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Energy Finance: Analysis and Valuation, Risk Management, and the Future of Energy


The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals. As part of the Robert W. Kolb Series in Finance, Energy Finance and Economics provides a comprehensive look at this topic by examining the areas of valuation, analysis, and risk management that are associated with it and including timely discussions about the future of energy.

Written for both financial professionals and aspiring students, this reliable guide skillfully addresses the finance and economics of energy and covers the principles and tools necessary to conduct sound decision-making and analysis. Divided into four comprehensive parts, it touches on a variety of issues you need to be familiar with, including:

  • Geopolitics and world energy markets
  • The myths and realities of sustainable energy
  • Financial statement analysis for oil and gas companies
  • Financing large energy projects
  • Petroleum economics, risk and opportunity analysis
  • Energy derivatives and markets
  • Carbon management and environmental issues

Rounding out this detailed discussion are six informative case studies that involve challenging analysis in different areas of energy finance and economics.

Energy Finance and Economics contains the latest thinking in this field from some of today's leading practitioners and academics. Engaging and accessible, this book provides a firm understanding of what it will really take to excel at this difficult endeavor.

BETTY SIMKINS, PhD, is the Williams Companies Professor of Business and a Professor of Finance in the Department of Finance at Oklahoma State University's (OSU) Spears School of Business. She teaches energy finance, a course that she developed, at both the undergraduate and graduate levels, and also teaches executive education courses on energy finance for companies globally. Her primary area of research is risk management, including energy risk management, and she has published extensively in this area. Simkins has received a number of teaching awards at OSU, including the Regents Distinguished Teaching Award. She currently serves on the Board of Directors for the Financial Management Association, as coeditor of the Journal of Applied Finance, editor of FMA Online, and as past president of the Eastern Finance Association. Simkins worked in the corporate world for ConocoPhillips and Williams Companies.

RUSSELL SIMKINS is Manager of Proposal Services in the College of Engineering, Architecture, and Technology at Oklahoma State University (OSU) and a licensed Professional Engineer in the state of Oklahoma. He has over thirty years of engineering experience and worked for ConocoPhillips, Fractionation Research Inc., Lubrizol Corporation, Southwest Research Institute, and the U.S. Department of Energy. Simkins has also been active in the engineering profession as a member of various working groups in the Society of Automotive Engineers (SAE), Coordinating Research Council (CRC), and American Society of Testing Materials (ASTM) dealing with fuels and lubricants.


Editor’s Note


Chapter 1 An Introduction to Energy Finance and Economics (Betty J. Simkins and Russell E. Simkins)

Part 1: An Overview of Energy Finance and Economics

Chapter 2 Geopolitics and World Energy Markets  (Robert W. Kolb)

Chapter 3 Energy Economics
Past, Present and Prospects for the Future (James L. Williams and Betty J. Simkins)

Chapter 4 Sustainable Energy: Myths and Realities

Chapter 5 A Brief Introduction to the Petroleum Industry: From Crude Oil and Natural Gas to Petrochemicals and Their Products (Russell E. Simkins and Kenneth A. Borokhovich)

Chapter 6 The Economics of Renewable Energy (Brad Carson)

Chapter 7 How Our Political Views Affect Our View of Energy Prices (Sheridan Titman)

Part 2: Financial and Economic Analysis in the Energy Industry

Chapter 8 Oil and Gas Accounting (L. Charles Evans III)

Chapter 9 Financial Statement Analysis for Oil and Gas Companies and Competitive Benchmarking (Siamak Javadi, Betty J. Simkins and Mary E. Wicker)

Chapter 10 Petroleum Economics, Risk & Opportunity Analysis: Some Practical Perspectives (David A. Wood)

Chapter 11 Real Options and Applications in the Energy Industry (Betty Simkins and Kris Kemper)

Chapter 12 International Petroleum Fiscal System Design and Analysis (David Johnston, Partner - Managing Director, Daniel Johnston & Co. Inc.)

Chapter 13 Financing Large Energy Projects (Stephen V. Arbogast and Praveen Kumar)

Chapter 14 Financing Bio-Fuels Projects: Case Study Lessons (Stephen V. Arbogast)

Part 3: Energy Risk Management and Related Topics

Chapter 15 Energy Derivatives and Markets (Craig Pirrongand Mohsen Mollagholamali)

Chapter 16: Introduction to Energy Risk Management (Ivilina Popova and Betty J. Simkins)

Chapter 17 Risks in Trading Energy Commodities (Divya Krishnan)

Chapter 18 Carbon Management and Environmental Issues (Evgenia Golubeva)

Chapter 19 Hedging and Value in the U.S. Airline Industry (David A. Carter, Daniel A. Rogers and Betty J. Simkins)

Part 4: Case Studies

Chapter 20 PKO Resources, Inc.: Valuing a Producing Oil and Gas Property (John D. Martin, J. Douglas Ramsey and Sheridan Titman)

Chapter 21 Financial Analysis of the Purchase of a Hybrid Consumer Vehicle (Don M. Chance)

Chapter 22 ExxonMobil Corp.’s Acquisition of XTO Energy, Inc.
An Exercise in Valuation (Allissa A. Lee and Betty J. Simkins)

Chapter 23 Southwest Airlines
The Blended Winglet Project (Aaron Martin, Daniel A. Rogers and Betty J. Simkins)

Chapter 24 Wind Energy Power Company, Inc. (A)
Analyzing a Wind Energy Investment (John Martin, Doug Ramsey and Sheridan Titman)

Chapter 25 A Case Study on Risk Management: Lessons from the Collapse of Amaranth Advisors L.L.C. (Ludwig Chincarini)

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