back to Basics" priorities of industry-leading revenues, competitive costs, service basics like on-time performance, and unrivaled customer satisfaction.
This document summarizes a presentation given by Mark Mulhern, Senior Vice President and CFO of Progress Energy, at a Power & Gas Leaders Conference on September 24, 2008. The presentation discusses Progress Energy's strategy of securing its energy future through significant rate base growth, nuclear expansion projects, and maintaining a supportive regulatory environment. It provides an overview of Progress Energy's utilities in North Carolina and Florida, outlines major capital investment projects, and reviews the company's financial position and objectives to achieve steady earnings growth.
The document provides an investor briefing for Bemis Company. It summarizes Bemis' business profile including its global presence, vertical integration, and key financial metrics. The briefing also outlines Bemis' strategic priorities to optimize its scale, grow in target areas like medical packaging, and accelerate innovation in materials and packaging features. Guidance is given for 2013 with adjusted EPS expected between $2.30 to $2.45 and cash flow from operations above $430 million.
Rosemarie Anderson, Federal Highway Administration, shared information about addressing rural road safety in this session at the 2012 National Rural Transportation Peer Learning Conference, April 25-27 in Burlington, VT.
Leslie Appleton Young, CAR Chief Economist, spoke at the Real Living Lifestyles New Year, New You Real Estate Symposium on January 31, 2012. She shared her economic forecast for the coming year, and all of the latest charts and stats on the California economy.
Leslie Appleton-Young, Chief Economist/California Association of Realtors presents his annual report to the California Desert Association of Realtors.
The Palm Springs desert area (Coachella Valley) housing market is on the upswing once again.
The CEO’s Dilemma - How to drive efficient innovation in the organizationJoeBarkai
Product organizations spend considerable effort and resources on innovation. However, many companies are engages in unfocused and inefficient innovation that does not support the company\'s strategic vision. In fact, many companies seem to engage in innovation for innovation sake and can be characterized as reckless innovators. This presentation discusses the role of lean and efficient innovation and how successful companies focus innovation to help connect business strategy to execution.
2012 Reenergize the Americas 1B: Craig MataczynskiReenergize
This document discusses the nexus between energy, water, and economic growth from 1950 to 2008. It shows that as GDP grew by an average of 2.8% annually from 1970 to 2008, energy use grew by 0.9% and water use grew by 0.3%. The document also provides data on the water usage of various energy production methods, showing that coal and ethanol production require more water than other sources. It advocates combining desalination with energy production to maximize the water-energy nexus.
The number of active US venture capital firms peaked in 2000 at over 1,000 firms but has since declined to around 450 firms in 2010. Venture capital fundraising has slowed with new commitments below levels of company investment. The vast majority of capital is raised through existing venture capital managers raising follow-on funds, rather than first-time managers. Despite economic turbulence, over 1,100 companies received venture capital funding in 2011, consistent with typical annual levels of 1,000-1,300 companies. Venture capital investing in Southern California generally tracked national trends, with some decline from peak levels in the late 1990s/early 2000s.
The document discusses past and projected growth in the global solar PV market from 2001-2011 and beyond. It notes that the market grew at an average annual rate of 52% from 2001-2010, with particularly rapid growth in 2009-2010. Germany has been the leading country for installed capacity but its market may be nearing saturation. Module prices declined sharply from 2008-2010. The document considers whether the solar PV market will continue growing at similar rates or begin to slow and outlines optimistic and conservative scenarios for market growth through 2020.
- Century Aluminum reported financial results for the first quarter of 2009 with a net loss of $115 million compared to a net loss of $694 million in the fourth quarter of 2008.
- Operations have been impacted by weak end markets with plants performing safely though further capacity curtailments may be required to balance the aluminum market.
- The company has taken aggressive actions to reduce costs including full curtailment of the Ravenswood plant, curtailment of a potline at Hawesville, and production cuts at other facilities. Liquidity was also improved through an equity offering and tax refunds providing $267 million of cash on hand.
- While signs of potential market stabilization are emerging, the macro
- U.S. petroleum refining company presenting at an energy conference
- Facing challenges from weak refining market conditions and falling gasoline demand
- Taking steps to improve operating flexibility and maximize contributions from non-refining businesses like logistics and coke to maintain financial performance
2007 - 7th Annual U.S. Analyst Airline Market Overview Commecial AviationEmbraer RI
The document provides an overview of the airline market from the perspective of aircraft in the 30-120 seat segment. It discusses trends in the industry including increased low-cost carrier competition, higher fuel prices, and efforts by airlines to reduce costs. Opportunities for regional jets include replacing aging fleets in China, Russia, and other growing markets. The E-Jets family from Embraer is positioned as helping airlines improve efficiency through right-sizing aircraft on routes.
2006* Commercial Aviation Market Embrear Day 2006Embraer RI
- Global passenger traffic has rebounded and continues growing steadily at around 7% per year. Low-cost carriers continue to drive demand, especially in the US and Europe.
- While the cost gap between network carriers and low-cost carriers is closing as both focus on reducing costs, fuel costs have risen significantly and now represent around 23% of total airline costs compared to 14% in 2000.
- Strong cost-cutting efforts by airlines have helped boost profitability, but fuel prices remain a major challenge for the industry outlook.
- NLMK's FY2010 financial performance was strong with sales volumes up 11% and revenue up 36% over 2009. EBITDA increased 63% and net income increased 484%.
- In Q4 2010, steel sales volumes were unchanged while average sales prices declined 2% from the previous quarter. Cash costs per tonne remained flat.
- For 2010, NLMK Group's crude steel production increased 9% to 11.5 million tonnes, driven by a 9% increase at the Lipetsk site. Production is expected to increase around 10% in 2011.
- Regional sales in 2010 saw 32% in Russia, 26% in Europe, and 12% in North America. High value
Venture capital investment in the US represents a small fraction of overall economic activity but has an outsized impact. In 2006:
1) Venture capital investment totaled $28.6 billion, representing just 0.2% of US GDP but supported 10.4 million US jobs and companies with $2.3 trillion in sales.
2) Venture-backed companies dominated certain sectors such as biotech, computers/peripherals, and software, providing over 50% of revenue and jobs in these industries.
3) For every $1 of venture capital invested between 1970-2001, there was $7.90 in US revenue generated in 2006, showing venture capital is a productive use
Apresentação do Gerente Executivo de Relacionamento com Investidores, Theodor...Petrobras
Petrobras is a major international oil company headquartered in Brazil that has been publicly traded since 2000. It operates across the oil and gas value chain from exploration and production to refining and distribution. In recent years, Petrobras has discovered large pre-salt oil reserves offshore Brazil and has become a net oil exporter. It is investment grade rated and among the most liquid stocks traded on the Sao Paulo and New York stock exchanges.
Apresentação do gerente executivo de relacionamento com investidores, theodor...Petrobras
Petrobras is a major Brazilian integrated energy company that is publicly traded on the NYSE and Bovespa. It has significant deepwater oil production capabilities and is pursuing growth through major investments in its pre-salt reservoirs. Petrobras maintains high reserve replacement rates through its exploration and production activities in Brazil while diversifying its shareholder base internationally. The company is directing substantial capital expenditures towards expanding its production and reserves over the next 5 years.
This document summarizes an Embraer Day 2007 presentation on the airline market and Embraer programs for aircraft in the 30-120 seat segment. It includes the following key points:
1) The air transport industry has seen strong demand growth in recent years and is projected to continue growing. However, airlines have had to work hard to reduce costs to offset rising fuel prices.
2) The regional jet market served by Embraer's ERJ145 family and the 70-120 seat market served by Embraer's E-Jets have both evolved in recent years.
3) Projections show the airline industry as a whole and most regions are expected to have positive net results in 2007 and 2008
National Oilwell Varco is the largest oilfield equipment company in the world. Through a strategy of mergers and acquisitions over the past 15 years, it has achieved superior returns on investment compared to industry averages. It provides complete solutions for oil and gas customers through its all-in-one business model. Current success is linked to its strategic initiatives of constant growth through acquisitions, international expansion via mergers and acquisitions, and offering customers an all-in-one solution from rigs to petroleum distribution through its portfolio of brands.
The document summarizes 3Q12 financial highlights and subsequent events for BR Properties. Key points include:
- 3Q12 net revenues increased 83% year-over-year to R$168 million due to additional rental revenues from new properties.
- Adjusted EBITDA was R$156.4 million, up 84% year-over-year, with a margin of 93%.
- In July, BR Properties issued R$600 million in local debentures and prepaid/refinanced R$364.5 million of debt.
- Several non-income producing properties are expected to deliver throughout 2012-2014, representing potential additional annual revenue of R$300 million.
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2. NAL Energy Corporation Profile
TSX Symbol NAE
Market Capitalization1 $1.2 Billion
Monthly Dividend $0.07/share
Current Yield1 10.4%
Net Debt2 $376 Million
Current Shares Outstanding3 150.4 Million
Convertible Debentures
Trading Symbol NAE.DB NAE.DB.A
Coupon 6.75% 6.25%
Principal Outstanding ($MM) 80 115
Conversion Price ($/Share) 14.00 16.50
Maturity Date 31AUG12 31DEC14
Notes: 1) As at 22NOV11; 2) As at 30SEP11; 3) As at 08NOV11. 2
3. Operate Across Western Canada
British Columbia
% Gas & NGL’s: 100%
% of Production: 14% SE Saskatchewan
% Crude Oil: 93%
% of Production: 25%
Alberta
% Crude Oil: 45%
% of Production: 59%
3
4. Reserves Profile
• P+P reserves: 104 MMBoe – 109% total production replacement
• Proved reserves: 68% of total P+P
• Current RLI: 9.4 years
• Mix: 50% Liquids – 50% Natural gas
• 3 yr average F&D of $18.80/boe; FD&A of $21.86/boe
120,000
100,000
Natural Gas
Reserves @ Jan 1 2011
Oil & Liquids
P+P Reserves (Mboe)
80,000
PROBABLE
60,000 32%
PROVED
40,000
PRODUCING
58%
20,000
PUD's
10%
0
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
4
5. Income vs Growth
• Increasing demand for yield
• Dividend payout model fits the WCSB asset base
• Payout ratio 40 – 50% of cash flow
• Growth through acquisitions – strategic/selective
5
6. Q3 Highlights
• Volumes up 2,000 boe/d or 7% Q3/11 vs. Q2/11
• Oil volumes up 7%
• Operational highlights
• Cardium Lochend performance
• Back to business in Saskatchewan
• Liquids-rich gas tie-ins
• New oil resource play – Sawn Lake
• Cash flow in-line with expectations
• $250 MM available on lines of $550 MM
6
7. Q3/11 Performance
Q3/11 Q2/11 % Change
Production (boe/d) 28,752 26,758 7.5
Funds from operations ($MM)1 64.8 60.4 7.3
Funds from operations ($/share) 0.44 0.41 7.3
Capital expenditures ($MM) 86.9 36.1 141
Revenue ($/boe)2 49.30 53.12 -7.2
Operating Netback ($/boe)3 28.64 32.39 -11.6
Notes:
1) All figures prepared in accordance with International Financial Reporting Standards 1 (“IFRS1”); 2) net of
7
transportation charges; 3) Before hedging gains/losses.
9. Outlook
• On track to complete $240 MM capital program
• Production forecast in the 28,500 boe/d1 range
• Oil hedges in place for 51% of volumes for 2011 -
swaps at US$88/bbl and collars at US$ 90 x 100
Notes: 1) Does not account for unplanned gas facility outages in Q4/11 or volume constraints associated with Star Valley facility fire. 9
10. 2011 Operational Strategy
• Oil drilling - 85% of the capital program
• Focus on ROR and capital efficiency – 95% Hz drills
• Leverage BP and Cochrane partnerships
• Prove-up emerging opportunity inventory
• Farm-out non-core acreage – maintain upside
10
11. Capital Program On Track
(13 Garrington, 4 Cochrane, 1 Willesden Green)
(15 in greater Hoffer area)
(Pekisko , Viking, other Carbonates)
(2 Fireweed , 1 Kakwa, 4 Deep Basin (Wilrich)
11
12. Scalable Oil Development:
Cardium West Central AB
Key Attributes
Garrington/
Westward Ho Cochrane
Working Interest (%) 65 65
OOIP/SEC (MMbbl) Up to 4.21 2.62
Reserves per well (Mboe) 165 Up to 225
DCET Cap (Gross - $MM) $3.0 – 3.3 $3.5 – 3.8
OPEX ($/boe) 8 10
Capital Efficiency ($/boe) 16 – 22 15-24
Un-risked ROR (%) 45 35
• Cardium performance - continues to meet
or exceed type curves
• Successfully implementing water based
fracs on all new wells
• Approximately 300 gross risked locations
in inventory at 2 wells per section
• Positive results from downspacing to 3-4
wells/sec
12
**Resource Halo Areas provided by Canadian Discovery Notes: 1) Cardium A&B sands; 2) Cardium A sand only;
13. Advancements in the Cardium
• Completion technique advancements include:
• Switch to water-based fracs
• Longer lateral section – up to 1,500 metres
• Reduced inter-frac spacing to 75 metres
• Decreased per frac tonnage to 15 tonnes
• Target DCET costs: $3.0–3.3 MM in Garrington and
$3.5–3.8 MM at Lochend
13
14. Lochend Cardium Exceeding Expectations
Lochend
3-17-027-03 1-17-027-03 1-18-027-03 16-19-027-03 14-20-027-03 16-20-027-03 8-33-027-03
W5M
On Production August 27, 2010 December 1, 2011 November 3, 2011 November 3,2011 September 5, 2011 December 1, 2011 August 6, 2011
30 day IP (boe/d)1 335 2002 3302 3502 770 3502 172
90 day IP (boe/d) 268 - - - - - 162
Current (boe/d) 189 - 400 617 400 - 137
Formation Cardium A Cardium A Cardium A Cardium A Cardium A Cardium A Cardium A
Frac Fluid Type Water Water Water Water Water Water Water
Number of Fracs 10 15 11 13 14 14 12
Lateral length (m) 1082 1179 1024 1260 1132 1276 1000
• Q4 2011 results set-up active program for 2012
• Liquids and solution gas handling facilities added in 2011 14
Notes: 1) First full month average post load fluid recovery 2) Forecast
15. Stratigraphic Oil Plays:
Mississippian – Southeast SK
Key Attributes
Working Interest (%) 50
OOIP/Sec (MMbbls) Up to 5
Reserves per well (Mboe) 60 – 200
DCET Cap (Gross -$MM) 1.6 - 1.8
Capital Efficiency ($/boe) 18
Un-risked ROR (%) 40 -50%
• Stratigraphic plays laterally
extensive
• Positive reservoir
permeability/porosity
• Over 100 gross risked
locations
• Delineation continuing on
Neptune/Oungre
• Multi-zone potential:
Ratcliffe, Oungre, Red River,
Birdbear and Bakken
15
16. Profiling the Mississippian
• No multi-stage fracs – lower cost - $1.7MM DCET
• IP’s enhanced by under-balanced drilling
• New pool royalties at 2.5% on first 100,000 bbls
• New oil battery at Hoffer increases reliability
• Waterflood potential to increase recovery factors
16
17. Strong Oil Economics - $85/bbl WTI
Mississippian - SE Sask Cardium - Alberta
Capital Efficiency ($/boe) $16 - $25 $17 - $28
Operating Netback ($/boe) $60 - $70 $65
Recycle Ratio 2x - 3x 2x - 3x
Royalties 4.5%* 12%
Capital Costs/Well ($MM) 1.5 – 2.0 3.0 – 4.0
Operating Costs ($/boe) 10.00 8.00
Rates of Return 40% - 100% + Up to 40%
Note: Assuming US$85/bbl ; * On first 37,000/100,000 bbls. 17
18. Emerging Tight Oil Play:
Sawn Lake – North Central AB
NAL Land Position:
• 23 gross sections
• 50% - 100% WI
• Slave Point carbonate
Development Potential:
• Up to 4 wells per section
• 75 – 100 locations
• First well – Q1/12
Key Offsets1:
A: 16-35-91-13W5 Horizontal
On Production: March 2011
Peak Rate: 378 bbls/d @ 7% WC
August Rate: 335 bbls/d @11% WC
B: 1-26-91-13W5 Horizontal
On Production: April 2011
Peak Rate: 445 bbls/d @ 2% WC
August Rate: 445 bbls/d @ 1% WC
18
Notes: 1) Source - GeoScout
19. Liquids-rich Natural Gas Plays
Key Attributes (Wilrich)
Working Interest (%) 70
NGL Yield (Bbl/mcf) 15
Gross RGIP (Bcf/well) 3.7
Gross Reserves/Well (Mboe) Up to 620
Capital Efficiency ($/boe) 9.40
Un-risked ROR (%) 40
• Wilrich well performance exceeding
expectations with an average 30 day
IP capability in excess of 7 mmcf/d
• Production at Fireweed is in the
2,100 boe/d range
• Up to 90 gross risked locations in
inventory
19
20. 2012 Guidance Framework
• Guidance to be announced mid-January 2012
• Focus on lower risk operated oil opportunities
• Less proof-of-concept, land & facilities capital
• Commodity prices key driver of cash flow
• 2012 Hedging – 5,000 bbls/d at $97/bbl
20
21. Available Credit Lines
Credit Lines ($MM)
2011
Bank of Montreal* 145 $247 MM of
credit
Royal Bank of Canada 110 available as
at Sept. 30th
CIBC 87.5
Bank of Nova Scotia 87.5
Alberta Treasury Branch 40
National Bank Financial 40
Union Bank of California 40
Total 550
21
* Includes $15 million of working capital facility
22. NAL Investment Proposition
• Balanced portfolio of high quality assets
• Focus on light oil
• Strong inventory of opportunities
• Available lines of credit
• Non-taxable for many years
• Attractive valuation and yield
22
24. Strategic Partnership with Manulife
Manulife:
NAL Resources Management • Direct investor in oil and gas assets since
1990
(manages 47,000 boe/d)
• Long term investment horizon
• Desire to increase investment
Terms of Administrative Cost Sharing
NAL Energy Manulife Agreement:
• No management or acquisition fees
29,000 18,000 • Shared G&A costs
boe/d boe/d • Independently controlled board
• Long term contract - 90 day NAL Energy exit
option
65% of assets are common
Benefits:
90% are operated • Enhanced technical/financial capability
• Broad market view & investment discipline
• Financial partner in transactions
24
25. NAL Shareholder Analysis
Income Focused
High Canadian Ownership
Institutional Presence
Foreign Manulife
3% 1%
U.S.
22%
Institutional
41%
Retail
Canadian 58%
75%
25
Note: As at September 30, 2011
26. Cardium Type-Curve
NAL’s Drilling Results Validate Type Curve
250
225 Typical Horizontal Well
200
Typical Vertical Well
175
Production (boe/d)
150
125
100
75
50
25
0
1 2 3 4 5 6 7 8 9 10 11 12
Months On Production
26
28. Reserves & Capital Efficiency Summary
2010 2009
Reserves (MMboe)
Proved 71.0 70.91
Proved + Probable (“P+P) 103.9 102.21
P+P Reserves/sh (boe/sh) 0.71 0.74
RLI (years)
P+P 9.4 9.2
Reserves Replacement Ratio
P+P (excluding A&D) 90% 131%
P+P (including A&D) 109% 445%
Three Year
Weighted Average
Including Changes in Future Development Capital 2010 2009 2008 2008 – 2010
Finding & Development Costs ($/boe)
Proved 21.41 18.52 14.18 17.92
P+P 22.60 17.86 16.24 18.80
F&D Recycle Ratio(3)
Proved 1.4 1.7 3.0 1.9
P+P 1.3 1.8 2.6 1.8
Finding, Development & Acquisition Costs ($/boe)
Proved 22.37 27.87 19.41 24.77
P+P 22.85 22.33 19.66 21.86
28
Notes: All reserves and production volumes data excludes royalty interest volumes; 1) 2009 reserves have been adjusted for the wind-up of the T&S partnership to be comparable with 2010.
29. Stable Reserves Per Share Performance
Stable reserves per share performance reinvesting approximately 53% of cash flow
1.50 200,000
180,000
160,000
P+P Reserves (Mboe)
Mboe / 000 units
140,000
1.00
120,000
100,000
80,000
0.50 60,000
40,000
20,000
0.00 0
2004 2005 2006 2007 2008 2009 2010
Note: DARPU calculated using year-end reserves, net debt, convertibles and units outstanding. 29
Net debt converted to units using annual average unit price. Converts converted to units at strike price
32. Stable Production Per Share Performance
Stable production per share performance reinvesting approximately 46% of cash flow
120 35,000
100
30,000
80
Production (boe/d)
25,000
boe / 000 units
60
20,000
40
15,000
20
0 10,000
2006 2007 2008 2009 2010
P+P Reserves Per Unit Annual Average Production
Note: Production per unit calculated using annual average production and annual average units outstanding. 32
This metric is not debt-adjusted given complications in calculating average annual debt figures.
33. Non-Taxable For Many Years
Available Tax Pools $ MM
Canadian Exploration Expense 91
Canadian Development Expense 442
Canadian Oil & Gas Property Expense 417
Undepreciated Capital Costs 261
Other (including loss carry forwards) 328
Total 1,539
Note: as at 30SEP11 33
34. Hedging Programs Manage Risk
• Objective
• protect cash flow for the purposes of sustaining
dividends and maintaining an active capital
program
• Board approval
• maximum of 60% of net production after royalty
• Counterparties
• all Canadian chartered banks
34
35. Hedging Program Adding Protection
• Crude oil hedges:
• 49% of net 2011 liquids volumes - average floor price
above US$ 88/bbl
• 5,000 bbls/d in 2012 hedged at average floor price
above US$ 97/bbl
• Natural gas hedges:
• 31% of net 2011 gas volumes
• Average floor price of approximately C$4.00/GJ
• Interest rate:
• 45% of 2011 bank debt @ 1.67%
• Foreign Exchange:
• 36% of 2011 US$ exposure @ $1.0328
35
* Current all in Bank Interest rate 4.7% after Bank Fees; percent of commodity hedged based on mid-point of production guidance range of 29,000 boe/d.
36. Crude Oil Hedge Positions
Crude Oil Hedge Contracts as at 11/7/2011
Q4-11 Q1-12 Q2-12 Q3-12 Q4-12
US$ Collar Contracts
$US WTI Collar Volume (b/d) 200 900 900 700 700
Bought Puts – Average Strike Price ($US/bbl) 90.00 101.11 101.11 101.43 101.43
Sold Calls – Average Strike Price ($US/bbl) 100.50 117.07 117.07 117.66 117.66
US$ Swap Contracts
$US WTI Swap Volume (b/d)* 5,700 3,450 3,450 3,450 3,450
Average WTI Swap Price ($US/bbl) 88.10 95.38 95.38 95.38 95.38
Cdn$ Collar Contracts
$Cdn WTI Collar Volume (b/d)
Bought Puts – Average Strike Price ($Cdn/bbl)
Sold Calls – Average Strike Price ($Cdn/bbl)
Cdn$ Swap Contracts
$Cdn WTI Swap Volume (b/d)
Average WTI Swap Price ($Cdn/bbl)
Total Volume (b/d) 5,900 4,350 4,350 4,150 4,150
Note: All counterparties are Canadian banks in our syndicate.
• Two 500 bbl/d, calendar 2011, swap contracts with an average price of $95.00 contain extendable call options. The extendible call option provides the counterparty with the option
to extend the contract into calendar 2012 under the same price and volumetric terms. The counterparty can exercise this option any time before December 31, 2011.
• For calendar 2012, there is a 500 bbl/d and a 250 bb/d swap contract with a price of $87.15 and $100.25 respectively, that contain extendable call options. These options provide
the counterparty with the right to extend the contract into calendar 2013 under the same price and volumetric terms. The counterparty can exercise this option anytime before 36
December 31, 2012.
37. Natural Gas Hedge Positions
Natural Gas Hedge Contracts as at 11/7/2011
Q4-11 Q1-12 Q2-12 Q3-12 Q4-12
Collar Contracts
AECO Collar Volume (GJ/d)
Bought Puts – AECO Average Strike
Price ($Cdn/GJ)
Sold Calls – AECO Average Strike
Price ($Cdn/GJ)
Swap Contracts
AECO Swap Volume (GJ/d) 27,000 24,000 5,000 5,000 3,674
AECO Average Price ($Cdn/GJ) 3.99 3.98 4.16 4.16 4.17
Total Volume (GJ/d) 27,000 24,000 5,000 5,000 3,674
Note: All counterparties are Canadian banks in our syndicate. 37
38. Interest Rate Hedge Positions
Financial Interest Rate Swap Contracts as at 11/7/2011
Remaining Term Notional (Cdn $MM) Floating Rate Fixed Rate
(Receive) (Pay)
Oct 2011 – Dec 2011 39 CAD-BA-CDOR 3 month 1.5864%
Oct 2011– Jan 2013 22 CAD-BA-CDOR 3 month 1.3850%
Oct 2011– Jan 2014 22 CAD-BA-CDOR 3 month 1.5100%
Oct 2011 – Mar 2013 14 CAD-BA-CDOR 3 month 1.8500%
Oct 2011 – Mar 2013 14 CAD-BA-CDOR 3 month 1.8750%
Oct 2011 – Mar 2014 14 CAD-BA-CDOR 3 month 1.9300%
Oct 2011 – Mar 2014 14 CAD-BA-CDOR 3 month 1.9850%
Total Notional (Cdn $) 139*
* Fixed approximately 49% of floating bank debt ($285MM average for 2011e)
Note: All counterparties are Canadian banks in our syndicate. 38
39. Foreign Exchange Hedge Positions
Fixed Rate Notional (US) Term Counterparty Floating Rate
(USD/CAD) per month
1.05 $2.0 MM Oct 1, 2011 to Dec 31, 2011 BofC Monthly Average Noon Rate
1.0608 $0.5 MM Oct 1, 2011 to Dec 31, 2011 BofC Monthly Average Noon Rate
0.9954 $2.0 MM Jan 1, 2011 to Dec 31, 2011 BofC Monthly Average Noon Rate
1.0565 $1.5 MM Jan 1, 2012 to Dec 31, 2012 BofC Monthly Average Noon Rate
NAL has a monthly commitment to settle the above fixed rates against the Bank of Canada monthly average noon rate.
The 1.0565 fixed rate calendar 2012 contract contains the premium from the sale of a 1.05 extendable call option that expires
December 31, 2011. If exercised the option will be converted to an additional equivalent contract at a fixed rate of 1.05.
Option Fixing Range Notional (US) Term Counterparty Floating Rate
(USD/CAD) per month
.94 - 1.06 $0.5 MM Oct 1, 2011 to Dec 31, 2011 BofC Monthly Average Noon Rate
.95 - 1.07 $0.5 MM Oct 1, 2011 to Dec 31, 2011 BofC Monthly Average Noon Rate
.94 - 1.08 $0.5 MM Oct 1, 2011 to Dec 31, 2011 BofC Monthly Average Noon Rate
.95 - 1.04 $0.5 MM Oct 1, 2011 to Dec 31, 2011 BofC Monthly Average Noon Rate
.95 – 1.0138 $1.0 MM Oct 1, 2011 to Dec 31, 2012 BofC Monthly Average Noon Rate
When the monthly average noon spot foreign exchange rate exceeds the lower fixing rate, NAL is committed to selling the above
listed USD’s at the upper fixing rate for that month. To the extent the monthly average noon spot foreign exchange rate is below the
lower fixing rate, NAL has no commitment to sell USD.
Note: FX contracts as at 08/09/2011. 39
40. Foreign Exchange Hedge Positions
Notional (US) Term Counterparty Floating Rate
Option Fixing Range per month
(USD/CAD)
1.05 - 1.15 $1.0 MM Oct 1, 2011 to Dec 31, 2011 BofC Monthly Average Noon Rate
0.97 – 1.04 $1.0 MM Jan 1, 2012 to Dec 31, 2012 BofC Monthly Average Noon Rate
When the monthly average noon spot foreign exchange rate exceeds the fixing range, NAL is committed to selling the above listed USD at the lower fixing rate for that month.
To the extent the monthly average spot foreign exchange rate is below the lower fixing rate, NAL has a commitment to sell the above listed USD at the lower fixing rate. When
the monthly average noon spot foreign exchange rate falls within the fixing range, NAL has no commitment to sell USD.
Option Payout Notional (US) Term Counterparty Floating Rate Monthly
Range per month Premium
(USD/CAD) Received
0.93 - 1.01 $3.0 MM Oct 1, 2011 to Dec 31, 2011 BofC Monthly Average Noon Rate CAD $60K
0.93 - 1.01 $2.0 MM Jan 1, 2012 to Jun 30, 2012 BofC Monthly Average Noon Rate CAD $40K
0.90 – 1.15 $1.0 MM Jan 1, 2013 to Sept 30, 2013 BofC Monthly Average Noon Rate CAD $40K
When the monthly average noon spot foreign exchange rate is outside the payout range, the monthly premium is forfeited. NAL is committed to selling the above listed USD at
the upper payout range value for that month when the average noon spot foreign exchange rate exceeds the payout range.
Fade-in Level Strike Price Participation Level Notional (US) Term Counterparty Floating Rate
(USD/CAD) (USD/CAD) (USD/CAD) per month
0.92 0.985 1.03 $2.0 MM Jul 1, 2012 to Dec 31, 2012 BofC Monthly Average Noon Rate
0.91 1.0075 1.05 $1.5 MM Jan 1, 2012 to Dec 31, 2012 BofC Monthly Average Noon Rate
0.935 1.00 1.05 $0.5 MM Oct 1, 2011 to Dec 31, 2011 BofC Monthly Average Noon Rate
0.92 1.012 1.0625 $0.5 MM Jan 1, 2012 to Dec 31, 2012 BofC Monthly Average Noon Rate
0.92 0.995 1.035 $1.0 MM Jan 1, 2012 to Dec 31, 2012 BofC Monthly Average Noon Rate
0.90 1.065 1.15 $1.0 MM Jan 1, 2013 to Sept 30, 2013 BofC Monthly Average Noon Rate
NAL is fixed to sell USD on a monthly basis at the strike price. If the Bank of Canada monthly average noon rate is below the fade-in level or between the strike and
participating level, NAL has no commitment to sell USD.
Note: FX contracts as at 08/09/2011. 40
41. Experienced Management Team
Andrew Wiswell
President & CEO
Keith Steeves Vacant Angele Mullins John Kanik John Koyanagi Clayton Paradis
VP Finance & CFO VP Ops & COO Director, HR Director, Marketing VP Business Dev. Director, IR
Tracy Heck David Allen Alex Tworo
Controller Director, E&D A&D Geology
Jim Van Camp
Saskatchewan BU
Lance Berg
Sylvan Lake BU
Average of 22 years of E&P experience
Darcy Reding
Western BU
Tim Brandenborg
Non-Operated BU
Darcy Erickson
Drilling &
Completions
Deric Orton 41
Director, Land
42. Sell-side Research
Analyst Firm Recommendation
Gordon Tait BMO Capital Markets Market Perform
Grant Hofer Barclays Capital Underweight
Jeremy Kaliel CIBC World Markets Sector Outperformer
Kevin C.H. Lo FirstEnergy Capital Market Perform
Stacey McDonald GMP Securities Buy
Cristina Lopez Macquarie Capital Neutral
Kyle Preston National Bank Financial Outperform
Jeff Martin Peters & Co. Sector Perform
Kristopher Zack Raymond James Market Perform
Mark Friesen RBC Capital Markets Sector Perform
Gordon Currie Salman Partners Hold
Patrick Bryden Scotia Capital Sector Perform
Michael Zuk Stifel Nicolaus Sell
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Roger Serin TD Securities Hold
43. Corporate Information
EXECUTIVE TEAM TRUSTEE AND TRANSFER AGENT
Andrew Wiswell President & CEO Computershare Trust Company
of Canada
Keith Steeves VP Finance & CFO
AUDITOR
John Koyanagi VP Business Development
KPMG
ENGINEERING CONSULTANTS
INVESTOR RELATIONS McDaniel & Associates
Clayton Paradis Director, Investor Relations LEGAL COUNSEL
Local: (403) 294-3620 Bennett Jones LLP
Toll-free: (888) 223.8792 STOCK EXCHANGE LISTING
E-mail: investor.relations@nal.ca & SYMBOL
Toronto Stock Exchange: NAE
EXECUTIVE OFFICE
1000 – 550 6th Avenue SW, Calgary, Alberta, T2P 0S2
Website: www.nalenergy.com 43
44. Disclaimers
Forward Looking Statements
This document contains statements that constitute “forward-looking information” within the meaning of applicable securities legislation as to NAL Energy
Corporation’s (“NAL’s”) internal projections, expectations and beliefs relating to future events or future performance. This forward-looking information
includes, among others, statements regarding: NAL’s strategic focus, business strategy and plans and budgets; business plans for drilling, exploration and
development, including drilling locations; estimates of production and operations performance; forecasted commodity price estimates of future sales;
estimated amounts, allocation and timing of capital expenditures; estimates of operating costs and unit operating costs; the estimated timing and results
of new development programs; estimates of anticipated funds from operations, cash flow, netbacks, dividends, working capital and debt levels; estimated
rates of return; the anticipated results of NAL’s divestiture program; various tax matters related to NAL; NAL’s hedging program; NAL’s prospect inventory;
and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of
operations or performance.
Various assumptions were used in drawing the conclusions or making the forecasts and projections contained in the forward-looking information contained
in this presentation including, without limitation, with respect to commodity prices, interest rates, exchange rates, royalty rates, general and
administrative expenses, the success of NAL's drilling programs and the production profile of NAL's oil and natural gas reserves. Forward-looking information
is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances
to differ materially from those anticipated by NAL and described in the forward-looking information contained in this document. Undue reliance should
not be placed on forward-looking information. The material risk factors include, but are not limited to: the risks of the oil and gas industry, such as
operational risks in exploring for, developing and producing oil and natural gas, market demand and unpredictable facilities outages; risks and
uncertainties involving the geology of oil and gas deposits; the uncertainty of estimates and projections relating to production, costs and expenses;
potential delays or changes in plans with respect to exploration or development projects or capital expenditures; risk that adequate pipeline capacity to
transport oil and natural gas to market may not be available; fluctuations in oil and gas prices, foreign currency exchange rates and interest rates; the
outcome and effects of any future acquisitions and dispositions; safety and environmental risks; uncertainties as to the availability and cost of financing
and changes in capital markets; competitive actions of other industry participants; changes in general economic and business conditions; the possibility
that government policies or laws may change or governmental approvals may be delayed or withheld; changes in tax laws; changes in royalty rates; the
results of NAL’s risk mitigation strategies, including insurance; and NAL’s ability to implement its business strategy. Readers are cautioned that the
foregoing list of risk factors is not exhaustive. Additional information on these and other factors which could affect NAL’s operations or financial results
are included in NAL’s most recent Annual Information Form and Annual Financial Report. In addition, information is available in NAL’s other filings with
Canadian securities regulatory authorities.
Forward-looking information is based on the estimates and opinions of NAL’s management at the time the information is released.
Boe Conversion
Throughout this press release, the calculation of barrels of oil equivalent (boe) is based on the widely recognized conversion rate of six thousand cubic feet
(mcf) of natural gas for one barrel (bbl) of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on
an energy equivalence conversion method primarily applicable at the burner tip and does not represent a value equivalence at the wellhead.
44
All dollar amounts in Canadian dollars, unless otherwise stated.