| Industries |
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| Health Care Distribution and Services |
| Asset Management and Custody Banks |
| Construction and Engineering |
| Oil and Gas Storage and Transportation |
| Oil and Gas Refining and Marketing and Transportation |
| Transportation |
| Exposures |
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| Military |
| Regime |
| Provide |
| Political reform |
| Express intent |
| Economic |
| Judicial |
| Event Codes |
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| Solicit support |
| Protest demonstrations |
| Ask for protection |
| Adjust |
| Pessimistic comment |
| Warn |
| Seize |
| Release or return |
| Agree |
| Yield to order |
| Demand |
| Human death |
| Accuse |
| Sports contest |
| Promise |
| Accident |
| Wiki | Wiki Summary |
|---|---|
| Credit risk | A credit risk is risk of default on a debt that may arise from a borrower failing to make required payments. In the first resort, the risk is that of the lender and includes lost principal and interest, disruption to cash flows, and increased collection costs. |
| Arithmetic | Arithmetic (from Ancient Greek ἀριθμός (arithmós) 'number', and τική [τέχνη] (tikḗ [tékhnē]) 'art, craft') is an elementary part of mathematics that consists of the study of the properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and extraction of roots. In the 19th century, Italian mathematician Giuseppe Peano formalized arithmetic with his Peano axioms, which are highly important to the field of mathematical logic today. |
| Special Activities Center | The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015. |
| Operations management | Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements. |
| Operations research | Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences. |
| Natural gas | Natural law (Latin: ius naturale, lex naturalis) is a system of law based on a close observation of human nature, and based on values intrinsic to human nature that can be deduced and applied independently of positive law (the express enacted laws of a state or society). According to natural law theory, all people have inherent rights, conferred not by act of legislation but by "God, nature, or reason." Natural law theory can also refer to "theories of ethics, theories of politics, theories of civil law, and theories of religious morality."In the Western tradition it was anticipated by the Pre-Socratics, for example in their search for principles that governed the cosmos and human beings. |
| Profit (economics) | An economic profit is the difference between the revenue a commercial entity has received from its outputs and the opportunity costs of its inputs. It equals to total revenue minus total cost, including both explicit and implicit costs. |
| Profitability analysis | In cost accounting, profitability analysis is an analysis of the profitability of an organisation's output. Output of an organisation can be grouped into products, customers, locations, channels and/or transactions. |
| Customer profitability | Customer profitability (CP) is the profit the firm makes from serving a customer or customer group over a specified period of time, specifically the difference between the revenues earned from and the costs associated with the customer relationship in a specified period. According to Philip Kotler,"a profitable customer is a person, household or a company that overtime, yields a revenue stream that exceeds by an acceptable amount the company's cost stream of attracting, selling and servicing the customer."\nCalculating customer profit is an important step in understanding which customer relationships are better than others. |
| Profitable growth | Profitable Growth is the combination of profitability and growth, more precisely the combination of Economic Profitability and Growth of Free cash flows. Profitable growth is aimed at seducing the financial community; it emerged in the early 80s when shareholder value creation became firms’ main objective. |
| Small Is Profitable | Small Is Profitable: The Hidden Economic Benefits of Making Electrical Resources the Right Size is a 2002 book by energy analyst Amory Lovins and others. The book describes 207 ways in which the size of "electrical resources"—devices that make, save, or store electricity—affects their economic value. |
| Compressed natural gas | Compressed natural gas (CNG) is a fuel gas made of petrol which is mainly composed of methane (CH4), compressed to less than 1% of the volume it occupies at standard atmospheric pressure. It is stored and distributed in hard containers at a pressure of 20–25 MPa (2,900–3,600 psi), usually in cylindrical or spherical shapes. |
| Natural gas prices | Natural gas prices, as with other commodity prices, are mainly driven by supply and demand fundamentals. However, natural gas prices may also be linked to the price of crude oil and petroleum products, especially in continental Europe. |
| Natural gas in the United States | Natural gas was the United States' largest source of energy production in 2016, representing 33 percent of all energy produced in the country. Natural gas has been the largest source of electrical generation in the United States since July 2015. |
| 2021–2022 global energy crisis | The 2021–2022 global energy crisis is the most recent in a series of cyclical energy shortages experienced over the last fifty years. It is more acutely affecting countries such as the United Kingdom and China, among others. |
| Standardized approach (counterparty credit risk) | The Standardized approach for counterparty credit risk (SA-CCR) is the capital requirement framework under Basel III addressing counterparty risk for derivative trades. It was published by the Basel Committee in March 2014.The framework replaced both non-internal model approaches: the Current Exposure Method (CEM) and the Standardised Method (SM). |
| Normal distribution | In statistics, a normal distribution (also known as Gaussian, Gauss, or Laplace–Gauss distribution) is a type of continuous probability distribution for a real-valued random variable. The general form of its probability density function is\n\n \n \n \n f\n (\n x\n )\n =\n \n \n 1\n \n σ\n \n \n 2\n π\n \n \n \n \n \n \n e\n \n −\n \n \n 1\n 2\n \n \n \n \n (\n \n \n \n x\n −\n μ\n \n σ\n \n \n )\n \n \n 2\n \n \n \n \n \n \n {\displaystyle f(x)={\frac {1}{\sigma {\sqrt {2\pi }}}}e^{-{\frac {1}{2}}\left({\frac {x-\mu }{\sigma }}\right)^{2}}}\n The parameter \n \n \n \n μ\n \n \n {\displaystyle \mu }\n is the mean or expectation of the distribution (and also its median and mode), while the parameter \n \n \n \n σ\n \n \n {\displaystyle \sigma }\n is its standard deviation. |
| Film distribution | Film distribution is the process of making a movie available for viewing by an audience. This is normally the task of a professional film distributor, who would determine the marketing strategy for the film, the media by which a film is to be exhibited or made available for viewing, and who may set the release date and other matters. |
| Reserves-to-production ratio | The reserves-to-production ratio (RPR or R/P) is the remaining amount of a non-renewable resource, expressed in time. While applicable to all natural resources, the RPR is most commonly applied to fossil fuels, particularly petroleum and natural gas. |
| Availability | In reliability engineering, the term availability has the following meanings:\n\nThe degree to which a system, subsystem or equipment is in a specified operable and committable state at the start of a mission, when the mission is called for at an unknown, i.e. a random, time. |
| Availability factor | The availability factor of a power plant is the amount of time that it is able to produce electricity over a certain period, divided by the amount of the time in the period. Occasions where only partial capacity is available may or may not be deducted. |
| Government agency | A government or state agency, sometimes an appointed commission, is a permanent or semi-permanent organization in the machinery of government that is responsible for the oversight and administration of specific functions, such as an administration. There is a notable variety of agency types. |
| Local government | Local government is a generic term for the lowest tiers of public administration within a particular sovereign state. This particular usage of the word government refers specifically to a level of administration that is both geographically-localised and has limited powers. |
| RBC Capital Markets | RBC Capital Markets is a global investment bank providing services in banking, finance and capital markets to corporations, institutional investors, asset managers and governments globally. Locations span 58 offices in 14 countries across North America, the UK, Europe and the Asia-Pacific region. |
| Agriculture | Agriculture or farming is the practice of cultivating plants and livestock. Agriculture was the key development in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that enabled people to live in cities. |
| Discounted cash flow | In finance, discounted cash flow (DCF) analysis is a method of valuing a security, project, company, or asset using the concepts of the time value of money. \nDiscounted cash flow analysis is widely used in investment finance, real estate development, corporate financial management and patent valuation. |
| Free cash flow | In corporate finance, free cash flow (FCF) or free cash flow to firm (FCFF) is the amount by which a business's operating cash flow exceeds its working capital needs and expenditures on fixed assets (known as capital expenditures). It is that portion of cash flow that can be extracted from a company and distributed to creditors and securities holders without causing issues in its operations. |
| Actuarial present value | The actuarial present value (APV) is the expected value of the present value of a contingent cash flow stream (i.e. a series of payments which may or may not be made). |
| Assumption of Mary | The Assumption of Mary is one of the four Marian dogmas of the Catholic Church. (The word 'assumption' derives from the Latin word assūmptiō meaning "taking up"). |
| Strategic assumptions | Strategic assumptions are the assumptions that are held by decision-makers when building a strategic plan. All strategic plans should be built upon a grounded, validated and accepted set of strategic assumptions. |
| Department of Infrastructure and Regional Development | The Department of Infrastructure and Regional Development was an Australian Government department that existed between September 2013 and December 2017. Matters dealt with by the department included: infrastructure planning and coordination; transport safety; land transport; civil aviation and airports; maritime transport including shipping; administration of Australian territories; constitutional development of the Northern Territory and the Australian Capital Territory; regional programs; regional development; local government matters; and regional policy.The head of the department was the secretary of the Department of Infrastructure and Regional Development, who reported to the minister for Infrastructure and Transport, the minister for Regional Development and the minister for Territories, Local Government and Major Projects. |
| China Western Development | China Western Development (simplified Chinese: 西部大开发; traditional Chinese: 西部大開發; pinyin: Xībù Dàkāifā; lit. 'Western Part Great Development'), also Great Western Development Strategy or the Open Up the West Program, is a policy adopted for the Western China. |
| Programming tool | A programming tool or software development tool is a computer program that software developers use to create, debug, maintain, or otherwise support other programs and applications. The term usually refers to relatively simple programs, that can be combined to accomplish a task, much as one might use multiple hands to fix a physical object. |
| Offshore drilling | Offshore drilling is a mechanical process where a wellbore is drilled below the seabed. It is typically carried out in order to explore for and subsequently extract petroleum that lies in rock formations beneath the seabed. |
| Mergers and acquisitions | In corporate finance, mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive position. |
| Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 | The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (also Land Acquisition Act, 2013 or LARR Act or RFCTLARR Act) is an Act of Indian Parliament that regulates land acquisition and lays down the procedure and rules for granting compensation, rehabilitation and resettlement to the affected persons in India. The Act has provisions to provide fair compensation to those whose land is taken away, brings transparency to the process of acquisition of land to set up factories or buildings, infrastructural projects and assures rehabilitation of those affected. |
| Data acquisition | Data acquisition is the process of sampling signals that measure real world physical conditions and converting the resulting samples into digital numeric values that can be manipulated by a computer. Data acquisition systems, abbreviated by the initialisms DAS, DAQ, or DAU, typically convert analog waveforms into digital values for processing. |
| Rules of Acquisition | In the fictional Star Trek universe, the Rules of Acquisition are a collection of sacred business proverbs of the ultra-capitalist race known as the Ferengi.\nThe first mention of rules in the Star Trek universe was in "The Nagus", an episode of the TV series Star Trek: Deep Space Nine (Season 1, Episode 10). |
| Risk Factors |
|---|
| EQUITABLE RESOURCES INC /PA/ Item 1A Risk Factors Risks Relating to Our Business In addition to the other information contained in this Form 10-K, the following risk factors should be considered in evaluating our business |
| Please note that additional risks not presently known to the Company or that are currently considered immaterial may also have a negative impact on the Company’s business and operations |
| Natural gas price volatility may have an adverse effect on our revenue, profitability and liquidity |
| Our revenue, profitability and liquidity depend on the price and demand for natural gas |
| The markets for natural gas are volatile and fluctuations in prices will affect our financial results |
| Recently, natural gas prices have increased substantially |
| Such price increases have subjected us, and may continue to subject us to, margin calls which require us to post significant amounts of cash collateral with our hedge counterparties |
| The cash collateral, which is interest-bearing, provided to our hedge counterparties is returned to us in whole or in part upon a reduction in forward market prices, depending on the amount of such reduction, or in whole upon settlement of the related hedged transaction |
| Increases in natural gas prices may also be accompanied by or result in increased well drilling costs, increased deferral of purchased gas costs for our distribution operations, increased production taxes, increased lease operating expenses, increased exposure to credit losses resulting from potential increases in uncollectible accounts receivable from our distribution customers and increased customer conservation or conversion to alternative fuels |
| Lower natural gas prices, increases in our estimates of development costs or changes to our production assumptions may result in our having to make downward adjustments to our estimated proved reserves and incur non-cash charges to earnings |
| Natural gas prices are affected by a number of factors beyond our control, which include: weather conditions; the supply of and demand for natural gas; national and worldwide economic and political conditions; the price and availability of alternative fuels; the proximity to, and availability of capacity on, transportation facilities; and government regulations, such as regulation of natural gas transportation, royalties and price controls |
| We are dependent on our ability to cost-effectively access capital markets |
| Our inability to obtain capital on acceptable terms may adversely affect our business |
| A reduction in our debt issuer credit ratings could increase our borrowing costs |
| We rely on access to both short-term debt markets and longer-term capital markets as a source of liquidity and to satisfy our capital requirements in excess of cash flow from our operations |
| Each of the agencies who periodically assign credit ratings on our debt has stated that our rating is based on their expectations with respect to certain financial performance measures and ratios |
| A rating may be subject to revision or withdrawal at any time by the assigning credit rating agency |
| Any inability to maintain our current credit ratings could affect, especially during times of uncertainty in the capital markets, our ability to raise capital on favorable terms which, in turn, could impact our ability to manage our business |
| Any downgrades in these ratings could have a negative impact on our liquidity, our access to capital markets and our costs of financing and could increase the amount of collateral required by our hedge counterparties |
| Capital market disruptions could also adversely affect our ability to access one or more financial markets |
| Our need to comply with comprehensive, complex and sometimes unpredictable government regulations may increase our costs and limit our revenue growth, which may result in reduced earnings |
| Significant portions of our gathering, transportation, storage and distribution businesses are subject to state and federal regulation including regulation of the rates which we may assess our customers |
| The agencies that regulate our rates may prohibit us from realizing a level of return which we believe is appropriate |
| These restrictions may take the form of imputed revenue credits, cost disallowances (including purchased gas cost recoveries) and/or expense deferrals |
| Additionally, we may be required to provide additional assistance to low income residential customers to help pay their bills |
| We are subject to laws, regulations and other legal requirements enacted or adopted by federal, state and local, as well as foreign authorities relating to protection of the environment and health and safety matters, including those legal requirements that govern discharges of substances into the air and water, the management and disposal of 11 ______________________________________________________________________ hazardous substances and wastes, the clean-up of contaminated sites, groundwater quality and availability, plant and wildlife protection, restoration of drilling properties after drilling is completed, pipeline safety and work practices related to employee health and safety |
| Complying with these requirements could have a significant effect on our costs of operations and competitive position |
| The rates of federal, state and local taxes applicable to the industries in which we operate, including production taxes paid by Equitable Supply, which often fluctuate, could be increased by the respective taxing authorities |
| In addition, the tax laws, rules and regulations that affect our business could change |
| Any such increase or change could adversely impact our cash flows and profitability |
| The actual quantities and present value of our proved gas reserves may prove to be lower than we have estimated, which could negatively impact our long-term growth prospects |
| The proved gas reserve information included in this Form 10-K represents only estimates calculated using gas prices in effect on the date indicated in the reports |
| Any significant price changes will have a material effect on the present value of our reserves |
| For example, an increase in gas prices of approximately dlra0dtta50 per Mcfe from those prices used to calculate our reserves would increase the present value of our proved reserves by approximately dlra322 million, and the same decrease in gas prices would decrease the present value of our proved reserves by the same amount |
| Estimating underground accumulations of gas involves significant decisions and assumptions in the evaluation of available geological, geophysical, engineering and economic data for each reservoir |
| Future economic and operating conditions are uncertain which could cause a revision to our future reserve estimates |
| Estimates of economically recoverable gas reserves and of future net cash flows depend upon a number of variable factors and assumptions, including historical production from the area compared with production from other comparable producing areas and the assumed effects of regulations by governmental agencies |
| Some of these assumptions, including the 10prca discount factor used to calculate discounted future net reserves in this Form 10-K, are required by the SEC Because all reserve estimates are to some degree subjective, each of the following items may differ materially from those assumed in estimating reserves: the quantities of gas that are ultimately recovered, the timing of the recovery of gas reserves, the production and operating costs incurred, the amount and timing of future development expenditures and the gas price received |
| The amount and timing of actual future gas production and the cost and timing of our infrastructure development program are difficult to predict and may vary significantly from our estimates which may reduce our earnings |
| Our future success depends on our ability to develop additional gas reserves that are economically recoverable and to transport the production from those reserves to market, and our failure to do so may reduce our earnings |
| In 2005, we expanded our drilling program, and we have subsequently announced further expansion |
| We have also announced a significant investment in transportation infrastructure (the Big Sandy Pipeline) which is intended to address a lack of capacity on and access to existing transportation pipelines as well as curtailments on such pipelines |
| Our drilling of development wells and our infrastructure development program can involve significant risks, including those related to timing and cost overruns and these risks can be affected by the availability of capital, leases, rigs and a qualified work force, as well as weather conditions, gas price volatility, government approvals, title problems, geology and other factors |
| In addition, we may not be able to obtain sufficient third party transportation contracts to recover the costs of our infrastructure development program |
| Without continued successful development or acquisition activities, our reserves and revenues will decline as a result of our current reserves being depleted by production |
| Our operations are weather sensitive |
| Weather conditions directly influence the demand for natural gas, affect the price of energy commodities and may hinder our gathering, transportation and drilling operations |
| For example, mild winter temperatures can cause a 12 ______________________________________________________________________ decrease in the volume or affect the price of gas we sell in any year and colder winter temperatures can cause an increase in the amount or in the price of gas we sell in any year |
| In addition, severe weather, including hurricanes, can be destructive, causing natural gas prices to be volatile, our drilling operations to be curtailed, delayed or canceled, our gathering and transportation assets to be damaged and our operating expenses to increase |
| We are subject to operating and litigation risks that may not be covered by insurance |
| Our business’ operations are subject to all of the inherent hazards and risks normally incidental to the production, transportation, storage and distribution of natural gas |
| These risks could result in substantial losses due to personal injury and/or loss of life, severe damage to and destruction of property and equipment and pollution or other environmental damage |
| As a result, we are sometimes a defendant in legal proceedings and litigation arising in the ordinary course of business |
| There can be no assurance that insurance policies we maintain to limit our liability of such losses will be adequate to protect us from all material expenses related to potential future claims for personal and property damage or that such levels of insurance will be available in the future at economical prices |
| We may engage in acquisition and disposition strategies that involve a number of inherent risks, any of which may cause us not to realize anticipated benefits and may adversely affect our earnings, cash flows and results of operations |
| We intend to continue to strategically position our business in order to improve our ability to compete |
| Acquisitions, joint ventures and other business combinations involve various inherent risks, such as assessing the value, strengths, weaknesses, contingent and other liabilities and potential profitability of acquisition or other transaction candidates; the potential loss of key personnel of an acquired business; our ability to achieve identified financial and operating synergies anticipated to result from an acquisition or other transaction; and unanticipated changes in business and economic conditions affecting an acquisition or other transaction |
| We may be unable to realize, or do so within any particular time frame, the cost reductions, cash flow increases or other synergies expected to result from such transactions |
| In addition, various factors including prevailing market conditions and the incursion of related contingent liabilities could negatively impact the benefits we receive from disposition transactions |
| If we fail to achieve our strategic or financial goals in any acquisition or disposition transaction, it could have a significant adverse affect on our earnings, cash flows and results of operations |
| Furthermore, if we borrow money to finance an acquisition, our failure to achieve our stated goals could impact our ability to repay such borrowings or other borrowings and could weaken our financial condition |
| See Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” for further discussion regarding the Company’s exposure to market risks, including the risks associated with our use of derivative contracts to hedge commodity prices |