Search results for: amadeus gas

Authors: Chris J. Boreham, Dianne S. Edwards, Amber Jarrett, Justin Davies, Robert Poreda, Alex Sessions, John Eiler

Abstract:

The origins of natural gases in the Amadeus Basin have been assessed using molecular and stable isotope (C, H, N, He) systematics. A dominant end-member thermogenic, oil-associated gas is considered for the Ordovician Pacoota−Stairway sandstones of the Mereenie gas and oil field. In addition, an abiogenic end-member is identified in the latest Proterozoic lower Arumbera Sandstone of the Dingo gasfield, being most likely associated with radiolysis of methane with polymerisation to wet gases. The latter source assignment is based on a similar geochemical fingerprint derived from the laboratory gamma irradiation experiments on methane. A mixed gas source is considered for the Palm Valley gasfield in the Ordovician Pacoota Sandstone. Gas wetness (%∑C₂−C₅/∑C₁−C₅) decreases in the order Mereenie (19.1%) > Palm Valley (9.4%) > Dingo (4.1%). Non-produced gases at Magee-1 (23.5%; Late Proterozoic Heavitree Quartzite) and Mount Kitty-1 (18.9%; Paleo-Mesoproterozoic fractured granitoid basement) are very wet. Methane thermometry based on clumped isotopes of methane (¹³CDH₃) is consistent with the abiogenic origin for the Dingo gas field with methane formation temperature of 254ᵒC. However, the low methane formation temperature of 57°C for the Mereenie gas suggests either a mixed thermogenic-biogenic methane source or there is no thermodynamic equilibrium between the methane isotopomers. The shallow reservoir depth and present-day formation temperature below 80ᵒC would support microbial methanogenesis, but there is no accompanying alteration of the C- and H-isotopes of the wet gases and CO₂ that is typically associated with biodegradation. The Amadeus Basin gases show low to extremely high inorganic gas contents. Carbon dioxide is low in abundance (< 1% CO₂) and becomes increasing depleted in ¹³C from the Palm Valley (av. δ¹³C 0‰) to the Mereenie (av. δ¹³C -6.6‰) and Dingo (av. δ¹³C -14.3‰) gas fields. Although the wide range in carbon isotopes for CO₂ is consistent with multiple origins from inorganic to organic inputs, the most likely process is fluid-rock alteration with enrichment in ¹²C in the residual gaseous CO₂ accompanying progressive carbonate precipitation within the reservoir. Nitrogen ranges from low−moderate (1.7−9.9% N₂) abundance (Palm Valley av. 1.8%; Mereenie av. 9.1%; Dingo av. 9.4%) to extremely high abundance in Magee-1 (43.6%) and Mount Kitty-1 (61.0%). The nitrogen isotopes for the production gases have δ¹⁵N = -3.0‰ for Mereenie, -3.0‰ for Palm Valley and -7.1‰ for Dingo, suggest all being mixed inorganic and thermogenic nitrogen sources. Helium (He) abundance varies over a wide range from a low of 0.17% to one of the world’s highest at 9% (Mereenie av. 0.23%; Palm Valley av. 0.48%, Dingo av. 0.18%, Magee-1 6.2%; Mount Kitty-1 9.0%). Complementary helium isotopes (R/Ra = ³He/⁴Hesample / ³He/⁴Heair) range from 0.013 to 0.031 R/Ra, indicating a dominant crustal origin for helium with a sustained input of radiogenic 4He from the decomposition of U- and Th-bearing minerals, effectively diluting any original mantle helium input. The high helium content in the non-produced gases compared to the shallower producing wells most likely reflects their stratigraphic position relative to the Tonian Bitter Springs Group with the former below and the latter above an effective carbonate-salt seal.

Keywords: amadeus gas, thermogenic, abiogenic, C, H, N, He isotopes

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Authors: José Luis Gallizo, Pilar Gargallo, Ramon Saladrigues, Manuel Salvador

Abstract:

This study offers an exploratory statistical analysis of the persistence of annual profits across a sample of firms from different European Union (EU) countries. To this end, a hierarchical Bayesian dynamic model has been used which enables the annual behaviour of those profits to be broken down into a permanent structural and a transitory component, while also distinguishing between general effects affecting the industry as a whole to which each firm belongs and specific effects affecting each firm in particular. This breakdown enables the relative importance of those fundamental components to be more accurately evaluated by country and sector. Furthermore, Bayesian approach allows for testing different hypotheses about the homogeneity of the behaviour of the above components with respect to the sector and the country where the firm develops its activity. The data analysed come from a sample of 23,293 firms in EU countries selected from the AMADEUS data-base. The period analysed ran from 1999 to 2007 and 21 sectors were analysed, chosen in such a way that there was a sufficiently large number of firms in each country sector combination for the industry effects to be estimated accurately enough for meaningful comparisons to be made by sector and country. The analysis has been conducted by sector and by country from a Bayesian perspective, thus making the study more flexible and realistic since the estimates obtained do not depend on asymptotic results. In general terms, the study finds that, although the industry effects are significant, more important are the firm specific effects. That importance varies depending on the sector or the country in which the firm carries out its activity. The influence of firm effects accounts for around 81% of total variation and display a significantly lower degree of persistence, with adjustment speeds oscillating around 34%. However, this pattern is not homogeneous but depends on the sector and country analysed. Industry effects depends also on sector and country analysed have a more marginal importance, being significantly more persistent, with adjustment speeds oscillating around 7-8% with this degree of persistence being very similar for most of sectors and countries analysed.

Keywords: dynamic models, Bayesian inference, MCMC, abnormal returns, persistence of profits, return on assets

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Authors: Maria Reznakova, Michala Strnadova, Lukas Reznak

Abstract:

The global financial crisis that erupted in 2008 is associated mainly with the debt crisis. It quickly spread globally through financial markets, international banks and trade links, and affected many economic sectors. Measured by the index of the year-on-year change in GDP and industrial production, the consequences of the global financial crisis manifested themselves with some delay also in the Czech economy. This can be considered a result of the overwhelming export orientation of Czech industrial enterprises. These events offer an important opportunity to study how financial and macroeconomic instability affects corporate performance. Corporate performance factors have long been given considerable attention. It is therefore reasonable to ask whether the findings published in the past are also valid in the times of economic instability and subsequent recession. The decisive factor in effective corporate performance measurement is the existence of an appropriate system of indicators that are able to assess progress in achieving corporate goals. Performance measures may be based on non-financial as well as on financial information. In this paper, financial indicators are used in combination with other characteristics, such as the firm size and ownership structure. Financial performance is evaluated based on traditional performance indicators, namely, return on equity and return on assets, supplemented with indebtedness and current liquidity indices. As investments are a very important factor in corporate performance, their trends and importance were also investigated by looking at the ratio of investments to previous year’s sales and the rate of reinvested earnings. In addition to traditional financial performance indicators, the Economic Value Added was also used. Data used in the research were obtained from a questionnaire survey administered in industrial enterprises in the Czech Republic and from AMADEUS (Analyse Major Database from European Sources), from which accounting data of companies were obtained. Respondents were members of the companies’ senior management. Research results unequivocally confirmed that corporate performance dropped significantly in the 2010-2012 period, which can be considered a result of the global financial crisis and a subsequent economic recession. It was reflected mainly in the decreasing values of profitability indicators and the Economic Value Added. Although the total year-on-year indebtedness declined, intercompany indebtedness increased. This can be considered a result of impeded access of companies to bank loans due to the credit crunch. Comparison of the results obtained with the conclusions of previous research on a similar topic showed that the assumption that firms under foreign control achieved higher performance during the period investigated was not confirmed.

Keywords: corporate performance, foreign control, intercompany indebtedness, ratio of investment

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Authors: Maria Reznakova, Michala Strnadova, Lukas Reznak

Abstract:

Successful achievement of strategic goals requires an effective performance management system, i.e. determining the appropriate indicators measuring the rate of goal achievement. Assuming that the goal of the owners is to grow the assets they invested in, it is vital to identify the key performance indicators, which contribute to value creation. These indicators are known as value drivers. Based on the undertaken literature search, a value driver is defined as any factor that affects the value of an enterprise. The important factors are then monitored by both financial and non-financial indicators. Financial performance indicators are most useful in strategic management, since they indicate whether a company's strategy implementation and execution are contributing to bottom line improvement. Non-financial indicators are mainly used for short-term decisions. The identification of value drivers, however, is problematic for companies which are not publicly traded. Therefore financial ratios continue to be used to measure the performance of companies, despite their considerable criticism. The main drawback of such indicators is the fact that they are calculated based on accounting data, while accounting rules may differ considerably across different environments. For successful enterprise performance management it is vital to avoid factors that may reduce (or even destroy) its value. Among the known factors reducing the enterprise value are the lack of capital, lack of strategic management system and poor quality of production. In order to gain further insight into the topic, the paper presents results of the research identifying factors that adversely affect the performance of mechanical engineering enterprises in the Czech Republic. The research methodology focuses on both the qualitative and the quantitative aspect of the topic. The qualitative data were obtained from a questionnaire survey of the enterprises senior management, while the quantitative financial data were obtained from the Analysis Major Database for European Sources (AMADEUS). The questionnaire prompted managers to list factors which negatively affect business performance of their enterprises. The range of potential factors was based on a secondary research – analysis of previously undertaken questionnaire surveys and research of studies published in the scientific literature. The results of the survey were evaluated both in general, by average scores, and by detailed sub-analyses of additional criteria. These include the company specific characteristics, such as its size and ownership structure. The evaluation also included a comparison of the managers’ opinions and the performance of their enterprises – measured by return on equity and return on assets ratios. The comparisons were tested by a series of non-parametric tests of statistical significance. The results of the analyses show that the factors most detrimental to the enterprise performance include the incompetence of responsible employees and the disregard to the customers‘ requirements.

Keywords: business value, financial ratios, performance measurement, value drivers

Procedia PDF Downloads 198