Petroleum Industry Litigation and Arbitration
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ENERGY MARKET EXPERTS E F E ECONOMIC AND FINANCIAL EXPERTS Petroleum Industry Litigation and Arbitration
Transcript of Petroleum Industry Litigation and Arbitration
EnErgy MarkEt ExpErtsECONOMIC AND FINANCIAL EXPERTSEconoMic and Financial ExpErts
Petroleum IndustryLitigation and Arbitration
The Brattle Group and Energy Security Analysis, Inc. (ESAI) offer clients expe-rience in crude oil and petroleum products disputes that span the range of economic and financial issues. Our engagements have encompassed:
t Exploration and production t LNG, marine, and pipeline transportation t Storage t Refining t Petrochemicals t Wholesale and retail distribution
We provide clients with expert testimony and consulting in the context of dis-putes over asset values, hydrocarbon pricing terms, royalties, taxes, antitrust claims, and contract or treaty damages. Our economists have testified before the U.S. Congress, federal and state courts, national competition authorities, and in international arbitration matters before the ICSID, LCIA, SCC, ICC, and the PCA.
Our expertise in litigation matters draws on our extensive business consult-ing experience. For example, we have developed long- and short-term strategic plans to help clients adapt to future regulatory and industry changes and to minimize financial exposure to the price volatility of crude oil, middle distil-lates, gasoline, and fuel oil. For national governments, we have advised on the management of strategic petroleum reserves.
We also develop valuation techniques for asset management and transactions. Our team has reviewed and implemented energy price risk management strate-gies and evaluated discount rate and country risk issues around the world.
ExpEriEncE
The Brattle Group
has worked with ESAI
since 2006 to offer
our clients combined
expertise, analyses,
and advice on a wide
range of oil and
petroleum matters.
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Asset Valuation
Contract Damages
Competition and Antitrust
Taxes and Royalties
Commodity Markets and Risk Management
Data Analysis and Forecasting
In cases alleging expropriation and other international treaty violations, we have estimated the value of oil concessions and related assets. In proceedings before national tax authorities, we have estimated the value of reserves transferred outside of market transactions. We have provided independent evaluations of appraisals for multi-billion dollar refining and marketing businesses, and evaluated future expansion projects in the sector.
In contract disputes between crude oil, natural gas, and LNG suppliers and purchasers, The Brattle Group has assessed the appropriateness of pricing challenged under price re-opener provisions. Our economists have also estimated the economic damages resulting from alleged contract and treaty breaches.
We have advised clients and testified before legislative and regulatory bodies about the potential effects of a number of significant mergers in the petroleum industry. Brattle’s economists have analyzed the effect of increased supplier concentration in petroleum markets and investigated market concentration of gasoline storage on product prices. In response to price fixing allegations, we have analyzed crude oil trading practices and the competitiveness of crude and product prices.
The Brattle Group has provided testimony regarding the proper techniques for valuing both physi-cal and intangible assets in the petroleum industry in the United States and overseas for royalty and tax purposes, including windfall profits taxes. Our engagements have included determination of the fair value of oil and gas taken from the ground, assessment of the appropriate tariff rates for transportation services, and valuation of petroleum products in end markets. ESAI has tracked tax and subsidy regulations and fuel specifications worldwide.
We have provided clients with market analyses of regional, national, and international oil and gasoline markets in litigation alleging price manipulation in petroleum product and transportation markets. We have advised clients in public policy matters and evaluated the prudence and impact of corporate risk management and trading strategies. In the context of shareholder litigation, we have assessed the valuation of forward commodity positions and term contracts in accounting reports, and evaluated the impact of challenged valuation practices upon share prices.
We have maintained a unique worldwide database of supply/demand and petroleum market regu-latory data. ESAI’s developing country data has been widely used by IOCs, NOCs, and the BP Statistical Review. With these data we have developed proprietary analytical methodologies for market analysis and forecasting. Moreover, we have advised energy companies and both produc-ing and consuming country governments on the evolution of markets and oil-related policies and their impact on petroleum pricing.
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ArEAs of focus
Brattle ExpErts
Darrell B. Chodorow PrincipalWashington, DC
Carlos LapuertaPrincipalLondon
Donald R. LessardSenior AdvisorCambridge
Darrell B. Chodorow conducts eco-nomic and financial analysis in the oil and gas sectors. His engagements have included supply agreement disputes, valuation and damages matters, public policy analyses, and pipeline regulation.
He assists clients in developing insights from the analysis of businesses and financial contracts in damages quantification, asset valuation, and the evaluation of economic substance underlying transactions. He has submitted expert reports and testified in U.S. federal and state proceedings, as well as in arbitration matters worldwide.
Mr. Chodorow received his M.B.A. from the Yale University School of Management.
Carlos Lapuerta is an expert in financial valuation and analyzes regulatory reform in the electricity, natural gas, and petroleum industries. He has estimated the value of businesses, contracts, and physical assets in petroleum and natural gas matters, and has provided expert testimony on valuation issues before courts and international arbi-tration tribunals.
In addition to advising private clients, he has worked for the European Commission and the governments of several countries, advising on the liberalization in these industries. He has also assisted clients in the development of tariffs, policies towards entry and infrastructure expansion, and auctions.
Mr. Lapuerta received his J.D. from Harvard Law School.
Donald R. Lessard is the Epoch Foundation Professor of International Management at the MIT Sloan School of Management. His area of expertise includes international corporate strategy and finance, with an emphasis on risk and knowledge management.
His research is focused on shaping and managing risks in large engineering proj-ects, the globalization of financial services, and knowledge development within multi-national firms.
Dr. Lessard received his Ph.D. and M.B.A. from Stanford University.
P: +1.202.955.5050 E: [email protected]
P: +44.20.7406.7900E: [email protected]
P: +1.617.864.7900 E: [email protected]
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M. Alexis Maniatis leads the firm’s arbitration practice. He provides consulting and expert witness testimony in commercial arbitration and advises clients on valuation issues in royalty disputes, expropriations, refining and reserve asset transactions, reg-ulatory proceedings, and contract disputes.
He has submitted expert reports and testi-fied on damages issues in proceedings before federal, state, and bankruptcy courts, and before international and domestic arbitra-tion panels. He works with clients in the U.S., Europe, Latin America, and Australia.
Mr. Maniatis received his M.B.A. from the Yale University School of Management.
Stewart C. Myers is the Robert C. Merton Professor of Financial Economics at the MIT Sloan School of Management. He has testified on valuation and damages in oil-related litigation and arbitration pro-ceedings, including before the Iran-U.S. Claims Tribunal.
He is past president of the American Finance Association and co-author of the lead-ing graduate-level textbook on corporate finance, The Principles of Corporate Finance.
Professor Myers received his Ph.D. and M.B.A. from Stanford University.
Gerald A. Taylor has over twenty-five years of experience providing expert testi-mony and litigation support in court and regulatory proceedings involving petroleum and other energy markets.
His expertise includes advising clients on liability and damages issues arising from antitrust, tax, and contract claims in the petroleum industry. He consults on market performance, asset and commodity valua-tion and pricing, market developments and trends, changes in the regulatory environ-ment, and strategies for addressing and allocating risk.
Mr. Taylor received his J.D. from the University of Kansas and his M.S. from the MIT Sloan School of Management.
M. Alexis ManiatisPrincipalWashington, DC
Stewart C. MyersPrincipalCambridge
Gerald A. TaylorPrincipalCambridge
P: +1.202.955.5050 E: [email protected]
P: +1.617.864.7900 E: [email protected]
P: +1.617.864.7900 E: [email protected]
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brattle
Sander Cohan Energy Expert
Sarah A. EmersonPrincipal
Richard MuellerEnergy Expert
Andrew ReedEnergy Expert
Sander Cohan is an expert in North American and Latin American petroleum markets. He specializes in renewable fuels in terms of regulation and their supply/demand impact on petroleum markets.
Prior to joining ESAI, he was a renewable energy analyst at KEMA, where he focused primarily on wind, biomass, and other renewable energy projects. He has also worked at Ameresco as a finance associate.
Mr. Cohan received his M.A. from the Nitze School of Advanced International Studies at Johns Hopkins University.
Sarah A. Emerson is the founding partner and a princi-pal of ESAI. She has developed many of the company’s tools for analyzing the oil market and forecasting prices.
She has testified as an expert on oil pricing issues in sev-eral international arbitrations, as well as before the U.S. Congress. In 2004-2005 she was the Repsol-YPF Senior Industry Fellow at the Harvard Kennedy School of Government.
Ms. Emerson received her M.A. from the Nitze School of Advanced International Studies at Johns Hopkins University.
Rick Mueller is an expert on global crude oil markets, global oil demand, OPEC poli-cies, and non-OPEC supplies. He frequently presents to industry conferences and is interviewed on oil issues.
Prior to joining ESAI, he was a management consultant spe-cializing in emerging markets at Booz Allen Hamilton and PricewaterhouseCoopers.
Mr. Mueller received his M.A. from the Nitze School of Advanced International Studies at Johns Hopkins University.
Andrew Reed is an expert on CIS and European oil mar-kets, and is the author of ESAI’s monthly analyses, CIS Watch and Europe Watch.
Prior to joining ESAI, he was the director of research at the Trident Group, a corporate risk management firm focusing on Russia. At Trident, he managed a research team, performing due diligence, risk assessment, business intelligence, and liti-gation support.
Mr. Reed received his M.A. from the Nitze School of Advanced International Studies at Johns Hopkins University.
P: +1.781.245.2036E: [email protected]
P: +1.781.245.2036 E: [email protected]
P: +1.781.245.2036 E: [email protected]
P: +1.781.245.2036E: [email protected]
EsAi ExpErts esai
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esaiThe Brattle Group
The Brattle Group provides consulting and expert testimony in economics, finance, and regulation to corporations, law firms, and governments around the world.
We combine in-depth industry experience, rigorous analyses, and principled techniques to help clients answer complex economic questions in litigation, develop strategies for changing markets, and make critical business decisions.
Our consultants and advisors are internationally recognized experts from both the public and private sectors and have participated in numerous high profile litigation efforts over the past two decades.
We are distinguished by:
t Thoughtful, timely, and transparent analyses of industries and issues
t Affiliations with leading international academics and highly creden- tialed industry specialists
t Clearly presented results that withstand critical review
Our Consulting Strengths
• Analytical Innovation
• Empirical Data & Experienced Analysts• Global Coverage
• Strong Client Focus
Energy Security Analysis, Inc. (ESAI)
Since its inception in 1984, Energy Security Analysis, Inc. (ESAI) has been dedicated to monitoring, analyzing, and synthesizing information about worldwide energy markets. ESAI pioneered the analytical techniques that are widely used today to interpret and forecast market behavior.
ESAI maintains comprehensive databases on supply, demand, inventories, trade, refining, fuel specifications, and government regulation in the global oil market, including an empirical database on global oil sector fundamentals, which covers the period from 1978 to the present, with projections 25 years into the future. In addition to being a source for data, ESAI interprets these data, providing analyses of current and future market trends.
ESAI’s energy team provides a wide range of market analysis and forecasting services to energy companies around the world. Their combination of analytical innovation and years of carefully compiled empirical data offers clients a unique perspective. ESAI’s clients include IOCs, NOCs, independent refiners, governments, and end-use consumers.
About us
To learn more about our practices and staff, please visit www.esai.com.
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Our Functional Practice Areas
• Antitrust/Competition
• Commercial Damages• Environmental Litigation and Regulation
• Forensic Economics
• Intellectual Property
• International Arbitration
• International Trade
• Product Liability
• Regulatory Finance and Accounting
• Risk Management
• Securities
• Tax
• Utility Regulatory Policy and Ratemaking
• Valuation
Our Industry Practice Areas
• Electric Power
• Financial Institutions
• Natural Gas
• Petroleum
• Pharmaceuticals, Medical Devices, and Biotechnology
• Telecommunications and Media
• Transportation To learn more about our practices and staff, please visit www.brattle.com.
Copyright © 2009 The Brattle Group, Inc.Content Copyright © 2009 The Brattle Group, Inc. and Energy Security Analysis, Inc.
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www.esai.com
EnErgy MarkEt ExpErts
ECONOMIC AND FINANCIAL EXPERTSEconoMic and Financial ExpErts
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