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This chapter examines the oil and gas industry and the efficacy of vertical integration strategies. Using multiple theoretical lenses ranging from the resource-based view, transactions costs, and parenting perspective, the chapter considers different arguments associated with vertical integration. The 2011 breakup of ConocoPhillips and its global value chain helps address the question of which strategy is best – integrated or nonintegrated. We provide several conclusions about the structure of integration and value chains within the oil and gas industry. First, vertical integration based on the physical transfer of products between value chain activities will generate little firm advantage in the form of classical integration benefits, such as control over input quality or speed to market. Second, competing across the industry value chain as a hedge or strategy against industry cyclicality is not theoretically defensible. Third, pure play industry specialists can create value through management focus, agility, and, transparency for investors. Fourth, firms that compete across a wide range of industry value chain activities can create value-adding corporate strategies if they are able to leverage knowledge and assets across different industry sectors.

The challenges facing the productivity of Nigeria's refineries have generated much academic discourse. This study was carried out to develop a causal loop model showing the interrelationships of the multiple factors driving the poor performance of the refineries. Using a framework of political, economic, social and technical (PEST) factors, the developed model helped identify leverage points for policy intervention in the system.

A mixed-method approach was adopted to collect quantitative data from 118 refinery workers and qualitative data from 14 participants polled from the various Nigerian National Petroleum Corporation (NNPC) subsidiaries. The quantitative data were analysed through structural equation modelling (SEM) to prioritise the more significant factors, while the qualitative data were analysed by content analysis to further validate the questionnaire findings and provide clearer contexts for the operationalisation of the factors.

The structural equation model identified several PEST factors such as government interference, political indecision, funding issues, spare parts costs, pipeline vandalism, oil theft, maintenance issues as some of the significant factors affecting the performance of the refineries. The interviews validated these findings and provided richer contexts on how these factors operate within system. A causal loop model was developed based on these findings to identify key leverage points upon which policy intervention through best practice, management autonomy and stakeholder satisfaction was proposed to address these challenges.

The study uncovers that the factors which affect the performance of the refineries have significant multiple interrelationships, the understanding of which is crucial for developing effective solutions by policymakers.

The findings of this study lay important foundations for a deeper understanding of how PEST factors interact to drive suboptimal performance across NNPC refineries.

The causal loop model developed in this study provides a new approach to viewing and analysing the associated factors affecting the performance of Nigeria's refineries from a non-linear perspective.

Atlantic Basin Refining, Inc. (ABR), a Virgin Islands company located on the island of St Croix, reached a tentative agreement with Hess and Petroleos de Venezuela SA to purchase the two companies’ joint venture, Hovensa, LLC in November 2014. Hovensa operated the large St Croix oil refinery that had been closed since 2012, but the deal required approval by the Virgin Islands Senate. Although reopening the large refinery would generate a significant boost to the local economy, past operating losses, and financial and legal issues associated with Hovensa, raised concerns about the feasibility of ABR’s proposal. The case is set in late 2014 as the government is working to ensure that the decision to allow ABR to purchase the refinery reflects the long-term interests of the Virgin Islands.

The case was researched using secondary data and all materials are available to the public. This was necessary due to the ongoing legal battle concerning the refinery’s sale. No disguises of people or entities were used. Frequently cited sources include government and court records, newspaper articles, and internet sources.

The case is most appropriate for undergraduate courses in management or finance where capital budgeting decisions are analyzed.

The case draws on literature related to capital budgeting and management.

This paper aims to clarify the relationship between oil product prices and factors describing the most crucial emerging trends in fuel consumption. The work is aimed to test the hypothesis that the proliferation of alternative fuel cars is a significant factor in determining the level of motor fuel prices. The influence of technical standards of oil products on the model parameters is also analysed.

The hypothesis testing is carried out on the basis of an econometric analysis of information regarding the North-West European commodity market and the data on the registration of alternative fuel passenger vehicles. Time series are analysed for the presence of a structural shift in the parameters of the model as a result of changes in the requirements of technical regulations for fuel.

The results suggest a different nature of the influence of the proliferation of alternative fuel passenger vehicles – it has little effect on diesel prices, whilst the indicators under study have a negative effect on the prices of motor gasoline. The construction of oil product price models has confirmed the impact of tightening the technical requirements for the parameters of dependence equations.

The obtained results can be used in forecasting price indicators in oil refining for strategic and investment purposes.

This paper fulfils an identified need to take into account the emerging global trends in fuel consumption to obtain reliable parameters for oil product price modelling.

Over 3,000 scientists, technologists and industrialists attended the 1955 World Petroleum Congress, held in Rome, Italy, from June 6 to 17. Delegates representing 45 countries read papers covering all aspects of the petroleum industry, including geology and geophysics, drilling and production, oil processing, the production of chemicals from petroleum, the composition of petroleum, utilisation of petroleum products, and other more general subjects. Abstracts of papers included in the corrosion section are given below, and these discuss problems of graphite formation, the occlusion of hydrogen, static electricity, and corrosion inhibition in refinery equipment.

John McGee's 1958 paper, “Predatory Price Cutting: The Standard Oil (NJ) Case,” has had an astonishing influence on both antitrust policy in the United States and economic lore. McGee argued that predatory pricing is irrational and his analysis of the Standard Oil Company Matter, decided in 1911, led him to conclude that the Record in this case does not show that Standard Oil engaged in predatory pricing. This single publication appears to serve as a foundation of the U.S. Supreme Court's position on the issue of predatory pricing, as well as the assertion by many economists that predatory pricing is irrational and rarely occurs.

Numerous arguments have been advanced during the past 25 years that predatory pricing can be a rational strategy. As to McGee's empirical findings, there has been no re-examination of the Record of the Standard Oil case to determine the validity of his finding that the trial “Record” does not support the claim that Standard Oil engaged in predatory pricing.

We examined this Record and have found that the trial Record contains considerable evidence of predatory pricing by Standard Oil. Therefore, the Record does not support McGee's conclusion that Standard Oil did not engage in predatory pricing.

Thus, the decisions of the Supreme Court in recent years, as well as the opinions of many economists, concerning predatory pricing are not consistent with either current theory or the empirical record.

To anyone concerned with the use of lubricants the word “additive” is nowadays commonplace, but just what an additive is or what is meant by additive treatment is not so widely understood. Any attempt at a simple explanation would undoubtedly err on the side of understatement and leave a lot unexplained but some form of definition is necessary as a basis from which to work.

PARTS 12–15 IN A SERIES OF THIRTY‐ONE SHORT ARTICLES DESIGNED TO EMPHASIZE TO MANAGEMENT EXECUTIVES THE SAVINGS THEY CAN EFFECT AND FOR WHICH THEY ARE RESPONSIBLE BY GIVING THOUGHT AND ATTENTION TO THE CORRECT LUBRICATION OF THEIR PLANT AND MACHINERY.

The present work developed a national web-based corrosion cost inventory system for the Kingdom of Saudi Arabia which can be used by any nation with little bit of customization. The paper aims to discuss these issues.

The proposed system is designed to be divided into five major sectors namely, utilities, transportation, infrastructure, government, and production and manufacturing. Each of these major sectors is having further sub-sectors and then blown down to the industry and specific identity. The web-based application is developed using Dotnet on SQL server. The corrosion cost estimation procedures and corrosion rates in different sectors and sub-sectors have been adapted from the literature.

The proposed developed system will enable end-users to provide corrosion and cost-related data through web-based online system. The input information from end-users will be authenticated by a corrosion auditor before finally entering into the database tables. The system is also capable of generating reports related to corrosion cost which the nation is paying with further details of corrosion costs borne by each sector and sub-sector. These reports will be helpful in making decision to identify the sector and sub-sectors which are more prone to corrosion and consuming more money to combat corrosion. Finally, the sectors and sub-sectors that are identified through the proposed system could be put under thrust research areas to combat corrosion problem and hence reduce the corrosion cost burden in future.

To the best of authors' knowledge, this is the first attempt on providing a web-based corrosion cost inventory system on national basis which could be adapted by any nation with some customization. It is flexible and can be expanded as the need may arise.

The objectives of this study are to offer cash based funds flow components as an alternative to financial ratios for classifying the financial performance of companies; to test empirically the ability of funds flow components to distinguish between failed and nonfailed companies with special emphasis on working capital components; to analyse the empirical results and make recommendations for future study.