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Wiki Wiki Summary
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.
Cash and cash equivalents Cash and cash equivalents (CCE) are the most liquid current assets found on a business's balance sheet. Cash equivalents are short-term commitments "with temporarily idle cash and easily convertible into a known cash amount".
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.
Operation Mincemeat Operation Mincemeat was a successful British deception operation of the Second World War to disguise the 1943 Allied invasion of Sicily. Two members of British intelligence obtained the body of Glyndwr Michael, a tramp who died from eating rat poison, dressed him as an officer of the Royal Marines and placed personal items on him identifying him as the fictitious Captain (Acting Major) William Martin.
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.
Emergency operations center An emergency operations center (EOC) is a central command and control facility responsible for carrying out the principles of emergency preparedness and emergency management, or disaster management functions at a strategic level during an emergency, and ensuring the continuity of operation of a company, political subdivision or other organization.\nAn EOC is responsible for strategic direction and operational decisions and does not normally directly control field assets, instead leaving tactical decisions to lower commands.
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.
Surgery Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery".
Bitwise operation In computer programming, a bitwise operation operates on a bit string, a bit array or a binary numeral (considered as a bit string) at the level of its individual bits. It is a fast and simple action, basic to the higher-level arithmetic operations and directly supported by the processor.
Operation (mathematics) In mathematics, an operation is a function which takes zero or more input values (called operands) to a well-defined output value. The number of operands (also known as arguments) is the arity of the operation.
Petroleum industry The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transportation (often by oil tankers and pipelines), and marketing of petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol).
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.
Oil and gas industry in India The oil and gas industry in India dates back to 1889 when the first oil deposits in the country were discovered near the town of Digboi in the state of Assam. The natural gas industry in India began in the 1960s with the discovery of gas fields in Assam and Maharashtra (Mumbai High Field).
Oil and gas industry in the United Kingdom The oil and gas industry plays a central role in the economy of the United Kingdom. Oil and gas account for more than three-quarters of the UK's total primary energy needs.
Petroleum industry in Russia The petroleum industry in Russia is one of the largest in the world. Russia has the largest reserves and is the largest exporter of natural gas.
California oil and gas industry The California oil and gas industry has been a major industry for over a century. Oil production was a minor factor in the 19th century, with kerosene replacing whale oil and lubricants becoming essential to the machine age.
Economy of Brunei The economy of Brunei, a small and wealthy country, is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village traditions. It is almost entirely supported by exports of crude oil and natural gas, with revenues from the petroleum sector accounting for over half of GDP. Per capita GDP is high, and substantial income from overseas investment supplements income from domestic production.
Ministry of the Gas Industry The Ministry of the Gas Industry (Mingazprom; Russian: Министерство газовой промышленности СССР) was a government ministry in the Soviet Union responsible for the Soviet oil industry and related sectors.\nIt was created in 1957 as the Main Administration for the Gas Industry; renamed State Production Committee for the Gas Industry in 1963.
North Sea oil North Sea oil is a mixture of hydrocarbons, comprising liquid petroleum and natural gas, produced from petroleum reservoirs beneath the North Sea.\nIn the petroleum industry, the term "North Sea" often includes areas such as the Norwegian Sea and the area known as "West of Shetland", "the Atlantic Frontier" or "the Atlantic Margin" that is not geographically part of the North Sea.
Cash Cash Cash Cash is an American electronic music group from Roseland, New Jersey. The group consists of three DJs: brothers Jean Paul Makhlouf, Alex Makhlouf and Samuel Frisch.
Cash is king "Cash is king" is a colloquial phrase sometimes used in analyzing businesses or investment portfolios. It may refer to the importance of cash flow in the overall fiscal health of a business.
September 2019 events in the U.S. repo market On September 17, 2019, interest rates on overnight repurchase agreements (or "repos"), which are short-term loans between financial institutions, experienced a sudden and unexpected spike. A measure of the interest rate on overnight repos in the United States, the Secured Overnight Financing Rate (SOFR), increased from 2.43% on September 16 to 5.25% on September 17.
Cash concentration Cash concentration is the transfer of funds from diverse accounts into a central account to improve the efficiency of cash management. The consolidation of cash into a single account allows a company to maintain smaller cash balances overall, and to identify excess cash available for short term investments.
Liability insurance Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.\nOriginally, individual companies that faced a common peril formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement).
Regulation A In the United States under the Securities Act of 1933, any offer to sell securities must either be registered with the United States Securities and Exchange Commission (SEC) or meet certain qualifications to exempt it from such registration. Regulation A (or Reg A) contains rules providing exemptions from the registration requirements, allowing some companies to use equity crowdfunding to offer and sell their securities without having to register the securities with the SEC. Regulation A offerings are intended to make access to capital possible for small and medium-sized companies that could not otherwise bear the costs of a normal SEC registration and to allow nonaccredited investors to participate in the offering.
Formula One regulations The numerous Formula One regulations, made and enforced by the FIA and later the FISA, have changed dramatically since the first Formula One World Championship in 1950. This article covers the current state of F1 technical and sporting regulations, as well as the history of the technical regulations since 1950.
Regulation (European Union) A regulation is a legal act of the European Union that becomes immediately enforceable as law in all member states simultaneously. Regulations can be distinguished from directives which, at least in principle, need to be transposed into national law.
Regulation of therapeutic goods The regulation of therapeutic goods, defined as drugs and therapeutic devices, varies by jurisdiction. In some countries, such as the United States, they are regulated at the national level by a single agency.
Trade secret Trade secrets are a type of intellectual property that includes formulas, practices, processes, designs, instruments, patterns, or compilations of information that have inherent economic value because they are not generally known or readily ascertainable by others, and which the owner takes reasonable measures to keep secret. Intellectual property law gives the owner of a trade secret the right to restrict others from disclosing it.
Defend Trade Secrets Act The Defend Trade Secrets Act of 2016 (DTSA) (Pub.L. 114–153 (text) (PDF), 130 Stat. 376, enacted May 11, 2016, codified at 18 U.S.C. § 1836, et seq.) is a United States federal law that allows an owner of a trade secret to sue in federal court when its trade secrets have been misappropriated.
Intellectual property Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others.
Directive on the Protection of Trade Secrets The Directive (EU) 2016/943 on the protection of undisclosed know-how and business information (trade secrets) against their unlawful acquisition, use and disclosure is a Directive of the European Parliament and the European Council which was adopted by the European Council on 27 May 2016 following an agreement reached with the European Parliament on 15 December 2015 and amendment by the Parliament on 14 March 2016.The aim of the directive is "to harmonise the existing diverging national laws [within the EU] on the protection against the misappropriation of trade secrets, so that companies can exploit and share their trade secrets with privileged business partners across the Internal Market, turning their innovative ideas into growth and jobs".EU member states are required to "bring into force the laws, regulations and administrative provisions necessary to comply with this Directive" within two years i.e. by May 2018.
Trade secrets in Canada In Canada, trade secrets are generally considered to include information set out, contained or embodied in, but not limited to, a formula, pattern, plan, compilation, computer program, method, technique, process, product, device or mechanism; it may be information of any sort; an idea of a scientific nature, or of a literary nature, as long as they grant an economical advantage to the business and improve its value. Additionally, there must be some element of secrecy.
Law on the Protection of Trade Secrets The German Law on the Protection of Trade Secrets (German: Gesetz zum Schutz von Geschäftsgeheimnissen), or Trade Secrets Law in short (German: GeschGehG), serves to protect business secrets against unauthorized acquisition, use, and disclosure (§ 1 Abs. 1 Trade Secrets Law).
Risk Factors
SCHLUMBERGER LTD /NV/ Item 1A Risk Factors We urge you to carefully consider the risks described below and the other information in this Report
If any of the matters described below or elsewhere in this Report were to occur, our business, financial condition, results of operations, cash flows or prospects could be materially adversely affected
In such case, the trading price of our common stock could decline and you could lose all or part of your investment
Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also adversely affect our business and operations
Demand for the majority of our oilfield services is substantially dependent on the level of expenditures by the oil and gas industry
A substantial or an extended decline in oil or gas prices could result in lower expenditures by the oil and gas industry and reduce our revenue
Demand for the majority of our oilfield services is substantially dependent on the level of expenditures by the oil and gas industry for the exploration, development and production of crude oil and natural gas reserves, which are sensitive to oil and natural gas prices and generally dependent on the industry’s view of future oil and gas prices
Oil and gas prices have historically been volatile and are affected by numerous factors, including: · demand for energy, which is affected by worldwide population growth and general economic and business conditions; · the ability of the Organization of Petroleum Exporting Countries, or OPEC, to set and maintain production levels for oil; · oil and gas production by non-OPEC countries; · political and economic uncertainty and socio-political unrest; · the level of worldwide oil exploration and production activity; · the cost of exploring for, producing and delivering oil and gas; · technological advances affecting energy consumption; and · weather conditions
6 ______________________________________________________________________ [33]Table of Contents Part 1, Item 1A The oil and gas industry has historically experienced periodic downturns, which have been characterized by diminished demand for our oilfield services and downward pressure on the prices we charge
A significant downturn in the oil and gas industry could result in a reduction in demand for oilfield services and could harm our operating results
A significant portion of our revenue is derived from our non-United States operations, which exposes us to risks inherent in doing business in each of the more than 80 countries in which we operate
Our non-United States operations accounted for approximately 75prca of our consolidated revenue in 2005 and 74prca in both 2004 and 2003
Operations in countries other than the United States are subject to various risks, including: · unsettled political and economic conditions in certain areas; · exposure to possible expropriation or other governmental actions; · social unrest, acts of terrorism, war or other armed conflict; · confiscatory taxation or other adverse tax policies; · deprivation of contract rights; · trade restrictions or embargoes imposed by the United States or other countries; · restrictions on the repatriation of income or capital; · exchange controls; · inflation; and · currency fluctuations and devaluations
In addition, we are subject to risks associated with our operations in countries, including Iran, Syria, Sudan, Libya and Cuba, which are subject to trade, economic sanctions or other restrictions imposed by the United States government
The occurrence of any of the risks described above could reduce our earnings and our cash available for operations
Environmental compliance costs and liabilities could reduce our earnings and cash available for operations
We are subject to increasingly stringent laws and regulations relating to environmental protection, including laws and regulations governing air emissions, water discharges and waste management
We incur, and expect to continue to incur, capital and operating costs to comply with environmental laws and regulations
The technical requirements of environmental laws and regulations are becoming increasingly expensive, complex and stringent
These laws may provide for “strict liability” for damages to natural resources or threats to public health and safety
Strict liability can render a party liable for environmental damage without regard to negligence or fault on the part of the party
Some environmental laws provide for joint and several strict liability for remediation of spills and releases of hazardous substances
7 ______________________________________________________________________ [34]Table of Contents Part 1, Item 1A We use and generate hazardous substances and wastes in our operations
In addition, many of our current and former properties are or have been used for industrial purposes
Accordingly, we could become subject to potentially material liabilities relating to the investigation and cleanup of contaminated properties, and to claims alleging personal injury or property damage as the result of exposures to, or releases of, hazardous substances
In addition, stricter enforcement of existing laws and regulations, new laws and regulations, the discovery of previously unknown contamination or the imposition of new or increased requirements could require us to incur costs or become the basis of new or increased liabilities that could reduce our earnings and our cash available for operations
We believe we are currently in substantial compliance with environmental laws and regulations
We could be subject to substantial liability claims, which would adversely affect our results and financial condition
Certain equipment used in the delivery of oilfield services, such as directional drilling equipment, perforating systems, subsea completion equipment and well completion systems, are used in hostile environments, such as exploration, development and production applications
An accident or a failure of a product can cause personal injury, loss of life, damage to property, equipment or the environment, and suspension of operations
Our insurance may not adequately protect us against liability for some kinds of events, including events involving pollution, or against losses resulting from business interruption
Moreover, in the future we may not be able to maintain insurance at levels of risk coverage or policy limits that we deem adequate
Substantial claims made under our policies could cause our premiums to increase
Any future damages caused by our products that are not covered by insurance, or are in excess of policy limits or are subject to substantial deductibles, could reduce our earnings and our cash available for operations
Limitations on our ability to protect our intellectual property rights, including our trade secrets, could cause a loss in revenue and any competitive advantage we hold
Some of our products or services, and the processes we use to produce or provide them, have been granted United States patent protection, have patent applications pending or are trade secrets
Our business may be adversely affected if our patents are unenforceable, the claims allowed under our patents are not sufficient to protect our technology, our patent applications are denied, or our trade secrets are not adequately protected
Our competitors may be able to develop technology independently that is similar to ours without infringing on our patents or gaining access to our trade secrets
We may be subject to litigation if another party claims that we have infringed upon its intellectual property rights
The tools, techniques, methodologies, programs and components we use to provide our services may infringe upon the intellectual property rights of others
Infringement claims generally result in significant legal and other costs and may distract management from running our core business
Royalty payments under licenses from third parties, if available, would increase our costs
Additionally, developing non-infringing technologies would increase our costs
8 ______________________________________________________________________ [35]Table of Contents Part I, Item 1A,1B,2, 3cmam4 Failure to obtain and retain skilled technical personnel could impede our operations
We require highly skilled personnel to operate and provide technical services and support for our business
Competition for the personnel required for our oilfield service businesses intensifies as activity increases
In periods of high utilization it may become more difficult to find and retain qualified individuals
This could increase our costs or have other adverse effects on our operations