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Žilina, Slovakia

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Zu | Date: 2006-03-11

Exercise machines; Manually-operated exercise equipment.


News Article
Site: http://news.yahoo.com/energy/

Companies with low debt, such as National Oilwell Varco, will be able to scoop up rivals and grab market share Dado Galdieri/Bloomberg Because it has low debt, National Oilwell Varco will reap the benefits of rising oil prices more than its competitors will. D MA MB MC MD ME MG ZG ZQ ZR ZS ZT ZU If you ignore the daily headlines about the beleaguered energy sector, invest in companies with low debt and wait for the inevitable rebound in oil prices, you could eventually make a lot of money. Oil news has been grim, as analysts rush to lower their crude-price predictions week in and week out. Wolfe Research, in a shocking report, is expecting as many as a third of U.S. oil and natural gas producers to go bankrupt. Oil has already hit its lowest level in more than 12 years, and the drop over the past 18 months has been breathtaking. Investment banks expect crude oil prices to head well below $30. As recently as July 2014, prices topped $100 a barrel. In an interview on Jan. 8, Bill Mann, chief investment officer of Motley Fool Asset Management, gave an example of an oilfield services and equipment company that’s well-positioned to take advantage of the turmoil in the energy and materials industries, and bounce back beautifully when oil prices recover. “In the materials sector and oil services, there are companies that have been thrown out with the bath water, including National Oilwell Varco (NOV),” Mann said. He called the company ”spectacular,” with a “very conservative capital structure in a disaster of a market right now.” “The last 18 months have been the worst in history for the price of Brent crude oil (:LCOH6), and those things tend to reverse in time,” he said. National Oilwell Varco’s ratio of long-term debt to equity was 15.3% as of Sept. 30, according to FactSet. That’s the lowest among the six companies in the oilfield services/equipment subesctor of the S&P 500 (^GSPC), according to FactSet. Having low debt is crucial for companies that wish to scoop up competitors or assets during a wave of bankruptcies. Here’s how National Oilwell Varco’s year-end debt-to-equity ratio compared with the five other companies included in the S&P 500 oilfield services/equipment subsector: Company Ticker Long-term debt/ equity - Sept. 30 Average return on equity - five years through September 2015 Total return - 5 years through Jan. 8 National Oilwell Varco Inc. (BHI) (NOV) 15.3% 10.4% -44% Baker Hughes Inc. (BHI) 22.2% 6.1% -22% Schlumberger NV (SLB) 35.2% 12.9% -13% Halliburton Co. (HAL) 48.3% 13.0% -10% Cameron International Corp. (CAM) 67.7% 8.7% 23% FMC Technologies Inc. (FTI) 71.6% 17.7% -40% Source: FactSet To be sure, a relatively high level of debt doesn’t mean a company has been a poor long-term performer, as you can see from the five-year average returns on equity and total return figures above. The idea is that a company with low debt can take advantage of the unusual market turmoil. Read: Barclays is now the most bearish on oil outlook When discussing market conditions and strategy during the company’s third-quarter conference call in October, National Oilwell Varco CEO Clay Williams emphasized the company’s cost-cutting efforts, as well as the opportunity for expansion ahead of the oil-price recovery that eventually “will come.” It has been difficult for the company to find bargain acquisition targets, and Williams said the company remained “patient and disciplined in these discussions.” “As we move into 2016, we believe sellers are likely to reduce their expectations and better capital returns on M&A will follow. Consequently, our capital deployment strategy is shifting from share buybacks to an external focus on potential acquisitions,” he said. The company made four small acquisitions during the third quarter. If we expand the comparison to the 67 companies in the S&P 500 energy and materials sectors, National Oilwell Varco had the second-lowest debt-to-equity ratio, with Helmerich & Payne Inc. (HP) the lowest at 10.9%. Here are the 10 S&P 500 energy and materials companies with the lowest debt-to-equity ratios as of Sept. 30, according to FactSet: Company Ticker Industry Long-term debt/ equity - Sept. 30 Average return on equity - five years through September 2015 Total return - 5 years through Jan. 8 Helmerich & Payne Inc. (HP) Contract Drilling 10.9% 14.7% 8% National Oilwell Varco Inc. (NOV) Oilfield Services/ Equipment 15.3% 11.4% -44% Exxon Mobil Corp. (XOM) Integrated Oil 16.7% 22.3% 13% Chevron Inc. (CVX) Integrated Oil 17.9% 17.0% 7% Occidental Petroleum Corp. (OXY) Oil and Gas Production 19.6% 10.2% -21% Baker Hughes Inc. (BHI) Oilfield Services/ Equipment 22.2% 7.5% -22% Hess Corp. (HES) Oil and Gas Production 27.0% 9.7% -42% Marathon Oil Corp. (MRO) Oil and Gas Production 30.4% 7.3% -50% Valero Energy Corp. (VLO) Oil Refining/ Marketing 30.9% 14.2% 248% Pioneer Natural Resources Co. (PXD) Oil and Gas Production 31.1% 3.9% 32% Source: FactSet Among the 67 S&P 500 companies in the energy and materials sectors, 18 had debt-to-equity ratios of over 100% as of Sept. 30. With oil and gas revenues plunging, while interest rates are expected to rise in the U.S. during 2016, the timing of that high leverage couldn’t be worse. And those 18 are all large-cap companies. Among smaller players, there will be plenty of bankruptcies, which means plenty of distressed assets for survivors with lower leverage to acquire. In his daily energy report on Tuesday, Phil Flynn of Price Futures Group said: “Many shale producers have lost more than 90% of their market value and many can’t survive this meltdown. I would expect four or five bankruptcies to be announced in the coming days.” It’s interesting, and comforting, to see integrated giants Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) on the list. The low level of leverage underlines how conservative the companies’ management teams are. And when oil rises again, as it always has following a major downturn, the big low-leverage players are likely to do what they have always done, which is ride the wave back up. Keep in mind that oil is a long-term investment. On Tuesday, Credit Suisse analyst Jason Gammel called the short-term outlook for oil “bleak.” But he expects the price of Brent crude oil to rise to $57.75 a barrel in 2017 and $71.75 in 2018. So the price of oil could double within two years. Which other industries could benefit from the price of their products or services rising that fast? Philip van Doorn covers various investment and industry topics. He has previously worked as a senior analyst at TheStreet.com. He also has experience in community banking and as a credit analyst at the Federal Home Loan Bank of New York. Junk bond stress is spreading beyond energy, says Moody’s Why one economist says buying a home is overrated


News Article
Site: http://news.yahoo.com/energy/

CVS wages new war on tobacco, but cigarette makers are upbeat Reuters A visitor uses an electronic cigarette in Beijing in July 2015. D MA MB MC MD ME MG ZF ZG ZQ ZR ZS ZT ZU As CVS Health Corp. launches a $50 million campaign with the ambitious goal of creating a tobacco-free generation, cigarette companies are hoping 2016 will be their year. Low unemployment rates, an uptick in new house construction and cheap gas could mean “the adult tobacco consumer goes into 2016 with these positive feelings,” Altria Group Inc.’s (MO) chief executive officer Martin Barrington said in January. Read: One in three Chinese men at risk of dying from smoking But just as Altria sets its sights on adult tobacco sales, CVS (CVS)  — which stopped selling tobacco products in its stores in 2014 — is taking aim at young smokers, with a five-year initiative announced Thursday. CVS says it has lost about $2 billion in sales from the decision. Rates of youth smoking have dropped by more than 50% but have yet to be entirely eliminated, the Wall Street Journal reported. https://w.graphiq.com/w/8QATl68UIMl Read more: CVS to spend $50 million on antismoking program for youths Despite the proliferation of public health campaigns about smoking, the industry has tended towards robust cigarette sales, although there’s a clear overall decline in smokers. The most recent U.S. data shows about 17% of adults smoke — 40 million adults — down from 21% in 2005, according to the Centers for Disease Control and Prevention. Altria itself had a good 2015, particularly its “smokeable product segment,” which saw Marlboros sell well for the fourth year in a row, its fourth-quarter earnings showed. Other cigarette companies, including Philip Morris International Inc. (PM) and British American Tobacco’s (BATS.L)  fourth-quarter American sales, showed decreases in volumes by region, though Philip Morris said that decline was more moderate than the previous year.


News Article
Site: http://news.yahoo.com/energy/

Industry survivors such as Helmerich & Payne and Exxon Mobil have risen as much as 29% in the past two months Eddie Seal/Bloomberg Valero Energy is among two oil refiners on a new list of 15 S&P 500 energy and materials companies with the lowest levels of long-term debt to equity. D MA MB MC MD ME MG ZG ZQ ZR ZS ZT ZU Stocks of oil-related companies with little debt that we listed Jan. 11 have greatly outperformed the S&P 500 Index. With another earnings season behind us, we now have a new list with more recent information that might highlight eventual winners. Tuesday was rough for oil and for oil-related shares, following a strong run for both during the preceding six trading sessions. West Texas crude oil for April delivery (XNYM:CLJ6) sank 4% to $36.50 a barrel. Oil has now fallen 1.5% this year. Euphoria springing from the change in tone among OPEC members and Russia, which were negotiating a freeze on oil production, subsided, at least for a day. Tomi Kilgore summed up the day’s action: “A pullback in crude-oil prices helped cap a historic run-up in the oil sector that was triggered by investors scrambling to close out bearish bets.” The oil industry’s two biggest problems, weak demand and oversupply, are still with us. U.S. shale producers have greatly reduced capital spending, and domestic production will eventually show a large decline. Still, growth of the U.S. economy may help spark demand. But surprisingly weak export figures out of China underline just how premature the oil rally may have been. On Jan. 11 we looked at the 67 companies in the S&P 500 energy and materials sectors (since the commodity decline has been broad), and listed the 10 (all oil-related) with the lowest levels of debt to equity as of Sept. 30. The idea was that those companies could survive a period of weak profits, and be ready to increase capital spending, acquire weaker competitors or scoop up production assets on the cheap before prices eventually rebound, as they always do. Here’s how the companies have performed since Jan. 8, the last trading day before we listed them: Company Ticker Industry Long-term debt/ equity - Sept. 30 Total return - Jan 8. through March 8 Helmerich & Payne Inc. (HP) Contract Drilling 10.9% 29% National Oilwell Varco Inc. (NOV) Oilfield Services/ Equipment 15.3% 5% Exxon Mobil Corp. (XOM) Integrated Oil 16.7% 12% Chevron Inc. (CVX) Integrated Oil 17.9% 9% Occidental Petroleum Corp. (OXY) Oil and Gas Production 19.6% 6% Baker Hughes Inc. (BHI) Oilfield Services/ Equipment 22.2% 6% Hess Corp. (HES) Oil and Gas Production 27.0% 7% Marathon Oil Corp. (MRO) Oil and Gas Production 30.4% -2% Valero Energy Corp. (VLO) Oil Refining/ Marketing 30.9% -8% Pioneer Natural Resources Co. (PXD) Oil and Gas Production 31.1% 8% Source: FactSet Positive returns for eight of 10 stocks over the course of two months would be remarkable for any stock picker. Of course, we didn’t pick them. The data did. And we also pointed out that these were best considered long-term plays. It’s easy to believe that over the next few years, oil prices will recovery significantly. After all, they always have after market disruptions. And despite all the commentary that the age of oil is ending, the great majority of engines continue to be powered by petroleum-based fuels. With another earnings season in the books, we prepared a new list of low-leverage companies in the energy and materials sectors. Two companies, Marathon Oil Corp. (MRO) and Pioneer Natural Resources Co. (PXD), dropped off the list, while Phillips 66 (PSX) and Marin Marietta Materials Inc. (MLM) were added. Rather than leave out any company, we expanded the list. Here are the 15 S&P 500 companies in the energy and materials sectors with the lowest ratios of long-term debt to equity as of Dec. 31: Company Ticker Industry Long-term debt/ equity - Dec. 31 Average return on equity - five years through December 2015 Total return - five years through March 8 Helmerich & Payne Inc. (HP) Contract Drilling 10.9% 14.3% 7% Exxon Mobil Corp. (XOM) Integrated Oil 22.6% 20.5% 13% National Oilwell Varco Inc. (NOV) Oilfield Services/ Equipment 24.0% 8.7% -52% Baker Hughes Inc. (BHI) Oilfield Services/ Equipment 24.8% 4.8% -32% Chevron Inc. (CVX) Integrated Oil 25.3% 14.9% 2% Hess Corp. (HES) Oil and Gas Production 34.2% 5.7% -41% Occidental Petroleum Corp. (OXY) Oil and Gas Production 34.2% 3.4% -20% Valero Energy Corp. (VLO) Oil Refining/ Marketing 35.9% 15.5% 181% Phillips 66 (PSX) Oil Refining/ Marketing 38.5% 18.5% N/A Martin Marietta Materials Inc. (MLM) Construction Materials 39.0% 6.4% 91% Marathon Oil Corp. (MRO) Oil and Gas Production 39.2% 3.9% -63% Mosaic Co. (MOS)   Chemicals: Agricultural 40.5% N/A -61% Pioneer Natural Resources Co. (PXD) Oil and Gas Production 43.7% 3.0% 29% Vulcan Materials Corp. (VMC) Construction Materials 44.5% 1.5% 138% FMC Technologies Inc. (FTI) Oilfield Services/ Equipment 46.0% 25.0% -48% Source: FactSet


Bodnar R.,ZU | Otcenasova A.,ZU | Regul'A M.,ZU | Szabo D.,ZU
Proceedings of the 2014 15th International Scientific Conference on Electric Power Engineering, EPE 2014 | Year: 2014

This paper deals with Power Quality (PQ) issue in Low-Voltage (LV) network. It is focused on harmonics' spread and its impact on consumers. The paper introduction concerns with general resources and impacts of the worse Power Quality in network, especially in the area of harmonics. Besides this, it concerns with their occurrence, their superposition and calculation method of Total Harmonic Distortion (THD), but mainly there are standards which apply to Power Quality and are valid in the Slovak Republic. Next part contains data from one-month measurement which was carried out with PQ analyzer in village on the border. The values were chosen from this measurement in the area of harmonics measurement and their impact on consumers in the Czech Republic who are supplied from the Slovak Republic. Measurement values were used for the simulation where the situation is analyzed in detail. The paper includes identified shortcomings and initial recommendations for the power quality improvement in the given area. © 2014 IEEE. Source

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