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 for equities. In the presence of market imperfections, crude oil derivatives transactions by oil and gas producers may change shareholders' wealth, even though crude oil derivatives transactions by oil and gas producers do not have significant effect on the systematic risk exposures of companies.

Volatile crude oil prices significantly affect the profitability of crude oil firms. The purpose of this single case study was to explore strategies some crude oil and gas business leaders used to remain profitable during periods of crude oil price volatility. The target population comprised 8 crude oil and gas business leaders located in Calgary, Canada, whose company remained profitable despite crude oil price volatility. The transformational leadership theory formed the conceptual framework for the study. Data were collected through the use of semistructured face-to-face interviews, company reports, and field notes. Data analysis involved a modified Van Kamm method, which included descriptive coding, a sequential review of the interview transcripts, and member checking. Based on methodological triangulation and thematic analysis, 5 themes emerged from the study, including communication and engagement; motivation and empowerment; measurement, monitoring, and control; self-awareness and humility; and efficiency and optimization. The implications for social change include the potential for crude oil and gas companies in Calgary, Canada to manage production costs, ensure earnings and profitability, and thus improve the socioeconomic well-being of Calgary indigenes through improved employment opportunities.

Simulated oil spills were created in S. alterniflora sediment-water microcosms to determine the effects of applied crude oil on S.alterniflora during two 90-day studies. In the first experiment, oil dosage was varied at 0-250 mg crude oil/g wet soil to determine the lethal dosage level. In the second experiment, oil type, dosage, and soil type were varied to determine the effects of oil under multiple scales of resolution. A light, medium, and heavy crude oil at dosages ranging from 0-150 mg crude oil/g wet soil were used in addition to an oiled and non-oiled soil. Following the completion of the 90-day experiment, several key findings were observed: (1) The lethal dosage limit was reached at 250 mg crude oil/g wet soil during the first experiment but not the second, by design; (2) At initial dosages of 10 and 50 mg crude oil/g wet soil, the oiled soil (acclimated for 4 months) was more influential in decreasing cumulative biomass growth rates compared to oil applied at the oil-water interface; (3) At the heaviest dosages applied as a simulated oil slick, concentrations of 150 mg crude oil/g wet soil, evapotranspiration rates were negatively affected by the oil (significant at p=0.05 in a one-tailed t-test); (4) Light, heavy, and then medium crude oil showed the lowest biomass growths, in that order, indicating that light crude oil was the most toxic in these microcosm experiments with S. alterniflora; (5) The 10 mg oil/g wet soil out-performed the 0 mg oil/g wet soil in transpiration and biomass growth.

Light, medium and heavy crude oils were studied at three concentrations and with two different sediments in experimental microcosm settings to determine the ability of Spartina alterniflora and associated microbes to breakdown total extractable hydrocarbons (TEH) in the water. It was a baseline experiment designed to quantify the rates of biodegradation under relatively quiescent conditions from different crude oils at moderate doses ranging from 0-150 mg/kg soil. Upon the completion of the experiment there were several key findings: (1) The lethal dosage for Spartina alterniflora was not reached within the 90 day experiment at these dosages, and all plants survived; (2) More than 97% of the total extractable hydrocarbons (TEH) were shown to be degraded by plants and rhizosphere microorganisms within the 90- day experiment; (3) The dose of oil introduced as a slick (simulated spill) on day zero did not significantly affect the results for TEH degradation within the range of dosages from 50-150 mg/g -- these dosages could be degraded by the marsh cord grass system; (4) A sediment type which was acclimated to oil for several months and one which was non-acclimated did not show significantly different results for TEH degradation in the microcosms -- both sediment systems resulted in TEH degradation over the 90-day experiment; and (5) A mathematical model was developed which simulated experiment results quite closely including TEH diffusion from the crude oil slick into the water and subsequent biodegradation.

Oil spills in the marine environment can threaten vulnerable ecosystems that support ecologically and economically significant organisms, such as the eastern oyster (Crassostrea virginica), in coastal habitats. The use of chemical dispersant (Corexit 9500) was applied as a cleanup effort in response to the Deepwater Horizon blowout to minimize crude oil slicks, but also resulted in increased concentrations of polycyclic aromatic hydrocarbons in the water column. The effects of increased soluble fractions of crude oil and dispersant components may be harmful to marine organisms. This study aimed to investigate possible sublethal impacts to the eastern oyster at multiple life history stages in order to understand potential implications on performance at an organismal, population, and ecosystem levels. Specifically, this study addressed 1) veliger swimming, 2) pediveliger settlement rates, 3) pollutant induced larval inactivity and 4) adult clearance rates after acute exposures to relevant concentrations (10 – 100 µL L-1) of water accommodated fractions of crude oil (WAF) and with a combination of chemical dispersant (CEWAF). No significant differences were observed in any tested swimming kinematics between controls and WAF or CEWAF treatments after 24 hour exposures for early staged veligers at concentrations up to 100 µL L-1 WAF and CEWAF. However, settlements rates of competent pediveligers were significant decreased compared to control (52.1 % s.d. 1.66) rates at concentrations of 50 µL L-1 WAF (30.9% s.d. 6.16) and 10 (41.2 % s.d. 0.857) and 50 (22.0% s.d. 1.23) µL L-1 CEWAF. Later staged larvae also showed increased vulnerability to oil pollution given that a higher percentage of organisms were inactive (48.3% s.d. 4.80) compared to early staged larvae (12.7% s.d. 7.68 ) after initial exposure at 50 µL L-1 CEWAF. Based on this result, we assumed effects of oil pollution were not manifested until the later larval life history stage evident by metamorphosis failure during the complex settlement transformation that results in reduced spat and eventually reduced adult oysters. Adult oysters were also exposed to increasing concentrations of WAF and CEWAF for 24 hours and feeding experiments were conducted in both clean seawater and the same oiled seawater conditions as their initial exposure. Oysters fed in oiled seawater had decreased clearance rates, but oysters fed in clean water had increased clearance rates, suggesting feeding efficiency can be returned to control rates when moved to the presence of clean water. However, our long term study conducted in clean seawater suggested of the oysters exposed to crude oil only (9.31 L h-1 g-1 s.d. 2.04) are able to return to clearance rates comparable to controls (7.69 L h-1 g-1 s.d. 1.89) after the 33 day time period but oysters exposed to crude oil with a combination of chemical dispersant (2.12 L h-1 g-1 s.d. 1.08) were not. Decreased feeding efficiency can have negative impacts on water quality in estuarine ecosystems that support productive habitats. Understanding the impacts of crude oil, and crude oil with a combination of chemical dispersant on ecologically significant organisms can aid in future oil spill response decisions in order to minimize environmental impacts.

<p>The foundation of OPEC (Organization of Oil Exporting Countries) was laid in the early 1960‟s by the five major oil exporters, Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, in Baghdad, Iraq. OPEC is supposed to allocate its production level among its member countries based on cartel- dominant firm model, for profit maximization.</p>

<p>Oil is an important energy source and a necessary industrial raw material. Every country’s economic growth and the daily life of its people are dependent on this energy form.</p><p>Historically, the oil prices have varied significantly on the world market. This led to at least two oil crises when prices increased in a very fast pace. In order to reduce such rapid fluctuations, oil was introduced at so called commodity exchanges. At such trading places oil could be traded openly for future delivery and hence the market was aware of price changes in advance. A commodity exchange sells special contracts in the form of so called “futures”. In fact there are many different contracts, each exchange has its own set of them covering for a number of different oil types. This thesis deals with these contracts and how they are traded.</p>

<p>Uppsatsen studerar hur aktiekurser i oljerelaterade bolag har reagerat vid kraftiga svängningar av oljepriset och undersöker hur oljepriset och aktiekurserna följer varandra under en längre period. Uppsatsen använder sig av en event studie samt ett korrelationstest som metod. Det ingår totalt 8 bolag i studien som undersöks mot Brent råolja. Studien visar att företagen reagerar vid en kraftig rörelse i oljepriset samt att det finns en stark korrelation mellan oljepriset och aktiekurserna i majoriteten av företagen.</p>

Several lactic acid bacteria contain β-galactosidases. Beta galactosidases catalyze lactose hydrolysis and transfer acceptor sugars onto galactose, producing galactooligosaccharides. The aim of this work was to exploit β-galactosidases of lactic acid bacteria as crude cell extracts to produce novel oligosaccharides with mannose, N-acetylglucosamine, and fucose. Of 17 strains of lactic acid bacteria, transferase activity was the strongest in crude cell extracts of Lactobacillus delbrueckii subsp. bulgaricus, followed by Streptococcus thermophilus, Lactobacillus animalis, and Lactobacillus reuteri in a buffered 19% (w/w) lactose solution. Incorporation of 6 % (w/w) glycerol increased transferase activity and enzyme stability at higher incubation temperatures. Incorporation of 10% (w/w) mannose, N-acetylglucosamine and fucose as acceptor sugars yielded three distinct oligosaccharides with mannose and two with N-acetylglucosamine and fucose, with the composition confirmed using gas chromatography-mass spectrometry. This is the first public report indicating production of oligosaccharides containing N-acetylglucosamine and fucose from β-galactosidases of lactic acid bacteria.

With the increasing demand for biodiesel, the accumulation of byproduct, crude glycerol has become a problem which needs to be solved. Lactic acid is one of the value-added chemical which can be produced from glycerol that has wide uses in food and chemical industry. Although glycerol can be converted to lactic acid with an alkali as the catalyst at high glycerol conversion (100 mol%) and lactic acid yield (around 90 mol%), the high alkalinity would cause severe corrosiveness to a stainless steel reactor. In this study two tasks were performed to convert glycerol to lactic acid with satisfactory conversion and selectivity, and to reduce the corrosiveness of reaction medium. First, CaO was used as solid base catalyst. The highest lactic acid yield achieved was 40.8 mol% with a 97.8 mol% glycerol conversion, when operating at 290°C after 150 min reaction with molar ratio of CaO: glycerol=0.3. Also CaO has advantages such as high lactic acid productivity (3.35 g/(min·L)) and reusability. Meanwhile, CaO can be used as the catalyst for both biodiesel production and the following crude glycerol conversion to lactic acid. Second, for glycerol conversion with NaOH as catalyst, a fed-batch reactor was applied to continuously supply NaOH during reaction process, compensating the OH- neutralized by newly formed lactic acid. The optimal lactic acid yield of 80.5 mol%, with 92.8% glycerol conversion was obtained at 300 °C for 220min, with 1.1 M glycerol initial concentration. A first-order kinetic model for glycerol concentration versus time was developed and verified experimentally under conditions with different initial glycerol concentration and reaction temperature. Although crude glycerol samples contained large amount of impurities, both methods, conversion with solid base catalyst and with fed-batch reactor, were applied successfully to three crude glycerol samples provided by biodiesel manufacturers, and the lactic acid yield reached 52.3 mol% and 72.7 mol% respectively. Finally, the corrosion issue of different methods was compared based on the Fe3+ concentration (analyzed with atomic-absorption spectroscopy) in the products. Both methods of glycerol conversions, with solid base catalyst and fed-batch reactor, can reduce the corrosiveness of glycerol conversion with an alkali as the catalyst.