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Crude Oil and Crude Oil Derivatives Transactions by Oil and Gas Producers.

Description: This study attempts to resolve two important issues. First, it investigates the diversification benefit of crude oil for equities. Second, it examines whether or not crude oil derivatives transactions by oil and gas producers can change shareholders' wealth. With these two major goals in mind, I study the risk and return profile of crude oil, the value effect of crude oil derivatives transactions, and the systematic risk exposure effect of crude oil derivatives transactions. In contrast with previous studies, this study applies the Goldman Sachs Commodity Index (GSCI) methodology to measure the risk and return profile of crude oil. The results show that crude oil is negatively correlated with stocks so adding crude oil into a portfolio with equities can provide significant diversification benefits for the portfolio. Given the diversification benefit of crude oil mixed with equities, this study then examines the value effect of crude oil derivatives transactions by oil and gas producers. Differing from traditional corporate risk management literature, this study examines corporate derivatives transactions from the shareholders' portfolio perspective. The results show that crude oil derivatives transactions by oil and gas producers do impact value. If oil and gas producing companies stop shorting crude oil derivatives contracts, company stock prices increase significantly. In contrast, if oil and gas producing companies start shorting crude oil derivatives contracts, stock prices drop marginally significantly. Thus, hedging by producers is not necessarily good. This paper, however, finds that changes in policy regarding crude oil derivatives transactions cannot significantly affect the beta of shareholders' portfolios. The value effect, therefore, cannot be attributed to any systematic risk exposure change of shareholders' portfolios. Market completeness, transaction costs, and economies of scale are identified as possible sources of value effect. The following conclusions have been obtained in this study. Crude oil provides significant diversification benefits ...
Date: December 2007
Creator: Xu, He
Partner: UNT Libraries

Development of a Pre-Impact Environmental Site Characterization for the Bryan Mound, Texas Strategic Petroleum Reserve

Description: This thesis presents a model for developing site-specific contingency plans to be used during spill response, remediation, and post-spill monitoring using the Strategic Petroleum Reserve's Bryan Mound site as a case study. Bird and vegetation observations provide baseline data for biological conditions, and sediment sampling for total petroleum hydrocarbons serves as a chemical component of the model. Results demonstrate previously unknown conditions that would hinder remediation and affect the persistence of petroleum contaminants. Results also established previously unmapped dominant bird and vegetation types likely to be impacted by a spill at the site. This model points to a reconsideration of individual facilities' responsibilities when planning for large-scale disasters and protecting the sensitive ecosystems surrounding their sites.
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Date: December 2001
Creator: Hernandez, Sylvia A.
Partner: UNT Libraries

Market Timing, Forecast Ability and Information Flow in Petroleum Futures Markets

Description: Three petroleum futures contracts are examined over a ten-year period from 1986 to 1996. Intertemporal changes in futures prices and the net open interest positions of three trader types are compared to determine what, if any, market timing ability the traders have. Seasonal variation is considered and a simple trading rule is adopted to determine the dollar-return potential for market participation and shed light on issues of market efficiency.
Date: December 1997
Creator: Buchanan, William K.
Partner: UNT Libraries

Budget-Related Prediction Models in the Business Environment with Special Reference to Spot Price Predictions

Description: The purpose of this research is to study and improve decision accuracy in the real world. Spot price prediction of petroleum products, in a budgeting context, is the task chosen to study prediction accuracy. Prediction accuracy of executives in a multinational oil company is examined. The Brunswik Lens Model framework is used to evaluate prediction accuracy. Predictions of the individuals, the composite group (mathematical average of the individuals), the interacting group, and the environmental model were compared. Predictions of the individuals were obtained through a laboratory experiment in which experts were used as subjects. The subjects were required to make spot price predictions for two petroleum products. Eight predictor variables that were actually used by the subjects in real-world predictions were elicited through an interview process. Data for a 15 month period were used to construct 31 cases for each of the two products. Prediction accuracy was evaluated by comparing predictions with the actual spot prices. Predictions of the composite group were obtained by averaging the predictions of the individuals. Interacting group predictions were obtained ex post from the company's records. The study found the interacting group to be the least accurate. The implication of this finding is that even though an interacting group may be desirable for information synthesis, evaluation, or working toward group consensus, it is undesirable if prediction accuracy is critical. The accuracy of the environmental model was found to be the highest. This suggests that apart from random error, misweighting of cues by individuals and groups affects prediction accuracy. Another implication of this study is that the environmental model can also be used as an additional input in the prediction process to improve accuracy.
Date: August 1986
Creator: Kumar, Akhil
Partner: UNT Libraries

The Analysis of Fire Debris Using Nuclear Magnetic Resonance Spectroscopy

Description: This paper describes a new technique for analyzing fire debris using nuclear magnetic resonance (NMR) spectroscopy. Petroleum distillates, which are commonly used accelerants, were weathered, burned, and steamdistilled. These, as well as virgin samples of the accelerants, were analyzed by gas chromatography and nuclear magnetic resonance spectroscopy. In addition, solvent studies and detectibility limit studies were conducted. The use of NMR is described as a valuable adjunct to the existing methods of analysis.
Date: August 1981
Creator: Bryce, Kenneth L.
Partner: UNT Libraries

Synthesis and characterization of an N-(2-hydroxyethyl)-ethylenediaminetriacetic acid resin

Description: A chelating ion-exchange resin with N-(2-hydroxyethyl)ethylene-diaminetriacetic acid (HEDTA) used as the ligand chemically bonded to XAD-4 by an ester linkage, HEDTA-4, was synthesized. It is stable under normal experimental conditions with the liquid chromatograph. The structure of the resin was confirmed by an infrared spectrum, and by potentiometric titrations. The capacity of the resin was also obtained by potentiometric titration and by a nitrogen analysis. The resin was used to pack a column of 5 mm internal diameter and 5 cm long. The effect of pH on the retention of different metal ions on the resin was studied. It was found that the resin was most selective for chromium(III), copper(II), lead(II), mercury(II), uranium(VI), zirconium(IV) and zinc(II) at a pH of less than 3. Furthermore, the resin proves to be functioning with a chelating mechanism rather than ion-exchange, and it can concentrate trace metal ions in the presence of a large excess of calcium and magnesium. This makes the resin potentially useful for purifying and analyzing drinking water.
Date: October 1, 1977
Creator: Lai, Y. F.
Partner: UNT Libraries Government Documents Department

Inductively coupled plasma--atomic emission spectrometry: trace elements in oil matrices

Description: The simultaneous determination of up to 20 trace elements in various oil matrices by inductively coupled plasma-atomic emission spectrometry is reported. The oil matrices investigated were lubricating oils (for wear metals), fuel oil, centrifuged coal liquefaction product, crude soybean oil, and commercial edible oils. The samples were diluted with appropriate organic solvents and injected into the plasma as an aerosol generated by a pneumatic nebulization technique. Detection limits of the 28 elements studied ranged from 0.0006 to 9 ..mu..g/g with the majority falling in the 0.01 to 0.1 ..mu..g/g range. Analytical calibration curves were linear over at least two orders of magnitude and for some elements this linearity extended over 4.5 orders of magnitude. Relevant data on precision and accuracy are included. Because metals often occur as particles in lubricating oil and coal liquefaction products, the effect of particles on the analytical results was examined. Wear metal particles in used oil did not appear to affect the analytical results. However, incomplete recovery relative to organometallic reference solutions was obtained for iron particles with a nominal mean diameter of 3.0 ..mu..m suspended in oil. It was shown that the following factors contributed to incomplete recovery for the particles: settling of the suspended particles in the flask, a difference in nebulization efficiency between particle suspensions and organometallic solutions, and indications of incomplete vaporization of the larger particles in the plasma.
Date: December 1, 1977
Creator: Peterson, C. A.
Partner: UNT Libraries Government Documents Department

Analytical applications of resins containing amide and polyamine functional groups

Description: A dibutyl amide resin is used for the separation of uranium(VI), thorium(IV), and zirconium(IV) from each other and several other metal ions. Uranium(VI) and thorium(IV) are determined in the presence of large excesses of foreign metal ions and anions. A practical application of the amide resin is studied by determining uranium in low grade uranium ores. The amide resin is also used for the selective concentration of gold(III) from sea water.
Date: December 1, 1977
Creator: Orf, G. M.
Partner: UNT Libraries Government Documents Department