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<br/></p><font face="Arial Black" color="#000081" size="6"><p align="left">Introduction</p></font><font face="Times New Roman" size="3"><p align="left">This is the third edition of the UBS <i><font face="Times New Roman" size="3">Introduction to the Oil Industry</font></i><font face="Times New Roman" size="3">. This<p align="left">publication is designed to provide the reader with a guide to the oil and gas</p><p align="left">industry and the associated equity sector. Oil and gas is one of the world’s</p><p align="left">largest and most important equity sectors and is the largest and most important</p><p align="left">commodity market. Energy is critical to global economic growth. Oil is the best</p><p align="left">and most convenient fuel for transportation. Natural gas is an efficient and</p><p align="left">relatively clean-burning source of power generation.</p><p align="left">As with all industries, oil and gas has its own terminology and language. The</p><p align="left">process of finding, developing, producing, conveying, processing and marketing</p><p align="left">is complex and sophisticated in a giant industry that has grown up over 150</p><p align="left">years and encompasses the entire globe. The purpose of this note is to try to help</p><p align="left">to provide explanation and insight into the industry in as clear a way as possible</p><p align="left">for non-expert professionals. We have significantly updated and deepened the</p><p align="left">note since the most recent publication. It is a result of extensive collaboration</p><p align="left">between the members of UBS’s global oil and gas team.</p><p align="left">We begin with an introduction to the structure of the oil and natural gas market.</p><p align="left">We also discuss the trading and the pricing of the commodity. We divert briefly</p><p align="left">to look at the valuation of companies in the sector. With the commodity and</p><p align="left">equity markets covered, we move straight into the industry itself by providing a</p><p align="left">geology primer, an economics and accounting discussion, and a review of the</p><p align="left">downstream industry. We include an extended piece on the oil service industry</p><p align="left">because upstream operations are perhaps the least well understood part of the</p><p>business. Finally, we also cover petrochemicals and alternative fuels.</p></font></p><p align="left">publication is designed to provide the reader with a guide to the oil and gas</p><p align="left">industry and the associated equity sector. Oil and gas is one of the world’s</p><p align="left">largest and most important equity sectors and is the largest and most important</p><p align="left">commodity market. Energy is critical to global economic growth. Oil is the best</p><p align="left">and most convenient fuel for transportation. Natural gas is an efficient and</p><p align="left">relatively clean-burning source of power generation.</p><p align="left">As with all industries, oil and gas has its own terminology and language. The</p><p align="left">process of finding, developing, producing, conveying, processing and marketing</p><p align="left">is complex and sophisticated in a giant industry that has grown up over 150</p><p align="left">years and encompasses the entire globe. The purpose of this note is to try to help</p><p align="left">to provide explanation and insight into the industry in as clear a way as possible</p><p align="left">for non-expert professionals. We have significantly updated and deepened the</p><p align="left">note since the most recent publication. It is a result of extensive collaboration</p><p align="left">between the members of UBS’s global oil and gas team.</p><p align="left">We begin with an introduction to the structure of the oil and natural gas market.</p><p align="left">We also discuss the trading and the pricing of the commodity. We divert briefly</p><p align="left">to look at the valuation of companies in the sector. With the commodity and</p><p align="left">equity markets covered, we move straight into the industry itself by providing a</p><p align="left">geology primer, an economics and accounting discussion, and a review of the</p><p align="left">downstream industry. We include an extended piece on the oil service industry</p><p align="left">because upstream operations are perhaps the least well understood part of the</p><p>business. Finally, we also cover petrochemicals and alternative fuels.</p><p></p></font><i><font face="Times New Roman" size="3">Introduction to the Oil Industry</font></i><font face="Times New Roman" size="3">. This<p align="left">publication is designed to provide the reader with a guide to the oil and gas</p><p align="left">industry and the associated equity sector. Oil and gas is one of the world’s</p><p align="left">largest and most important equity sectors and is the largest and most important</p><p align="left">commodity market. Energy is critical to global economic growth. Oil is the best</p><p align="left">and most convenient fuel for transportation. Natural gas is an efficient and</p><p align="left">relatively clean-burning source of power generation.</p><p align="left">As with all industries, oil and gas has its own terminology and language. The</p><p align="left">process of finding, developing, producing, conveying, processing and marketing</p><p align="left">is complex and sophisticated in a giant industry that has grown up over 150</p><p align="left">years and encompasses the entire globe. The purpose of this note is to try to help</p><p align="left">to provide explanation and insight into the industry in as clear a way as possible</p><p align="left">for non-expert professionals. We have significantly updated and deepened the</p><p align="left">note since the most recent publication. It is a result of extensive collaboration</p><p align="left">between the members of UBS’s global oil and gas team.</p><p align="left">We begin with an introduction to the structure of the oil and natural gas market.</p><p align="left">We also discuss the trading and the pricing of the commodity. We divert briefly</p><p align="left">to look at the valuation of companies in the sector. With the commodity and</p><p align="left">equity markets covered, we move straight into the industry itself by providing a</p><p align="left">geology primer, an economics and accounting discussion, and a review of the</p><p align="left">downstream industry. We include an extended piece on the oil service industry</p><p align="left">because upstream operations are perhaps the least well understood part of the</p><p>business. Finally, we also cover petrochemicals and alternative fuels.</p></font>
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