Detailed Specification:You are required to produce a management report entitled, “Financial Analysis of Energy firms” based on the evidence supplied in the case study. Length of Report: Word processed- maximum of 3000 words excluding References and Executive Summary. Specifically, you are required to:Conduct a financial analysis of the four firms based in the USA, using financial techniques such as trend analysis and financial ratio analysis, based on the case study provided and submit a professional report as outlined below.Your taskExecutive SummaryBriefly summarise the approach taken in the report and the key findings.IntroductionBackground – briefly describe the background context of the companies’ organisation (e.g. historic information on the company’s formation, the financial performance, and the key products and services) and provide an outline of your report.3. General Financial Statements AnalysisBased on the financial statements provided (Table 1 and 2), evaluate and compare each company in terms of key figures such as total assets, long term debt, other liabilities, operating profit, net income over the period 1995-1997. Critically analyse and assess the changes in these key indicators with respect to each company. You should include critical discussion of potential reasons that led to these changes and the likely consequences on the organisations. Using the cash flow statements in Table 5, compare the cash flows of each company and evaluate the changes in the operating, investing and financing cash flows. You should include a justified set of recommendations how the companies can utilise any surplus cash or mitigate negative cash flows from these 3 main types of cash flow activities.4. Trend AnalysisBased on the common size balance sheet (All items shown as a percentage of total assets) and common size profit and loss statement (all items shown as a percentage of sales), critically assess and discuss the change in assets & liabilities and adjusted net income (after deducting preferred dividends) for each company.5. Financial Ratio AnalysisCompute the financial ratios (as given in Table 7) for each company for the year 1997. Assess the companies’ efficiency, profitability and liquidity position, as well as their capital structure (financial leverage) over the years. You should include critical discussion of potential reasons that led to these changes and the likely consequences on the organisations. 7. Conclusion
8. References Harvard style referencing must be used.9. Overall professionalism Well written report which is presented in a professional manner. Appropriate headings, logical structure and flow of ideas, clear and coherent language with good grammar and punctuation etc. Assessment Marking Criteria Management Summary5%Introduction10%Critical Analysis of financial statements (Balance sheet, Income statement and Cash flow)30%Evaluation of Common size Balance sheet and Income statement10%Assessment of financial ratios30%Conclusion 10%References and Overall professionalism5%Total 100% General Grading Criteria :70+An excellent attempt demonstrating a clear understanding of the requirements of the assignment. An impressive demonstration of research, organisation, initiative, analysis and application. Thorough and critical financial evaluation using key tools. A high-quality discussion of the proposed strategies are presented where other possible options are also reviewed and rejected Critical evaluation and specific conclusions are presented. 60-69A good attempt demonstrating a strong understanding of the requirements of the assignment. A good display of research, organisation, initiative, analysis and application.A good discussion of financial evaluation using key tools.Good conclusions are presented. 50-59A satisfactory attempt demonstrating an effective understanding of the assignment. Adequate discussion of financial evaluation. Conclusions are satisfactory.40-49A basic understanding of the assignment and its effect. Research, organisation, analysis initiative and application limited. There is an attempt to conduct financial evaluation and discussion is very shallow if any. Poor conclusions are presented. <40%Poor understanding of the requirements of the assignment. Possibly some confusion and much irrelevant material. A poor display of research, organisation, initiative, analysis and application. There are no or very little financial evaluationVery poor or no evaluation or conclusions are presented.
E
du
ca
tio
na
l m
a
t
er
ia
l
s
up
pl
ie
d
by
T
he
C
as
e
C
en
tre
C
op
yr
ig
ht
e
nc
od
ed
A
76
H
M
-J
U
J9
K
-P
JM
N
9I
A01-98-002
0
Copyright © 1998 Thunderbird, The American Graduate School of International Management. All rights reserved.
This case was prepared by Professor Graeme Rankine for the purpose of classroom discussion only, and not to indicate
either effective or ineffective management. The data used in this case was obtained from, and used with permission of,
Compustat PC Plus, an analytic software system integrating financial statement and market information produced by
Standard & Poor’s Compustat, Englewood, Colorado.
Financial Analysis of Energy Firms
Amerada Hess Corporation, Mobil Corporation, Pennzoil Company, and Unocal Corpo-
ration are four energy companies headquartered in the United States. The four firms have
some characteristics in common. Amerada Hess, Mobil and Pennzoil are classified as being
involved in petroleum refining [Standard Industrial Classification, SIC 2911] while Unocal
is classified as involved in crude petroleum and natural gas [SIC 1311]. The firms are all
involved in the exploration and production phase of the energy business. The firms differ in
their involvement in downstream activities. For example, Mobil has been a major player in
the retail marketing of gasoline both in Europe and in North America while Amerada Hess
has been a significant retail marketer on the East Coast. Unocal shifted its focus from
refining and marketing to exploration and production. Pennzoil has had only a modest
retail gasoline marketing position. The firms also differ in terms of size. For example, rev-
enues in 1997 ranged from $64.3 billion for Mobil to $2.5 billion for Pennzoil.
Company Backgrounds
Amerada Hess Corporation (NYSE: AHC), incorporated in 1920 as Amerada Corp., re-
sulted from the merger with Hess Oil & Chemical Corp. in 1969. In 1989, the company
acquired oil and gas properties from TXP Operating Company, a Texas limited partnership
affiliated with Transco Energy Company, for $865.6 million. In 1990, the company formed
a joint venture with the government of the West African Republic of Gabon to develop the
Rabi-Kounga oil field at a cost of $300 million. At the end of 1997, the company was a
major integrated oil company with 595 million barrels of proved crude oil and natural gas
liquid reserves and 1.935 trillion cubic ft. of proved natural gas reserves.
The company’s exploration and production activities were located primarily in the
United States, United Kingdom, Gabon, and Norway. The company also conducted explo-
ration and/or production activities in Denmark, Indonesia, Thailand and other parts of the
world. Of the company’s proved reserves, 34% were located in the United States and 60%
were located in the United Kingdom, and the Norwegian and Danish sectors of the North
Sea. In 1997, the company refined more than 411,000 barrels a day and sold gasoline in
over 638 HESS stations, mainly in New York, New Jersey and Florida. The company’s St.
Croix, Virgin Islands refinery was one of the world’s largest. In early 1998, Amerada an-
Distributed by The Case Centre North America Rest of the world
www.thecasecentre.org t +1 781 239 5884 t +44 (0)1234 750903
All rights reserved f +1 781 239 5885 f +44 (0)1234 751125
e info.usa@thecasecentre.org e info@thecasecentre.org
case centre
U
sa
ge
p
er
m
itt
ed
o
nl
y
w
ith
in
th
es
e
pa
ra
m
et
er
s
ot
he
rw
is
e
co
nt
ac
t i
nf
o@
th
ec
as
ec
en
tre
.o
rg
Ta
ug
ht
b
y
A
liy
ah
E
ss
op
, f
ro
m
2
3-
N
ov
-2
02
0
to
2
3-
M
ay
-2
02
1.
O
rd
er
re
f F
39
94
75
.
P
ur
ch
as
ed
fo
r u
se
o
n
th
e
A
cc
ou
nt
in
g
an
d
Fi
na
nc
e
fo
r E
ng
in
ee
rs
a
nd
P
ro
je
ct
M
an
ag
er
s
-M
S
c
E
ng
in
ee
rin
g
M
an
ag
em
en
t,
at
F
ac
ul
ty
o
f E
ng
in
ee
rin
g
&
S
ci
en
ce
, U
ni
ve
rs
ity
o
f G
re
en
w
ic
h.
E
du
ca
tio
na
l m
at
er
ia
l s
up
pl
ie
d
by
T
he
C
as
e
C
en
tre
C
op
yr
ig
ht
e
nc
od
ed
A
76
H
M
-J
U
J9
K
-P
JM
N
9I
2 A01-98-0020
nounced a joint venture with Petroleos de Venezuela, S.A. (PDVSA) to operate the St Croix
refinery. Under the terms of the agreement, PDVSA acquired a 50% interest in the refinery
for $625 million. Amerada Hess’s web page on the Internet was located at www.hess.com.
Mobil Corporation (NYSE: MOB) was incorporated in New York in 1882 as Stan-
dard Oil Company of New York. The company’s name was changed to Socony-Vacuum
Corporation in 1931, to Socony Mobil Oil Company, Inc. in 1955 and to Mobil Oil
Corporation in 1966. In 1988, the company sold Montgomery Ward & Company for $1.6
billion in cash to an investor group which included its senior management, General Elec-
tric Capital Corp. and Kidder, Peabody and Company. In 1996, an Australian subsidiary,
Mobil Exploration and Producing Australia Pty Ltd, acquired Amplolex Limited, an Aus-
tralian oil and gas company, for approximately $1.4 billion. In 1996, the company also
acquired a 25% interest in the Tengiz oil field in the Republic of Kazakstan, a state of the
former Soviet Union, for $1.1 billion under terms that required an initial payment of $5
00
million. In 1996, Mobil announced that it and British Petroleum would pool assets with a
book value of $5 billion to create a partnership across Europe with annual sales of $20
billion.
In 1997, Mobil was one of the largest oil and petroleum companies in the world. The
company owned 23 ocean-going tankers, operated an additional 12 tankers under term
charter arrangements, and owned 15,000 retail outlets, of which 48% were located in the
United States. At the end of 1997, Mobil had reported proved reserves of 4.1 billion barrels
of oil and natural gas liquids and 17.0 trillion cu. ft. of natural gas. Mobil also operated a
fully integrated chemicals operation which produced and marketed basic petrochemicals,
selected specialty chemicals, catalysts and flexible packaging films. In 1997, Mobil’s Chair-
man reported that the new five-year goal for the company was to generate returns to share-
holders that were in the highest quartile of comparable energy companies. In order to reach
that objective, the company set new targets, using 1996 as the base year: a 10% per year
increase in operating earnings to $5 billion by the year 2001; a 14% average return on
capital employed over the period; and, a $100 stock price by 2001. To support these targets,
Mobil established goals for its operating units, including: increasing oil and gas production
by an average of at least 4% a year, replacing more than 110% of the reserves produced over
the five-year period, growing trade sales volumes in fuels and lubricants by an average of 4%
to 5% a year, and increasing chemical sales volumes by 7% a year. Mobil maintained a web
page (www.mobil.com) on the Internet.
Pennzoil Company (NYSE: PZL) was formed in 1968 through the combination of
Pennzoil Co., which was established in 1889, and United Gas Corp., which was organized
in 1930. In 1990, Pennzoil acquired an 80% interest in Jiffy Lube International, which
became a wholly-owned subsidiary in 1991. The company explores for oil and gas, refines
and sells Pennzoil motor oil, and provides oil-change services at 1,500 Jiffy Lube outlets
located throughout the United States. Pennzoil brand gasoline is marketed through 403
retail outlets located in Pennsylvania, Ohio, New York, Virginia, Tennessee and Kentucky.
In 1985, the company distributed the stock of Battle Mountain Gold Company to its
shareholders in a spinoff on a one-for-one basis. In 1985, the company was awarded $10.5
billion in damages after being scooped by Texaco in the acquisition of Getty Oil. After
U
sa
ge
p
er
m
itt
ed
o
nl
y
w
ith
in
th
es
e
pa
ra
m
et
er
s
ot
he
rw
is
e
co
nt
ac
t i
nf
o@
th
ec
as
ec
en
tre
.o
rg
Ta
ug
ht
b
y
A
liy
ah
E
ss
op
, f
ro
m
2
3-
N
ov
-2
02
0
to
2
3-
M
ay
-2
02
1.
O
rd
er
re
f F
39
94
75
.
P
ur
ch
as
ed
fo
r u
se
o
n
th
e
A
cc
ou
nt
in
g
an
d
Fi
na
nc
e
fo
r E
ng
in
ee
rs
a
nd
P
ro
je
ct
M
an
ag
er
s
-M
S
c
E
ng
in
ee
rin
g
M
an
ag
em
en
t,
at
F
ac
ul
ty
o
f E
ng
in
ee
rin
g
&
S
ci
en
ce
, U
ni
ve
rs
ity
o
f G
re
en
w
ic
h.
E
du
ca
tio
na
l m
at
er
ia
l s
up
pl
ie
d
by
T
he
C
as
e
C
en
tre
C
op
yr
ig
ht
e
nc
od
ed
A
76
H
M
-J
U
J9
K
-P
JM
N
9I
A01-98-0020 3
Texaco entered bankruptcy protection in 1987, Pennzoil settled the dispute for $3 billion
which it received in 1988 after Texaco’s plan of reorganization was approved by the bank-
ruptcy court.
In November 1997, Union Pacific Resources Group Inc. dropped its $6.4 billion hos-
tile bid for Pennzoil. Pennzoil had previously rejected the all-cash offer of $84 per share as
inadequate. At the end of 1997, Pennzoil’s Chairman reported that the company was on
track to achieve its financial goals for the end of the decade of doubling operating income
and after-tax cash flow from operations from the 1994 levels, and reducing the adjusted
debt-to-cash flow multiples to around two times. At the end of 1997, the company had
proved oil reserves of 227 million barrels and proved natural gas reserves of 1.059 trillion
cubic ft. Pennzoil’s web page (www.pennzoil.com) was located on the Internet.
Unocal Corporation (NYSE: UCL) was originally incorporated in Califormia in 1890
as the Union Oil Company of California. In 1983, the Union Oil Company reincorpo-
rated in Delaware as a wholly-owned subsidiary of the company. In 1996, the company
sold its California crude oil and natural gas assets to Nuevo Energy Company of Houston,
Texas for $492 million. In 1997, Unocal was a leading global resource and project develop-
ment company, with major oil and gas exploration and production activities in Asia, Latin
America and the United States Gulf of Mexico. Unocal was also the world’s leading pro-
ducer of geothermal energy; a provider of electrical power; and a manufacturer and mar-
keter of nitrogen-based fertilizers, petroleum coke, graphites and specialty minerals. In March
1997, Unocal further transitioned itself from a fully integrated oil company by completing
the sale of its West Coast refining, marketing and transportation assets to Stamford, Conn.-
based Tosco Corporation. Unocal received cash proceeds of $1.4 billion and 14,092,482
shares of Tosco common stock valued at $397 million. In May 1997, the company sold the
stock back to Tosco for $394 million (net of expenses).
The company has continued to shift its focus toward growth through higher-return
resource drilling and market-to-resource project development. To help accomplish this growth
strategy, the company acquired a number of new exploration blocks in prospective areas in
Argentina and in deepwater areas in the Gulf of Mexico and offshore Indonesia. Advanced
technology was expected to provide deepwater exploration and production opportunities
to the company that were previously uneconomic. In 1997, the company participated in its
first deepwater discovery in the Gulf of Mexico and made several discoveries confirming
significant resources in the East Kalimantan area, offshore Indonesia. The company planned
to grow through greater exploration success, increased international production, effective
cost controls and active portfolio management. To help achieve these goals, Unocal ex-
pected to focus its 1998 capital spending on the Lower 48 United States, international
operations and new ventures activities. At the end of 1997, the company had proved re-
serves of 533 million barrels of oil and 6.550 trillion cu. ft. of gas. Unocal’s web page on the
Internet was located at www.unocal.com.
U
sa
ge
p
er
m
itt
ed
o
nl
y
w
ith
in
th
es
e
pa
ra
m
et
er
s
ot
he
rw
is
e
co
nt
ac
t i
nf
o@
th
ec
as
ec
en
tre
.o
rg
Ta
ug
ht
b
y
A
liy
ah
E
ss
op
, f
ro
m
2
3-
N
ov
-2
02
0
to
2
3-
M
ay
-2
02
1.
O
rd
er
re
f F
39
94
75
.
P
ur
ch
as
ed
fo
r u
se
o
n
th
e
A
cc
ou
nt
in
g
an
d
Fi
na
nc
e
fo
r E
ng
in
ee
rs
a
nd
P
ro
je
ct
M
an
ag
er
s
-M
S
c
E
ng
in
ee
rin
g
M
an
ag
em
en
t,
at
F
ac
ul
ty
o
f E
ng
in
ee
rin
g
&
S
ci
en
ce
, U
ni
ve
rs
ity
o
f G
re
en
w
ic
h.
E
du
ca
tio
na
l m
at
er
ia
l s
up
pl
ie
d
by
T
he
C
as
e
C
en
tre
C
op
yr
ig
ht
e
nc
od
ed
A
76
H
M
-J
U
J9
K
-P
JM
N
9I
4 A01-98-0020
EXHIBIT 1 Some Definitions of Key Ratios
LIQUIDITY RATIOS:
Cash & Market Sec. to Total Assets = (Cash + Marketable Sec.) / Total Assets
Acid Test Ratio = (Cash + Marketable Sec. + Receivables) / Current Liabilities
Current Ratio = Current Assets / Current Liabilities
ASSET MANAGEMENT:
Day’s Receivable = 365 / (Sales / Receivables
)
Day’s Inventory = 365 / (Cost of Goods Sold / Inventories)
Asset Turnover = Sales / Total Assets
FINANCIAL LEVERAGE:
Debt to Total Assets = (CL + L-T Debt + Other Liabilities) / Total Assets
Stockholders’ Equity to Total assets = Total Stockholders’ Equity / Total Assets
Long-term Debt to Stockholder’s Equity = (L-T Debt + Other Liabilities) / Stockholders’ Equity
Coverage Ratio (1) = Operating Profit / Interest Expense
Coverage Ratio (2) = (Operating CF + Interest Paid) / Interest Paid
PROFITABILITY:
Gross Margin Ratio = Gross Profit / Sales
Return on Sales = Net Income / Sales
(Adj. Net Income + Preferred Divs.) / Sales
Return on Assets (1) = Net Income / Total Assets
(Adj. Net Income + Preferred Divs.) / Total Assets
Return on Assets (2) = (Pretax Income + Interest Expense)/ Total Assets
Return on Equity = Net Income / Stock. Equity
(Adj. Net Income + Preferred Divs.) /Stock. Equity
Return on Common Equity = Adj. Net Income / Common Stock. Equity
STOCK MARKET PERFORMANCE:
Dividend Yield = Cash Dividends / Market Price per Share (12/31)
Annual Common Stock Return = (Price
t
+ Divs
t
– Price
t-
1
) / Price
t-1
Market-to-Book Ratio = Market Price per Share / (Common Stockholders’
Equity /Common Shares Outstanding)
DUPONT ANALYSIS:
Return on Equity = Return on Sales * Asset Turnover * Leverage
= (Net Income / Sales ) * (Sales / Assets) * (Assets /
Stock. Equity)
U
sa
ge
p
er
m
itt
ed
o
nl
y
w
ith
in
th
es
e
pa
ra
m
et
er
s
ot
he
rw
is
e
co
nt
ac
t i
nf
o@
th
ec
as
ec
en
tre
.o
rg
Ta
ug
ht
b
y
A
liy
ah
E
ss
op
, f
ro
m
2
3-
N
ov
-2
02
0
to
2
3-
M
ay
-2
02
1.
O
rd
er
re
f F
39
94
75
.
P
ur
ch
as
ed
fo
r u
se
o
n
th
e
A
cc
ou
nt
in
g
an
d
Fi
na
nc
e
fo
r E
ng
in
ee
rs
a
nd
P
ro
je
ct
M
an
ag
er
s
-M
S
c
E
ng
in
ee
rin
g
M
an
ag
em
en
t,
at
F
ac
ul
ty
o
f E
ng
in
ee
rin
g
&
S
ci
en
ce
, U
ni
ve
rs
ity
o
f G
re
en
w
ic
h.
E
du
ca
tio
na
l m
at
er
ia
l s
up
pl
ie
d
by
T
he
C
as
e
C
en
tre
C
op
yr
ig
ht
e
nc
od
ed
A
76
H
M
-J
U
J9
K
-P
JM
N
9I
A01-98-0020 5
TA
BL
E
1
Fin
an
cia
l A
na
ly
sis
o
f E
ne
rg
y
Fir
m
s—
An
nu
al
B
al
an
ce
S
he
et
($
M
IL
LI
O
N
S
)
A
M
E
R
A
D
A
H
E
SS
C
O
R
P
M
O
B
IL
C
O
R
P
P
E
N
N
Z
O
IL
C
O
U
N
O
C
A
L
C
O
R
P
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
A
SS
E
T
S
C
as
h
&
E
qu
iv
al
en
ts
91
.1
5
11
2.
52
56
.0
7
82
0.
00
8
0
8.
0
0
49
8.
00
1
8
.5
9
34
.3
8
23
.6
1
33
8.
00
21
7.
0
0
94
.0
0
N
et
R
ec
ei
va
bl
es
99
3.
10
8
4
8.
13
79
8.
33
5,
95
2.
00
8,
19
2.
00
7,
31
6.
00
23
4.
28
25
0.
33
33
5.
88
89
7.
00
1,
02
7.
00
9
2
0.
0
0
In
ve
nt
or
ie
s
93
7.
95
1,
2
7
2.
31
83
8.
77
2,
15
6.
00
3,
01
7.
00
3,
28
7.
00
20
4.
9
1
17
1.
92
16
1.
19
17
2.
00
12
5.
0
0
36
0.
00
Pr
ep
ai
d
E
xp
en
se
s
0.
00
0.
00
0.
00
@
C
F
@
C
F
@
C
F
20
.7
7
22
.0
8
23
.8
1
0.
00
0.
00
0.
00
O
th
er
C
ur
re
nt
A
ss
et
s
18
1.
43
19
3.
88
2
6
9.
37
79
4.
00
87
8.
00
95
5.
00
11
6.
16
58
.8
8
60
.3
3
94
.0
0
1,
85
9.
00
2
0
2.
00
T
ot
al
C
ur
re
nt
A
ss
et
s
2,
20
3.
63
2,
42
6.
84
1,
96
2.
54
9,
72
2.
00
12
,8
95
.0
0
12
,
0
56
.0
0
59
4.
71
53
7.
59
60
4.
83
1,
50
1.
0
0
3,
22
8.
0
0
1,
57
6.
00
G
ro
ss
P
la
nt
,P
ro
pe
rt
y
&
E
qu
ip
m
en
t
12
,6
21
.6
3
11
,9
02
.4
2
13
,
0
64
.2
1
49
,6
30
.0
0
55
,1
27
.0
0
51
,7
19
.0
0
6,
11
9.
71
5,
86
4.
31
6,
04
6.
07
14
,7
12
.0
0
14
,0
92
.0
0
18
,5
40
.0
0
A
cc
um
ul
at
ed
D
ep
re
ci
at
io
n
7,
43
0.
84
6,
99
5.
14
7,
69
4.
50
25
,0
74
.0
0
27
,6
48
.0
0
26
,8
69
.0
0
3,
62
1.
11
3,
54
6.
23
3,
62
8.
04
9,
89
6.
00
9,
50
2.
0
0
11
,4
31
.0
0
N
et
P
la
nt
,P
ro
pe
rt
y
&
E
qu
ip
m
en
t
5,
19
0.
79
4,
90
7.
28
5,
36
9.
72
24
,5
56
.0
0
27
,4
79
.0
0
24
,8
50
.0
0
2,
4
9
8.
60
2,
31
8.
08
2,
41
8.
02
4,
81
6.
0
0
4,
5
9
0.
00
7,
10
9.
00
In
ve
st
m
en
ts
a
t
E
qu
it
y
@
C
F
@
C
F
@
C
F
8,
47
9.
00
5,
07
8.
00
4,
1
8
4.
0
0
@
C
F
@
C
F
@
C
F
4
1
3.
0
0
57
8.
00
46
1.
00
O
th
er
I
nv
es
tm
en
ts
25
0.
46
21
8.
5
7
18
5.
52
@
C
F
@
C
F
@
C
F
1,
01
6.
98
1,
0
3
0.
48
98
7.
52
7
0
0.
00
62
8.
00
6
4
0.
00
In
ta
ng
ib
le
s
0.
00
0.
00
0.
00
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
0.
00
0.
00
0.
00
D
ef
er
re
d
C
ha
rg
es
0.
00
0.
00
0.
00
@
C
F
@
C
F
@
C
F
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
O
th
er
A
ss
et
s
28
9.
73
2
3
1.
78
23
8.
59
80
2.
00
95
6.
00
1,
04
8.
00
29
5.
60
23
8.
10
29
7.
4
0
10
0.
00
99
.0
0
10
5.
00
To
ta
l A
ss
et
s
7,
93
4.
62
7,
78
4.
48
7,
75
6.
37
43
,5
59
.0
0
46
,4
08
.0
0
42
,1
38
.0
0
4,
40
5.
89
4,
12
4.
25
4,
3
0
7.
78
7,
53
0.
00
9,
12
3.
00
9,
89
1.
00
LI
A
B
IL
IT
IE
S
Lo
ng
T
er
m
D
eb
t
D
ue
I
n
O
ne
Y
ea
r
10
6.
43
20
9.
47
12
0.
53
72
9.
00
89
7.
00
50
8.
00
5.
56
3.
56
4.
3
1
1.
00
11
8.
00
8.
00
N
ot
es
P
ay
ab
le
17
.8
3
18
.0
0
90
.0
0
2,
2
6
5.
00
2,
52
8.
00
1,
61
9.
00
0.
00
0.
00
46
8.
93
0.
00
0.
00
0.
00
A
cc
ou
nt
s
Pa
ya
bl
e
7
5
2.
58
66
6.
17
44
3.
51
4,
41
8.
00
5,
93
5.
00
5,
35
8.
00
29
7.
20
24
6.
28
30
3.
79
7
8
5.
00
1,
0
1
2.
00
80
4.
00
T
ax
es
P
ay
ab
le
19
5.
69
25
8.
72
2
3
9.
08
1,
9
0
6.
00
2,
6
1
5.
00
2,
67
6.
00
38
.9
1
2.
81
2.
49
1
2
6.
00
23
1.
00
19
3.
00
A
cc
ru
ed
E
xp
en
se
s
49
1.
64
48
1.
58
56
0.
04
2,
79
4.
00
2,
96
8.
00
2,
70
3.
00
57
.1
5
56
.3
6
59
.3
5
54
.0
0
70
.0
0
92
.0
0
O
th
er
C
ur
re
nt
L
ia
bi
lit
ie
s
17
5.
68
10
3.
03
1
5
1.
42
30
9.
00
30
5.
0
0
19
0.
00
87
.1
7
83
.9
4
79
.4
1
19
4.
00
19
1.
0
0
21
9.
00
T
ot
al
C
ur
re
nt
L
ia
bi
l
it
ie
s
1,
73
9.
85
1,
73
6.
98
1,
60
4.
58
12
,
4
21
.0
0
15
,2
48
.0
0
13
,0
54
.0
0
48
5.
99
39
2.
95
91
8.
27
1,
1
6
0.
00
1,
62
2.
00
1,
31
6.
00
Lo
ng
T
er
m
D
eb
t
2,
0
0
3.
03
1,
71
1.
82
2,
58
7.
38
3,
6
7
0.
00
4,
4
5
0.
00
4,
62
9.
00
2,
26
4.
63
2,
28
8.
26
2,
11
2.
45
2,
69
1.
00
3,
46
2.
00
3,
69
8.
00
D
ef
er
re
d
Ta
xe
s
56
2.
37
61
6.
90
60
2.
79
3,
53
5.
00
3,
41
6.
00
2,
64
7.
00
28
8.
68
2
4
1.
7
9
22
7.
94
13
7.
00
34
8.
00
72
2.
00
In
ve
st
m
en
t
Ta
x
C
re
di
t
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
M
in
or
it
y
In
te
re
st
0.
00
0.
00
0.
00
38
1.
00
46
.0
0
95
.0
0
@
C
F
@
C
F
@
C
F
29
.0
0
7.
00
@
C
F
O
th
er
L
ia
bi
lit
ie
s
41
3.
67
33
5.
15
30
1.
22
4,
09
1.
00
4,
17
6.
00
3,
76
2.
0
0
22
8.
05
2
3
2.
18
21
2.
89
1,
19
9.
00
1,
40
9.
00
1,
22
5.
00
To
ta
l L
ia
bi
lit
ie
s
4,
71
8.
92
4,
40
0.
85
5,
09
5.
97
24
,0
98
.0
0
27
,3
36
.0
0
24
,1
87
.0
0
3,
26
7.
35
3,
15
5.
18
3,
47
1.
54
5,
21
6.
00
6,
84
8.
00
6,
96
1.
00
E
Q
U
IT
Y
Pr
ef
er
re
d
St
oc
k
–
R
ed
ee
m
ab
l
e
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
P
re
fe
rr
ed
S
to
ck
–
N
on
re
de
em
ab
le
0.
00
0.
00
0.
00
33
6.
00
32
1.
00
31
1.
00
0.
00
0.
00
0.
00
0.
00
0.
00
51
3.
00
T
ot
al
P
re
fe
rr
ed
S
to
ck
0.
00
0.
00
0.
00
33
6.
00
32
1.
00
31
1.
00
0.
00
0.
00
0.
00
0.
00
0.
00
51
3.
00
C
om
m
on
S
to
ck
91
.4
5
93
.0
7
93
.0
1
89
4.
00
89
1.
00
88
8.
0
0
43
.5
1
43
.5
1
43
.5
1
25
2.
00
25
1.
00
24
7.
00
C
ap
it
al
S
ur
pl
us
77
4.
63
75
4.
56
74
4.
25
1,
54
9.
00
1,
46
8.
00
1,
39
6.
00
32
5.
46
32
3.
21
32
4.
81
45
2.
00
41
2.
00
31
9.
00
R
et
ai
ne
d
E
ar
ni
ng
s
2,
34
9.
62
2,
53
6.
00
1,
82
3.
13
19
,8
40
.0
0
19
,0
35
.0
0
17
,7
18
.0
0
1,
01
9.
49
90
3.
03
7
8
0.
85
1,
97
2.
00
1,
61
2.
00
1,
85
1.
00
L
es
s:
T
re
as
ur
y
St
oc
k
0.
00
0.
00
0.
00
3,
15
8.
00
2,
64
3.
00
2,
36
2.
00
2
4
9.
92
30
0.
67
31
2.
94
36
2.
00
0.
00
0.
00
C
om
m
on
E
qu
it
y
3,
21
5.
70
3,
38
3.
63
2,
66
0.
40
19
,1
25
.0
0
18
,7
51
.0
0
17
,6
40
.0
0
1,
13
8.
54
96
9.
08
83
6.
23
2,
3
1
4.
00
2,
27
5.
00
2,
41
7.
00
To
ta
l E
qu
it
y
3,
21
5.
70
3,
3
8
3.
63
2,
66
0.
40
19
,4
61
.0
0
19
,0
72
.0
0
17
,
9
51
.0
0
1,
13
8.
54
96
9.
08
83
6.
23
2,
31
4.
00
2,
27
5.
00
2,
93
0.
00
To
ta
l L
ia
bi
lit
ie
s
&
E
qu
it
y
7,
93
4.
62
7,
78
4.
48
7,
75
6.
37
43
,5
59
.0
0
46
,4
08
.0
0
42
,1
38
.0
0
4,
40
5.
89
4,
12
4.
25
4,
30
7.
78
7,
53
0.
00
9,
12
3.
00
9,
89
1.
00
C
om
m
on
S
ha
re
s
O
ut
st
an
di
ng
91
.4
51
93
.
0
74
93
.0
11
78
3.
36
4
78
7.
58
8
78
9.
12
0
47
.
5
46
46
.5
99
46
.3
70
24
2.
52
6
25
0.
67
1
24
7.
31
0
U
sa
ge
p
er
m
itt
ed
o
nl
y
w
ith
in
th
es
e
pa
ra
m
et
er
s
ot
he
rw
is
e
co
nt
ac
t i
nf
o@
th
ec
as
ec
en
tre
.o
rg
Ta
ug
ht
b
y
A
liy
ah
E
ss
op
, f
ro
m
2
3-
N
ov
-2
02
0
to
2
3-
M
ay
-2
02
1.
O
rd
er
re
f F
39
94
75
.
P
ur
ch
as
ed
fo
r u
se
o
n
th
e
A
cc
ou
nt
in
g
an
d
Fi
na
nc
e
fo
r E
ng
in
ee
rs
a
nd
P
ro
je
ct
M
an
ag
er
s
-M
S
c
E
ng
in
ee
rin
g
M
an
ag
em
en
t,
at
F
ac
ul
ty
o
f E
ng
in
ee
rin
g
&
S
ci
en
ce
, U
ni
ve
rs
ity
o
f G
re
en
w
ic
h.
E
du
ca
tio
na
l m
at
er
ia
l s
up
pl
ie
d
by
T
he
C
as
e
C
en
tre
C
op
yr
ig
ht
e
nc
od
ed
A
76
H
M
-J
U
J9
K
-P
JM
N
9I
6 A01-98-0020
TA
BL
E
2
Fin
an
cia
l A
na
ly
sis
o
f E
ne
rg
y
Fir
m
s—
An
nu
al
In
co
m
e
St
at
em
en
t
($
M
IL
LI
O
N
S,
E
X
C
E
P
T
P
E
R
S
H
A
R
E
)
A
M
E
R
A
D
A
H
E
SS
C
O
R
P
M
O
B
IL
C
O
R
P
P
E
N
N
Z
O
IL
C
O
U
N
O
C
A
L
C
O
R
P
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
Sa
le
s
8,
23
3.
72
8,
27
2.
19
7,
30
2.
31
58
,3
99
.0
0
71
,1
29
.0
0
64
,7
67
.0
0
2,
51
1.
25
2,
36
4.
73
2,
38
5.
29
5,
78
1.
00
5,
10
1.
00
7,
23
5.
00
C
os
t
of
G
oo
ds
S
ol
d
6,
30
1.
05
6,
06
9.
29
5,
22
0.
66
45
,7
75
.0
0
57
,2
77
.0
0
52
,0
03
.0
0
1,
44
1.
63
1,
47
3.
07
1,
58
9.
05
3,
57
0.
00
2,
75
3.
00
5,
11
6.
00
G
ro
ss
P
ro
fit
1,
93
2.
68
2,
20
2.
89
2,
08
1.
65
12
,6
24
.0
0
13
,8
52
.0
0
12
,7
64
.0
0
1,
06
9.
62
89
1.
66
79
6.
24
2,
21
1.
00
2,
34
8.
00
2,
11
9.
00
S
el
lin
g,
G
en
er
al
, &
A
dm
in
is
tr
at
iv
e
E
xp
en
se
1,
02
2.
99
89
7.
76
90
8.
09
4,
85
6.
00
5,
69
9.
00
6,
11
5.
0
0
45
5.
63
39
3.
29
43
9.
41
4
1
0.
00
40
7.
00
63
5.
00
O
pe
ra
ti
ng
I
nc
om
e
B
ef
or
e
D
ep
re
ci
at
io
n
90
9.
68
1,
30
5.
13
1,
17
3.
56
7,
76
8.
00
8,
15
3.
00
6,
64
9.
00
61
3.
99
49
8.
37
35
6.
82
1,
80
1.
00
1,
94
1.
00
1,
48
4.
00
D
ep
re
ci
at
io
n,
D
ep
le
ti
on
,
&
A
m
or
ti
za
ti
on
67
2.
67
78
3.
21
89
3.
07
2,
55
4.
00
2,
72
5.
00
3,
74
8.
00
28
8.
85
27
3.
94
32
5.
12
89
3.
00
83
9.
00
1,
02
2.
00
O
pe
ra
ti
ng
P
ro
fit
23
7.
01
52
1.
92
28
0.
49
5,
21
4.
00
5,
42
8.
00
2,
90
1.
00
32
5.
14
22
4.
43
31
.7
0
90
8.
00
1,
10
2.
00
46
2.
00
In
te
re
st
E
xp
en
se
14
6.
43
16
5.
50
24
7.
46
42
8.
00
45
5.
00
51
4.
00
17
6.
89
18
8.
15
19
8.
58
25
1.
00
30
4.
00
32
6.
00
N
on
–
O
pe
ra
ti
ng
I
nc
om
e/
E
xp
en
se
11
6.
61
65
7.
5
3
15
4.
48
1,
57
9.
00
1,
13
8.
00
2,
00
4.
00
16
6.
14
91
.1
5
10
8.
93
23
9.
00
24
2.
00
32
7.
00
Sp
ec
ia
l I
te
m
s
(8
0.
60
)
@
C
F
(5
40
.1
6)
@
C
F
@
C
F
@
C
F
(1
0.
00
)
41
.7
0
(
4
19
.7
3)
(1
25
.0
0)
(2
82
.0
0)
@
C
F
Pr
et
ax
I
nc
om
e
12
6.
58
1,
01
3.
94
(3
52
.6
5)
6,
36
5.
00
6,
11
1.
00
4,
39
1.
0
0
30
4.
39
16
9.
13
(4
77
.6
7)
77
1.
00
75
8.
00
46
3.
00
T
ot
al
I
nc
om
e
Ta
xe
s
11
9.
08
35
3.
85
41
.7
6
3,
09
3.
00
3,
14
7.
00
2,
01
5.
00
12
4.
14
35
.2
3
(1
72
.5
3)
10
2.
00
30
2.
00
20
3.
00
M
in
or
it
y
In
te
re
s
t
0.
00
0.
00
0.
00
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
In
co
m
e
B
ef
or
e
E
xt
ra
or
di
na
ry
I
te
m
s
&
D
is
co
nt
in
ue
d
O
pe
ra
ti
on
s
7.
50
66
0.
10
(3
94
.4
1)
3,
27
2.
00
2,
96
4.
00
2,
37
6.
00
18
0.
26
13
3.
90
(3
05
.1
4)
66
9.
00
45
6.
00
26
0.
00
P
re
fe
rr
ed
D
iv
id
en
d
s
0.
00
0.
00
0.
00
52
.0
0
54
.0
0
56
.0
0
0.
00
0.
00
0.
00
0.
00
18
.0
0
36
.0
0
A
va
ila
bl
e
fo
r
C
o
m
m
on
7.
50
66
0.
10
(3
94
.4
1)
3,
22
0.
00
2,
91
0.
00
2,
32
0.
00
18
0.
26
13
3.
90
(3
05
.1
4)
66
9.
00
43
8.
00
22
4.
00
S
av
in
gs
D
ue
t
o
C
om
m
on
St
oc
k
Eq
ui
va
le
nt
s
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
(5
4.
00
)
0.
00
A
dj
us
te
d
A
va
ila
bl
e
fo
r
C
om
m
on
7.
50
66
0.
10
(3
94
.4
1)
3,
22
0.
00
2,
91
0.
00
2,
32
0.
00
18
0.
26
13
3.
90
(3
05
.1
4)
66
9.
00
38
4.
00
22
4.
00
E
xt
ra
or
di
na
ry
I
te
m
s
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
(5
.1
9)
0.
00
0.
00
(3
8.
00
)
0.
00
0.
00
D
is
co
nt
in
ue
d
O
pe
ra
ti
on
s
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
(5
0.
00
)
(4
20
.0
0)
0.
00
A
dj
us
te
d
N
et
I
nc
om
e
7.
50
66
0.
10
(3
94
.4
1)
3,
22
0.
00
2,
91
0.
00
2,
32
0.
00
17
5.
07
13
3.
90
(3
05
.1
4)
58
1.
00
(3
6.
00
)
22
4.
00
E
ar
ni
ng
s
Pe
r
Sh
ar
e
(P
ri
m
ar
y)
–
E
xc
lu
di
ng
E
xt
ra
I
te
m
s
&
D
is
c
O
p
s
$0
.0
8
$7
.0
9
($
4.
24
)
$4
.1
0
$3
.6
9
$2
.9
3
$3
.8
3
$2
.8
8
($
6.
60
)
$2
.6
9
$1
.5
4
$0
.9
1
E
ar
ni
ng
s
Pe
r
Sh
ar
e
(P
ri
m
ar
y)
–
I
nc
lu
di
ng
E
xt
ra
I
te
m
s
&
D
is
c
O
ps
$0
.0
8
$7
.0
9
($
4.
24
)
$4
.1
0
$3
.6
9
$2
.9
3
$3
.7
2
$2
.8
8
($
6.
60
)
$2
.3
4
($
0.
15
)
$0
.9
1
E
ar
ni
ng
s
Pe
r
Sh
ar
e
(F
ul
ly
D
ilu
te
d)
E
xc
lu
di
ng
E
xt
ra
I
te
m
s
&
D
is
c
O
ps
$0
.0
8
$7
.0
9
($
4.
24
)
$4
.0
1
$3
.6
1
$2
.8
7
$3
.7
6
$2
.8
8
($
6.
60
)
$2
.6
5
$1
.5
6
$0
.9
8
E
ar
ni
ng
s
Pe
r
Sh
ar
e
(F
ul
ly
D
ilu
te
d)
I
nc
lu
di
ng
E
xt
ra
I
te
m
s
&
D
is
c
O
ps
$0
.0
8
$7
.0
9
($
4.
24
)
$4
.0
1
$3
.6
1
$2
.8
7
$3
.6
5
$2
.8
8
($
6.
60
)
$2
.3
1
($
0.
03
)
$0
.9
8
E
P
S
fr
o
m
O
pe
ra
ti
on
s
$0
.8
1
$2
.3
0
$0
.0
4
$4
.3
0
$3
.8
6
$3
.5
3
$3
.9
6
$2
.3
3
($
0.
86
)
$3
.0
0
$2
.6
8
$1
.2
1
D
iv
id
en
ds
P
er
S
ha
re
$0
.6
0
$0
.6
0
$0
.6
0
$2
.1
2
$1
.9
6
$1
.8
1
$1
.0
0
$1
.0
0
$2
.5
0
$0
.8
0
$0
.8
0
$0
.8
0
U
sa
ge
p
er
m
itt
ed
o
nl
y
w
ith
in
th
es
e
pa
ra
m
et
er
s
ot
he
rw
is
e
co
nt
ac
t i
nf
o@
th
ec
as
ec
en
tre
.o
rg
Ta
ug
ht
b
y
A
liy
ah
E
ss
op
, f
ro
m
2
3-
N
ov
-2
02
0
to
2
3-
M
ay
-2
02
1.
O
rd
er
re
f F
39
94
75
.
P
ur
ch
as
ed
fo
r u
se
o
n
th
e
A
cc
ou
nt
in
g
an
d
Fi
na
nc
e
fo
r E
ng
in
ee
rs
a
nd
P
ro
je
ct
M
an
ag
er
s
-M
S
c
E
ng
in
ee
rin
g
M
an
ag
em
en
t,
at
F
ac
ul
ty
o
f E
ng
in
ee
rin
g
&
S
ci
en
ce
, U
ni
ve
rs
ity
o
f G
re
en
w
ic
h.
E
du
ca
tio
na
l m
at
er
ia
l s
up
pl
ie
d
by
T
he
C
as
e
C
en
tre
C
op
yr
ig
ht
e
nc
od
ed
A
76
H
M
-J
U
J9
K
-P
JM
N
9I
A01-98-0020 7
TA
BL
E
3
Fin
an
cia
l A
na
ly
sis
o
f E
ne
rg
y
Fir
m
s—
Co
m
m
on
S
ize
B
al
an
ce
S
he
et
(P
E
R
C
E
N
T
A
G
E
)
A
M
E
R
A
D
A
H
E
SS
C
O
R
P
M
O
B
IL
C
O
R
P
P
E
N
N
Z
O
IL
C
O
U
N
O
C
A
L
C
O
R
P
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
A
SS
E
T
S
C
as
h
&
E
qu
iv
al
en
ts
1.
15
1.
45
0.
72
1.
88
1.
74
1.
18
0.
42
0.
83
0.
55
4.
49
2.
38
0.
95
N
et
R
ec
ei
va
bl
es
12
.5
2
10
.9
0
10
.2
9
13
.6
6
17
.6
5
17
.3
6
5.
32
6.
0
7
7.
80
11
.9
1
11
.2
6
9.
30
I
nv
en
to
ri
es
11
.8
2
16
.3
4
10
.8
1
4.
95
6.
50
7.
80
4.
65
4.
17
3.
74
2.
28
1.
37
3.
64
P
re
pa
id
E
xp
en
se
s
0.
00
0.
00
0.
00
@
C
F
@
C
F
@
C
F
0.
47
0.
54
0.
55
0.
00
0.
00
0.
00
O
th
er
C
ur
re
nt
A
ss
et
s
2.
29
2.
49
3.
47
1.
82
1.
89
2.
27
2.
64
1.
43
1.
40
1.
25
20
.3
8
2.
04
To
ta
l C
ur
re
nt
A
ss
et
s
27
.7
7
31
.1
8
25
.3
0
22
.3
2
27
.7
9
28
.6
1
13
.5
0
13
.0
3
14
.0
4
19
.9
3
35
.3
8
15
.9
3
G
ro
ss
P
la
nt
,P
ro
pe
rt
y
&
E
qu
ip
m
en
t
15
9.
07
15
2.
9
0
16
8.
43
11
3.
94
11
8.
79
12
2.
74
13
8.
90
14
2.
19
14
0.
35
19
5.
38
15
4.
47
18
7.
44
A
cc
um
ul
at
ed
D
ep
re
ci
at
io
n
93
.6
5
89
.8
6
99
.2
0
57
.5
6
59
.5
8
63
.7
6
82
.1
9
85
.9
8
84
.2
2
13
1.
4
2
10
4.
15
11
5.
5
7
N
et
P
la
nt
,P
ro
pe
rt
y
&
E
qu
ip
m
en
t
65
.4
2
63
.0
4
69
.2
3
56
.3
7
59
.2
1
58
.9
7
56
.7
1
56
.2
1
56
.1
3
63
.9
6
50
.3
1
71
.8
7
I
nv
es
tm
en
ts
a
t
E
qu
it
y
@
C
F
@
C
F
@
C
F
19
.4
7
10
.9
4
9.
93
@
C
F
@
C
F
@
C
F
5.
48
6.
34
4.
66
O
th
er
I
nv
es
tm
en
ts
3.
16
2.
81
2.
39
@
C
F
@
C
F
@
C
F
23
.0
8
24
.9
9
22
.9
2
9.
30
6.
88
6.
47
I
nt
an
gi
bl
es
0.
00
0.
00
0.
00
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
0.
00
0.
00
0.
00
D
ef
er
re
d
C
ha
rg
es
0.
00
0.
00
0.
00
@
C
F
@
C
F
@
C
F
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
O
th
er
A
ss
et
s
3.
65
2.
98
3.
08
1.
84
2.
06
2.
49
6.
71
5.
77
6.
90
1.
33
1.
09
1.
06
T
O
T
A
L
A
SS
E
T
S
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
LI
A
B
IL
IT
IE
S
L
on
g
Te
rm
D
eb
t
D
ue
I
n
O
ne
Y
ea
r
1.
34
2.
69
1.
55
1.
67
1.
93
1.
21
0.
13
0.
09
0.
10
0.
01
1.
29
0.
0
8
N
ot
es
P
ay
ab
le
0.
22
0.
23
1.
16
5.
20
5.
45
3.
84
0.
00
0.
00
10
.8
9
0.
00
0.
00
0.
00
A
cc
ou
nt
s
Pa
ya
bl
e
9.
48
8.
56
5.
72
10
.1
4
12
.7
9
12
.7
2
6.
75
5.
97
7.
05
10
.4
2
11
.0
9
8.
1
3
T
ax
es
P
ay
ab
le
2.
47
3.
32
3.
08
4.
38
5.
63
6.
35
0.
88
0.
07
0.
06
1.
67
2.
53
1.
95
A
cc
ru
ed
E
xp
en
se
s
6.
20
6.
19
7.
22
6.
41
6.
40
6.
41
1.
30
1.
37
1.
38
0.
72
0.
77
0.
93
O
th
er
C
ur
re
nt
L
ia
bi
lit
ie
s
2.
21
1.
32
1.
95
0.
71
0.
66
0.
45
1.
98
2.
04
1.
84
2.
58
2.
09
2.
21
To
ta
l C
ur
re
nt
L
ia
bi
lit
ie
s
21
.9
3
22
.3
1
20
.6
9
28
.5
2
32
.8
6
30
.9
8
11
.0
3
9.
53
21
.3
2
15
.4
1
17
.7
8
13
.3
1
L
on
g
Te
rm
D
eb
t
25
.2
4
21
.9
9
33
.3
6
8.
43
9.
59
10
.9
9
51
.4
0
55
.4
8
49
.0
4
35
.7
4
37
.9
5
37
.3
9
D
ef
er
re
d
T
ax
es
7.
09
7.
92
7.
77
8.
12
7.
36
6.
28
6.
55
5.
86
5.
29
1.
82
3.
81
7.
30
I
nv
es
tm
en
t
T
ax
C
re
di
t
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
M
in
or
it
y
In
te
re
st
0.
00
0.
00
0.
00
0.
87
0.
10
0.
23
@
C
F
@
C
F
@
C
F
0.
39
0.
08
@
C
F
O
th
er
L
ia
bi
lit
ie
s
5.
21
4.
31
3.
88
9.
39
9.
00
8.
93
5.
18
5.
63
4.
94
15
.9
2
15
.4
4
12
.3
8
T
O
T
A
L
LI
A
B
IL
IT
IE
S
59
.4
7
56
.5
3
65
.7
0
55
.3
2
58
.9
0
57
.4
0
74
.1
6
76
.5
0
80
.5
9
69
.2
7
75
.0
6
70
.3
8
E
Q
U
IT
Y
P
re
fe
rr
ed
S
to
ck
–
R
ed
ee
m
ab
le
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
P
re
fe
rr
ed
S
to
ck
–
N
on
re
de
em
ab
le
0.
00
0.
00
0.
00
0.
77
0.
69
0.
74
0.
00
0.
00
0.
00
0.
00
0.
00
5.
19
T
ot
al
P
re
fe
rr
ed
S
to
ck
0.
00
0.
00
0.
00
0.
77
0.
69
0.
74
0.
00
0.
00
0.
00
0.
00
0.
00
5.
19
C
om
m
on
S
to
ck
1.
15
1.
20
1.
20
2.
05
1.
92
2.
11
0.
99
1.
05
1.
01
3.
35
2.
75
2.
50
C
ap
it
al
S
ur
pl
us
9.
76
9.
69
9.
60
3.
56
3.
16
3.
31
7.
39
7.
84
7.
54
6.
00
4.
52
3.
23
R
et
ai
ne
d
E
ar
ni
ng
s
29
.6
1
32
.5
8
23
.5
0
45
.5
5
41
.0
2
42
.0
5
23
.1
4
21
.9
0
18
.1
3
26
.1
9
17
.6
7
18
.7
1
L
es
s:
T
re
as
ur
y
St
oc
k
0.
00
0.
00
0.
00
7.
25
5.
70
5.
61
5.
67
7.
29
7.
26
4.
81
0.
00
0.
00
C
om
m
on
E
qu
it
y
40
.5
3
43
.4
7
34
.3
0
43
.9
1
40
.4
0
41
.8
6
25
.8
4
23
.5
0
19
.4
1
30
.7
3
24
.9
4
24
.4
4
T
O
T
A
L
E
Q
U
IT
Y
40
.5
3
43
.4
7
34
.3
0
44
.6
8
41
.1
0
42
.6
0
25
.8
4
23
.5
0
19
.4
1
30
.7
3
24
.9
4
29
.6
2
T
O
T
A
L
LI
A
B
IL
IT
IE
S
&
E
Q
U
IT
Y
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
U
sa
ge
p
er
m
itt
ed
o
nl
y
w
ith
in
th
es
e
pa
ra
m
et
er
s
ot
he
rw
is
e
co
nt
ac
t i
nf
o@
th
ec
as
ec
en
tre
.o
rg
Ta
ug
ht
b
y
A
liy
ah
E
ss
op
, f
ro
m
2
3-
N
ov
-2
02
0
to
2
3-
M
ay
-2
02
1.
O
rd
er
re
f F
39
94
75
.
P
ur
ch
as
ed
fo
r u
se
o
n
th
e
A
cc
ou
nt
in
g
an
d
Fi
na
nc
e
fo
r E
ng
in
ee
rs
a
nd
P
ro
je
ct
M
an
ag
er
s
-M
S
c
E
ng
in
ee
rin
g
M
an
ag
em
en
t,
at
F
ac
ul
ty
o
f E
ng
in
ee
rin
g
&
S
ci
en
ce
, U
ni
ve
rs
ity
o
f G
re
en
w
ic
h.
E
du
ca
tio
na
l m
at
er
ia
l s
up
pl
ie
d
by
T
he
C
as
e
C
en
tre
C
op
yr
ig
ht
e
nc
od
ed
A
76
H
M
-J
U
J9
K
-P
JM
N
9I
8 A01-98-0020
TA
BL
E
4
Fin
an
cia
l A
na
ly
sis
o
f E
ne
rg
y
Fir
m
s—
Co
m
m
on
S
ize
In
co
m
e
St
at
em
en
t
(P
E
R
C
E
N
T
A
G
E
)
A
M
E
R
A
D
A
H
E
SS
C
O
R
P
M
O
B
IL
C
O
R
P
P
E
N
N
Z
O
IL
C
O
U
N
O
C
A
L
C
O
R
P
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
Sa
le
s
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
10
0.
00
C
os
t
of
G
oo
ds
S
ol
d
76
.5
3
73
.3
7
71
.4
9
78
.3
8
80
.5
3
80
.2
9
57
.4
1
62
.2
9
66
.6
2
61
.7
5
53
.9
7
70
.7
1
G
ro
ss
P
ro
fit
23
.4
7
26
.6
3
28
.5
1
21
.6
2
19
.4
7
19
.7
1
42
.5
9
37
.7
1
33
.3
8
38
.2
5
46
.0
3
29
.2
9
S
el
lin
g,
G
en
er
al
, &
A
dm
in
is
tr
at
iv
e
E
xp
en
se
12
.4
2
10
.8
5
12
.4
4
8.
32
8.
01
9.
44
18
.1
4
16
.6
3
18
.4
2
7.
09
7.
98
8.
78
O
pe
ra
ti
ng
I
nc
om
e
B
ef
or
e
D
ep
re
c
11
.0
5
15
.7
8
16
.0
7
13
.3
0
11
.4
6
10
.2
7
24
.4
5
21
.0
8
14
.9
6
31
.1
5
38
.0
5
20
.5
1
D
ep
re
ci
at
io
n,
D
ep
le
ti
on
, &
A
m
or
ti
za
ti
on
8.
17
9.
47
12
.2
3
4.
37
3.
83
5.
79
11
.5
0
11
.5
8
13
.6
3
15
.4
5
16
.4
5
14
.1
3
O
pe
ra
ti
ng
P
ro
fit
2.
88
6.
31
3.
84
8.
93
7.
63
4.
48
12
.9
5
9.
49
1.
33
15
.7
1
21
.6
0
6.
39
I
nt
er
es
t
E
xp
en
se
1.
78
2.
00
3.
39
0.
73
0.
64
0.
79
7.
04
7.
96
8.
33
4.
34
5.
96
4.
51
N
on
-O
pe
ra
ti
ng
I
nc
om
e/
E
xp
en
se
1.
42
7.
95
2.
12
2.
70
1.
60
3.
09
6.
62
3.
85
4.
57
4.
13
4.
74
4.
52
S
pe
ci
al
I
te
m
s
(0
.9
8)
@
C
F
(7
.4
0)
@
C
F
@
C
F
@
C
F
(0
.4
0)
1.
76
(1
7.
60
)
(2
.1
6
)
(5
.5
3)
@
C
F
Pr
et
ax
I
nc
om
e
1.
54
12
.2
6
(4
.8
3)
10
.9
0
8.
59
6.
78
12
.1
2
7.
15
(2
0.
03
)
13
.3
4
14
.8
6
6.
40
T
ot
al
I
nc
om
e
Ta
xe
s
1.
45
4.
28
0.
57
5.
30
4.
42
3.
11
4.
94
1.
49
(7
.2
3)
1.
76
5.
92
2.
81
M
in
or
it
y
In
te
re
st
0.
00
0.
00
0.
00
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
In
co
m
e
B
ef
or
e
Ex
tr
ao
rd
in
ar
y
It
em
s
&
D
is
co
nt
in
ue
d
O
pe
ra
ti
on
s
0.
09
7.
98
(5
.4
0)
5.
60
4.
17
3.
67
7.
18
5.
66
(1
2.
79
)
11
.5
7
8.
94
3.
59
P
re
fe
rr
ed
D
iv
id
en
ds
0.
00
0.
00
0.
00
0.
09
0.
08
0.
09
0.
00
0.
00
0.
00
0.
00
0.
35
0.
50
A
va
ila
bl
e
fo
r
C
om
m
on
0.
09
7.
98
(5
.4
0)
5.
51
4.
09
3.
58
7.
18
5.
66
(1
2.
79
)
11
.5
7
8.
59
3.
10
S
av
in
gs
D
ue
t
o
C
om
m
on
S
to
ck
E
qu
iv
al
en
ts
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
(1
.0
6)
0.
00
A
dj
us
te
d
A
va
ila
bl
e
fo
r
C
om
m
o
n
0.
09
7.
98
(5
.4
0)
5.
51
4.
09
3.
58
7.
18
5.
66
(1
2.
79
)
11
.5
7
7.
53
3.
10
E
xt
ra
or
di
na
ry
I
te
m
s
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
(0
.2
1)
0.
00
0.
00
(0
.6
6)
0.
00
0.
00
D
is
co
nt
in
ue
d
O
pe
ra
ti
on
s
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
(0
.8
6
)
(8
.2
3)
0.
00
A
dj
us
te
d
N
et
I
nc
om
e
0.
09
7.
98
(5
.4
0)
5.
51
4.
09
3.
58
6.
97
5.
66
(1
2.
79
)
10
.0
5
(0
.7
1)
3.
10
U
sa
ge
p
er
m
itt
ed
o
nl
y
w
ith
in
th
es
e
pa
ra
m
et
er
s
ot
he
rw
is
e
co
nt
ac
t i
nf
o@
th
ec
as
ec
en
tre
.o
rg
Ta
ug
ht
b
y
A
liy
ah
E
ss
op
, f
ro
m
2
3-
N
ov
-2
02
0
to
2
3-
M
ay
-2
02
1.
O
rd
er
re
f F
39
94
75
.
P
ur
ch
as
ed
fo
r u
se
o
n
th
e
A
cc
ou
nt
in
g
an
d
Fi
na
nc
e
fo
r E
ng
in
ee
rs
a
nd
P
ro
je
ct
M
an
ag
er
s
-M
S
c
E
ng
in
ee
rin
g
M
an
ag
em
en
t,
at
F
ac
ul
ty
o
f E
ng
in
ee
rin
g
&
S
ci
en
ce
, U
ni
ve
rs
ity
o
f G
re
en
w
ic
h.
E
du
ca
tio
na
l m
at
er
ia
l s
up
pl
ie
d
by
T
he
C
as
e
C
en
tre
C
op
yr
ig
ht
e
nc
od
ed
A
76
H
M
-J
U
J9
K
-P
JM
N
9I
A01-98-0020 9
TA
BL
E
5
Fin
an
cia
l A
na
ly
sis
o
f E
ne
rg
y
Fir
m
s—
An
nu
al
S
ta
te
m
en
t o
f C
as
h
Flo
w
s
($
M
IL
LI
O
N
S)
A
M
E
R
A
D
A
H
E
SS
C
O
R
P
M
O
B
IL
C
O
R
P
P
E
N
N
Z
O
IL
C
O
U
N
O
C
A
L
C
O
R
P
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
IN
D
IR
E
C
T
O
P
E
R
AT
IN
G
A
C
T
IV
IT
IE
S
I
nc
om
e
B
ef
or
e
Ex
tr
ao
rd
in
ar
y
It
em
s
7.
50
66
0.
10
(3
94
.4
1)
32
72
.0
0
29
64
.0
0
23
76
.0
0
18
0.
26
13
3.
90
(3
05
.1
4)
66
9.
00
45
6.
00
26
0.
00
D
ep
re
ci
at
io
n
an
d
A
m
or
ti
za
ti
on
90
1.
21
94
7.
81
10
71
.9
5
25
54
.0
0
27
25
.0
0
37
48
.0
0
32
0.
29
28
5.
52
33
6.
57
10
72
.0
0
11
98
.0
0
10
83
.0
0
E
xt
ra
or
di
na
ry
I
te
m
s
an
d
D
is
c.
O
pe
ra
ti
on
s
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
(5
.1
9)
0.
00
0.
00
45
.0
0
32
3.
00
0.
00
D
ef
er
re
d
T
ax
es
@
C
F
@
C
F
@
C
F
40
4.
00
44
6.
00
(2
33
.0
0)
59
.0
3
20
.9
1
(1
75
.4
5
)
(2
49
.0
0
)
(3
32
.0
0)
9.
00
E
qu
it
y
in
N
et
L
os
s
(E
ar
ni
ng
s)
@
C
F
@
C
F
@
C
F
(5
9.
00
)
15
3.
00
(5
1.
00
)
23
.4
6
6.
84
@
C
F
@
C
F
@
C
F
@
C
F
S
al
e
of
P
ro
pe
rt
y,
P
la
nt
, a
nd
E
qu
ip
m
en
t
an
d
Sa
le
o
f I
nv
es
tm
en
ts
–
L
os
s
(G
ai
n)
(1
6.
46
)
(5
29
.2
7)
0.
00
(3
89
.0
0)
(4
23
.0
0)
(1
04
1.
00
)
(7
8.
73
)
(6
1.
51
)
(7
.7
4)
(8
0.
00
)
(7
7.
00
)
(1
17
.0
0)
F
un
ds
f
ro
m
O
pe
ra
ti
on
s
–
O
th
er
20
.8
1
86
.3
8
28
8.
22
72
0.
00
77
7.
00
61
3.
00
60
.2
8
46
.7
9
45
1.
98
(1
62
.0
0)
11
3.
00
0.
00
R
ec
ei
va
bl
es
–
D
ec
re
as
e
(I
nc
re
as
e
)
(1
48
.4
9)
(6
6.
45
)
(2
26
.7
9)
83
4.
00
(1
19
9.
00
)
(9
94
.0
0)
12
.3
2
80
.8
0
2.
68
14
2.
00
(1
30
.0
0)
(5
.0
0
)
I
nv
en
to
ry
–
D
ec
re
as
e
(I
nc
re
as
e)
33
3.
48
(4
34
.2
1
)
10
6.
36
(1
7.
00
)
91
.0
0
(6
6.
00
)
(5
4.
45
)
(7
.3
0)
10
.9
2
(6
0.
00
)
10
.0
0
(1
6.
00
)
A
cc
ou
nt
s
Pa
ya
bl
e
an
d
A
cc
ru
ed
L
ia
bs
–
I
nc
(
D
ec
)
@
C
F
@
C
F
@
C
F
27
.0
0
81
7.
00
56
0.
00
90
.6
6
(9
1.
25
)
73
.7
2
(2
23
.0
0)
20
8.
00
11
5.
00
I
nc
om
e
Ta
xe
s
–
A
cc
ru
ed
–
I
nc
re
as
e
(D
ec
re
as
e)
(4
6.
63
)
32
.6
2
67
.2
3
(3
00
.0
0)
(2
3.
00
)
13
4.
00
(5
.4
9)
5.
96
10
1.
45
(1
07
.0
0)
38
.0
0
(3
3.
00
)
O
th
er
A
ss
et
s
an
d
Li
ab
ili
ti
es
–
N
et
C
ha
ng
e
19
8.
60
11
0.
74
32
8.
46
(6
9.
00
)
24
.0
0
(2
2.
00
)
(1
10
.3
4)
(1
0.
12
)
(4
1.
96
)
86
.0
0
(1
23
.0
0)
(1
9.
00
)
O
pe
ra
ti
ng
A
ct
iv
it
ie
s
–
N
et
C
as
h
Fl
ow
12
50
.0
1
80
7.
72
12
41
.0
1
69
77
.0
0
63
52
.0
0
5
0
24
.0
0
49
2.
08
41
0.
55
44
7.
04
11
33
.0
0
16
84
.0
0
12
77
.0
0
IN
V
E
ST
IN
G
A
C
T
IV
IT
IE
S
I
nv
es
tm
en
ts
–
I
nc
re
as
e
0.
00
0.
00
31
.5
5
75
6.
00
64
5.
00
22
8.
00
58
5.
28
57
2.
84
66
4.
55
0.
00
0.
00
0.
00
S
al
e
of
I
nv
es
tm
en
ts
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
59
0.
40
57
8.
87
65
5.
48
0.
00
0.
00
0.
00
S
ho
rt
-T
er
m
I
nv
es
tm
en
ts
–
C
ha
ng
e
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
C
ap
it
al
E
xp
en
di
tu
re
s
13
45
.5
9
86
0.
63
69
2.
11
46
89
.0
0
49
67
.0
0
42
68
.0
0
55
9.
47
56
5.
62
47
3.
36
14
27
.0
0
13
98
.0
0
14
59
.0
0
S
al
e
of
P
ro
pe
rt
y,
P
la
nt
, a
nd
E
qu
ip
m
en
t
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
@
C
F
A
cq
ui
si
ti
on
s
0.
00
0.
00
0.
00
0.
00
13
47
.0
0
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
I
nv
es
ti
ng
A
ct
iv
it
ie
s
–
O
th
er
63
.0
2
10
37
.0
7
17
7.
34
10
50
.0
0
17
59
.0
0
20
34
.0
0
65
.4
6
49
2.
94
15
1.
31
18
89
.0
0
60
9.
00
20
4.
00
I
nv
es
ti
ng
A
ct
iv
it
ie
s
–
N
et
C
as
h
Fl
ow
(1
28
2.
57
)
17
6.
45
(5
46
.3
2)
(4
39
5.
00
)
(5
20
0.
00
)
(2
46
2.
00
)
(4
88
.9
0)
(6
6.
64
)
(3
31
.1
3)
46
2.
00
(7
89
.0
0)
(1
25
5.
00
)
FI
N
A
N
C
IN
G
A
C
T
IV
IT
IE
S
S
al
e
of
C
om
m
on
a
nd
P
re
fe
rr
ed
S
to
ck
0.
00
0.
00
0.
00
84
.0
0
75
.0
0
74
.0
0
46
.9
7
0.
00
0.
00
14
.0
0
33
.0
0
55
.0
0
P
ur
ch
as
e
of
C
om
m
on
a
nd
P
re
fe
rr
ed
S
to
ck
12
2.
28
8.
24
0.
00
51
5.
00
28
1.
00
28
9.
00
0.
00
0.
00
0.
00
36
2.
00
0.
00
0.
00
C
as
h
D
iv
id
en
ds
55
.3
7
55
.7
5
55
.7
9
17
19
.0
0
16
01
.0
0
14
90
.0
0
47
.1
5
46
.4
8
11
5.
59
19
9.
00
22
6.
00
23
3.
00
L
on
g-
T
er
m
D
eb
t
–
Is
su
an
ce
39
8.
39
0.
00
25
.0
0
10
35
.0
0
21
61
.0
0
17
39
.0
0
16
75
.8
8
14
35
.6
8
77
.6
0
47
0.
00
37
5.
00
84
4.
00
L
on
g-
T
er
m
D
eb
t
–
R
ed
uc
ti
on
20
9.
00
79
4.
53
68
9.
35
17
72
.0
0
12
15
.0
0
25
85
.0
0
16
94
.6
8
15
83
.6
6
21
0.
91
13
36
.0
0
94
3.
00
73
4.
00
C
ur
re
nt
D
eb
t
–
C
ha
ng
es
1.
98
(7
2.
05
)
26
.2
5
@
C
F
@
C
F
@
C
F
@
C
F
(1
39
.1
6)
13
1.
72
@
C
F
@
C
F
@
C
F
F
in
an
ci
ng
A
ct
iv
it
ie
s
–
O
th
er
0.
00
0.
00
0.
00
33
9.
00
0.
00
0.
00
0.
00
0.
49
0.
00
(6
1.
00
)
(1
1.
00
)
(8
.0
0)
F
in
an
ci
ng
A
ct
iv
it
ie
s
–
N
et
C
as
h
Fl
ow
13
.7
2
(9
30
.5
5)
(6
93
.9
0)
(2
54
8.
00
)
(8
61
.0
0)
(2
55
1.
00
)
(1
8.
98
)
(3
33
.1
4)
(1
17
.1
8)
(1
47
4.
00
)
(7
72
.0
0)
(7
6.
00
)
E
xc
ha
ng
e
R
at
e
E
ff
ec
t
(2
.5
2)
2.
84
2.
14
(2
2.
00
)
19
.0
0
(4
4.
00
)
0.
00
0.
00
0.
00
0.
00
0.
00
0.
00
C
as
h
an
d
Eq
ui
va
le
nt
s
–
C
ha
ng
e
(2
1.
37
)
56
.4
5
2.
94
12
.0
0
31
0.
00
(3
3.
00
)
(1
5.
79
)
10
.7
7
(1
.2
7)
12
1.
00
12
3.
00
(5
4.
00
)
D
IR
E
C
T
O
P
E
R
AT
IN
G
A
C
T
IV
IT
IE
S
I
nt
er
es
t
Pa
id
–
N
et
14
6.
79
17
6.
03
25
4.
76
52
8.
00
45
8.
00
55
6.
00
16
2.
26
17
9.
50
18
8.
90
18
7.
00
27
6.
00
26
8.
00
I
nc
om
e
Ta
xe
s
Pa
id
25
9.
77
29
4.
90
10
1.
07
26
87
.0
0
24
16
.0
0
20
91
.0
0
30
.6
3
13
.4
0
(1
07
.2
0)
31
3.
00
33
2.
00
22
8.
00
U
sa
ge
p
er
m
itt
ed
o
nl
y
w
ith
in
th
es
e
pa
ra
m
et
er
s
ot
he
rw
is
e
co
nt
ac
t i
nf
o@
th
ec
as
ec
en
tre
.o
rg
Ta
ug
ht
b
y
A
liy
ah
E
ss
op
, f
ro
m
2
3-
N
ov
-2
02
0
to
2
3-
M
ay
-2
02
1.
O
rd
er
re
f F
39
94
75
.
P
ur
ch
as
ed
fo
r u
se
o
n
th
e
A
cc
ou
nt
in
g
an
d
Fi
na
nc
e
fo
r E
ng
in
ee
rs
a
nd
P
ro
je
ct
M
an
ag
er
s
-M
S
c
E
ng
in
ee
rin
g
M
an
ag
em
en
t,
at
F
ac
ul
ty
o
f E
ng
in
ee
rin
g
&
S
ci
en
ce
, U
ni
ve
rs
ity
o
f G
re
en
w
ic
h.
E
du
ca
tio
na
l m
at
er
ia
l s
up
pl
ie
d
by
T
he
C
as
e
C
en
tre
C
op
yr
ig
ht
e
nc
od
ed
A
76
H
M
-J
U
J9
K
-P
JM
N
9I
10 A01-98-0020
TA
BL
E
6
Fin
an
cia
l A
na
ly
sis
o
f E
ne
rg
y
Fir
m
s—
M
isc
ell
an
ce
ou
s I
nf
or
m
at
io
n
A
M
E
R
A
D
A
H
E
SS
C
O
R
P
M
O
B
IL
C
O
R
P
P
E
N
N
Z
O
IL
C
O
U
N
O
C
A
L
C
O
R
P
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
C
om
m
on
S
ha
re
s
O
ut
st
an
di
ng
(
M
)
91
.4
51
93
.0
74
93
.0
11
78
3.
36
4
78
7.
58
8
78
9.
12
0
47
.5
46
46
.5
99
46
.3
70
24
2.
52
6
25
0.
67
1
24
7.
31
0
Pr
ic
e
pe
r
sh
ar
e
(1
2/
31
)
$5
4.
88
0
$5
7.
88
0
$5
3.
00
0
$7
2.
19
0
$6
1.
13
0
$5
5.
80
0
$6
6.
81
0
$5
6.
50
0
$4
2.
25
0
$3
8.
81
0
$4
0.
75
0
$2
9.
13
0
M
ar
ke
t
V
al
ue
o
f E
qu
it
y
($
M
)
$5
,0
18
.8
31
$5
,3
87
.1
23
$4
,9
29
.5
83
$5
6,
55
1.
04
8
$4
8,
14
5.
25
5
$4
4,
03
2.
89
6
$3
,1
76
.5
48
$2
,6
32
.8
43
$1
,9
59
.1
32
$9
,4
12
.4
34
$1
0,
21
4.
84
3
$7
,2
04
.1
40
%
%
%
R
et
ur
n
–
La
rg
e
C
om
m
on
S
to
ck
s
33
.3
6
23
.0
7
37
.4
3
R
et
ur
n
–
Sm
al
l C
om
m
on
S
to
ck
s
22
.7
8
17
.6
2
34
.4
6
R
et
ur
n
–
Lo
ng
-t
er
m
C
or
po
ra
te
B
on
ds
12
.9
5
1.
40
27
.2
0
R
et
ur
n
–
U
S
Tr
ea
su
ry
B
ill
s
5.
26
5.
21
5.
60
U
sa
ge
p
er
m
itt
ed
o
nl
y
w
ith
in
th
es
e
pa
ra
m
et
er
s
ot
he
rw
is
e
co
nt
ac
t i
nf
o@
th
ec
as
ec
en
tre
.o
rg
Ta
ug
ht
b
y
A
liy
ah
E
ss
op
, f
ro
m
2
3-
N
ov
-2
02
0
to
2
3-
M
ay
-2
02
1.
O
rd
er
re
f F
39
94
75
.
P
ur
ch
as
ed
fo
r u
se
o
n
th
e
A
cc
ou
nt
in
g
an
d
Fi
na
nc
e
fo
r E
ng
in
ee
rs
a
nd
P
ro
je
ct
M
an
ag
er
s
-M
S
c
E
ng
in
ee
rin
g
M
an
ag
em
en
t,
at
F
ac
ul
ty
o
f E
ng
in
ee
rin
g
&
S
ci
en
ce
, U
ni
ve
rs
ity
o
f G
re
en
w
ic
h.
E
du
ca
tio
na
l m
at
er
ia
l s
up
pl
ie
d
by
T
he
C
as
e
C
en
tre
C
op
yr
ig
ht
e
nc
od
ed
A
76
H
M
-J
U
J9
K
-P
JM
N
9I
A01-98-0020 11
TA
BL
E
7
Se
le
cte
d
Ra
tio
s
A
M
E
R
A
D
A
H
E
SS
M
O
B
IL
P
E
N
N
Z
O
IL
U
N
O
C
A
L
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
D
ec
97
D
ec
96
D
ec
95
LI
Q
U
ID
IT
Y
R
AT
IO
S
:
C
as
h
&
M
ar
ke
t
Se
c
to
T
ot
al
A
ss
et
s
0.
01
4
0.
00
7
0.
01
9
0.
01
7
0.
01
2
0.
00
8
0.
00
5
0.
04
5
0.
02
4
0.
01
0
A
ci
d
Te
st
R
at
io
0.
55
3
0.
53
2
0.
54
5
0.
59
0
0.
59
9
0.
72
5
0.
39
1
1.
06
5
0.
76
7
0.
77
1
C
ur
re
nt
R
at
io
1.
39
7
1.
22
3
0.
78
3
0.
84
6
0.
92
4
1.
36
8
0.
65
9
1.
29
4
1.
99
0
1.
19
8
A
SS
E
T
M
A
N
A
G
E
M
E
N
T
:
D
ay
’s
R
ec
ei
va
bl
e
37
.4
23
39
.9
04
37
.2
01
42
.0
37
41
.2
30
38
.6
39
51
.3
96
56
.6
35
73
.4
87
46
.4
13
D
ay
’s
In
ve
nt
or
y
76
.5
15
58
.6
42
17
.1
91
19
.2
26
23
.0
71
42
.5
98
37
.0
25
17
.5
85
16
.5
73
25
.6
84
A
ss
et
T
ur
no
ve
r
1.
06
3
0.
94
1
1.
34
1
1.
53
3
1.
53
7
0.
57
3
0.
55
4
0.
76
8
0.
55
9
0.
73
1
FI
N
A
N
C
IA
L
LE
V
E
R
A
G
E
:
D
eb
t
to
T
ot
al
A
ss
et
s
0.
48
6
0.
57
9
0.
46
3
0.
51
4
0.
50
9
0.
70
6
0.
75
3
0.
67
1
0.
71
2
0.
63
1
S
to
ck
ho
ld
er
s’
E
qu
it
y
to
T
ot
al
A
ss
et
s
0.
43
5
0.
34
3
0.
44
7
0.
41
1
0.
42
6
0.
23
5
0.
19
4
0.
30
7
0.
24
9
0.
29
6
L
on
g-
te
rm
D
eb
t
to
S
to
ck
ho
ld
er
’s
E
qu
it
y
0.
60
5
1.
08
6
0.
39
9
0.
45
2
0.
46
7
2.
60
1
2.
78
1
1.
68
1
2.
14
1
1.
68
0
C
ov
er
ag
e
R
at
io
(
1)
3.
15
4
1.
13
3
12
.1
82
11
.9
30
5.
64
4
1.
19
3
0.
16
0
3.
61
8
3.
62
5
1.
41
7
C
ov
er
ag
e
R
at
io
(
2)
5.
58
8
5.
87
1
14
.2
14
14
.8
69
10
.0
36
3.
28
7
3.
36
7
7.
05
9
7.
10
1
5.
76
5
P
R
O
FI
T
A
B
IL
IT
Y:
G
ro
ss
M
ar
gi
n
R
at
io
0.
26
6
0.
28
5
0.
21
6
0.
19
5
0.
19
7
0.
37
7
0.
33
4
0.
38
2
0.
46
0
0.
29
3
R
et
ur
n
on
S
al
es
0.
08
0
-0
.0
54
0.
05
6
0.
04
2
0.
03
7
0.
05
7
-0
.1
28
0.
10
1
-0
.0
04
0.
03
6
R
et
ur
n
on
A
ss
et
s
(1
)
0.
08
5
-0
.0
51
0.
07
5
0.
06
4
0.
05
6
0.
03
2
-0
.0
71
0.
07
7
-0
.0
02
0.
02
6
R
et
ur
n
on
A
ss
et
s
(2
)
0.
15
2
-0
.0
14
0.
15
6
0.
14
1
0.
11
6
0.
08
7
-0
.0
65
0.
13
6
0.
11
6
0.
08
0
R
et
ur
n
on
E
qu
it
y
0.
19
5
-0
.1
48
0.
16
8
0.
15
5
0.
13
2
0.
13
8
-0
.3
65
0.
25
1
-0
.0
08
0.
08
9
R
et
ur
n
on
C
om
m
on
E
qu
it
y
0.
19
5
-0
.1
48
0.
16
8
0.
15
5
0.
13
2
0.
13
8
-0
.3
65
0.
25
1
-0
.0
16
0.
09
3
ST
O
C
K
M
A
R
K
E
T
P
E
R
FO
R
M
A
N
C
E
:
D
iv
id
en
d
Y
ie
ld
0.
01
0
0.
01
1
0.
02
9
0.
03
2
0.
03
2
0.
01
8
0.
05
9
0.
02
1
0.
02
0
0.
02
7
A
nn
ua
l C
om
m
on
S
to
ck
R
et
ur
n
0.
10
3
0.
17
4
0.
21
6
0.
12
9
0.
37
0
0.
36
1
0.
01
4
-0
.0
28
0.
42
6
0.
09
8
M
ar
ke
t-
to
-B
oo
k
R
at
io
1.
59
2
1.
85
3
2.
95
7
2.
56
8
2.
49
6
2.
71
7
2.
34
3
4.
06
8
4.
49
0
2.
98
1
D
U
P
O
N
T
A
N
A
LY
SI
S:
R
et
ur
n
on
E
qu
it
y
=
0.
19
5
-0
.1
48
0.
16
8
0.
15
5
0.
13
2
0.
13
8
-0
.3
65
0.
25
1
-0
.0
08
0.
08
9
R
et
ur
n
on
S
al
es
0.
08
0
-0
.0
54
0.
05
6
0.
04
2
0.
03
7
0.
05
7
-0
.1
28
0.
10
1
-0
.0
04
0.
03
6
*
A
ss
et
T
ur
no
ve
r
1.
06
3
0.
94
1
1.
34
1
1.
53
3
1.
53
7
0.
57
3
0.
55
4
0.
76
8
0.
55
9
0.
73
1
*
L
ev
er
ag
e
2.
30
1
2.
91
5
2.
23
8
2.
43
3
2.
34
7
4.
25
6
5.
15
1
3.
25
4
4.
01
0
3.
37
6
U
sa
ge
p
er
m
itt
ed
o
nl
y
w
ith
in
th
es
e
pa
ra
m
et
er
s
ot
he
rw
is
e
co
nt
ac
t i
nf
o@
th
ec
as
ec
en
tre
.o
rg
Ta
ug
ht
b
y
A
liy
ah
E
ss
op
, f
ro
m
2
3-
N
ov
-2
02
0
to
2
3-
M
ay
-2
02
1.
O
rd
er
re
f F
39
94
75
.
P
ur
ch
as
ed
fo
r u
se
o
n
th
e
A
cc
ou
nt
in
g
an
d
Fi
na
nc
e
fo
r E
ng
in
ee
rs
a
nd
P
ro
je
ct
M
an
ag
er
s
-M
S
c
E
ng
in
ee
rin
g
M
an
ag
em
en
t,
at
F
ac
ul
ty
o
f E
ng
in
ee
rin
g
&
S
ci
en
ce
, U
ni
ve
rs
ity
o
f G
re
en
w
ic
h.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Achiever Papers is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Dissertation Writing Service Works
First, you will need to complete an order form. It's not difficult but, if anything is unclear, you may always chat with us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download