Responses must be typewritten and double-spaced, approximately 5 paragraphs or 1 ½ page long. The exam is open note, open book, 0pen source – just identify outside sources you use. Answers should be well thought out, direct, and well written.

1. Fast Forward to May 2024. The price of oil has crashed again to $35 per barrel. The price of natural gas has also crashed to around $2.50 per mmbtu. We have studied four industry segments – oilfield service, exploration and production, midstream, and refining. How will each of these segments be impacted operationally and financially? Why? Comparatively, how will share prices in these segments respond? Which segment responds the most, the least, and why, etc? Use some real companies as potential examples.

2. What are the key steps in refining oil. The refinery industry generally deploys capital to increase yield. Provide some examples of the types of investments it makes to increase yield and explain

3. The Master Limited Partnership (MLP) structure was long viewed as an attractive investment vehicle and a very efficient way to raise capital for the midstream segment of the industry. Since the downturn, that narrative has come under question. Explain the advantages and disadvantages of the MLP structure. Additionally, explain why it has come into question. How have companies responded with their MLP structures? Provide examples