Power and Energy Conference 2019
Wednesday, June 12, 2019
June
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Overview

Since 2005, US carbon dioxide emissions have declined by roughly 25%. Technological advancements and rising consumer demand for clean energy sources have driven the reductions, even as federal policymakers revisit existing environmental and clean power rules. Increasing demand from electric utilities is helping to position natural gas as a key carbon transition fuel,but an overabundant supply is suppressing prices – creating challenges in attracting long-term capital investment. While sound environmental policy may ultimately drive greater investment into the power and energy sectors, risks including commodity price volatility, permitting, and technological and financial feasibility must be addressed.

Oil & gas companies have raised capital efficiency and retained cash flow by focusing on operating efficiencies, cutting costs and shutting down or selling expensive marginal production to reduce break even costs. Investors have also shown an increasing preference for producers spending within operating cash flow and prioritizing capital returns over rapid production growth. But these companies continue to carry high debt balances while some have increased shareholder friendly activities, which has restrained credit accretion.

What are the most pressing issues currently impacting electric power, natural gas supply and transmission?

How can E&P companies maintain capital discipline to restore investor confidence and generate returns in the current commodity price environment?

How are changing regulations and perceptions of environmental, social, and governance (ESG) considerations affecting different segments of the energy and power industries?

Will midstream companies be able to achieve acceptable project returns while facing increasing competition and higher funding costs?

What risks are underappreciated as renewables replace coal and nuclear and natural gas supplies are exported?‍

8:00 AM – 9:00 AM       REGISTRATION & BREAKFAST

8:00 AM – 8:45 AM       Pre-Conference  Workshop: Discover the tools Moody’s CreditView has to facilitate your analysis

You will learn how to utilize time-saving and easy-to-use tools to conduct laser-focused peer analysis and view comprehensive capital structure profiles, as well as understand the context through deep insights on sector dynamics.

Presented by Moody’s Analytics

9:00 AM – 9:15 AM      Welcoming  Remarks

» Michael West – Managing Director - Global Ratings & Research 

9:15 AM – 9:45 AM      Credit Trends in Energy Sectors

This presentation will discuss key energy industry credit trends and themes, and the outlook for credit quality and rating migration.

» Steve Wood – Managing Director - Corporate Finance Group

9:45 AM – 10:15 AM      Credit trends in Utilities Sectors

This presentation will discuss key energy industry credit trends and themes, and the outlook for credit quality and rating migration.

» Jim Hempstead – Managing Director - Public Project & Infrastructure Finance Group

10:15 AM – 10:35 AM       Networking Break

 

10:35 AM – 11:20 AM       Energy Transition Panel: Inter-relationships  between power and energy sectors

This panel will discuss how energy transition will affect different industries including oil and gas, power, coal, chemicals and transportation.

» Jim Hempstead – Managing Director, Project & Infrastructure Finance Group (moderator)

» Bruce Clark – Senior Vice President, Transportation Group

» Andy Brooks – VP Senior Credit Officer, Energy Group

» Toby Shea – VP Senior Credit Officer, Public Project & Infrastructure Finance Group

» Ben Nelson – VP Senior Credit Officer, Chemicals Group

 

11:20 AM – 12:00 PM       Environmental,  Social and Governance Considerations

This presentation will discuss how we incorporate key trends and developments with respect to more macro, longer-terms risks, such as environmental, water, climate, social and governance into our credit analysis.

» Swami Venkataraman – Senior Vice President, ESG

» Brendan Sheehan - VP Senior Analyst, ESG

» James Leaton– VP Senior Credit Officer, ESG

12:00 PM – 12:15 PM       Cyber Risks Taking a Higher Priority in Credit Analysis

This presentation will discuss our developing efforts around cyber security for critical infrastructure asset,such as utilities and energy companies.

» Lesley Ritter – AVP/Analyst, Cyber Rick

 

12:15 PM – 1:15 PM       LUNCH

 

1:25 PM – 2:25 PM       BREAKOUT SESSION I

Track A: E&P, Integrated and Oilfield Services

E&P challenged to prioritize investment returns over growth, while services and drillers struggle to gain pricing power and sustainable margins.

» Terry Marshall – Senior Vice President, Energy

» Pete Speer – Senior Vice President, Energy

» Amol Joshi – VP Senior Credit Officer, Energy

» Sajjad Alam – VP Senior Analyst, Energy

» Sreedhar Kona – VP Senior Analyst, Energy

Track B: Utilities and Pipelines

An increasing number of utility groups are growing their contracted  non-regulated operations in the midstream and renewables space. How do we balance the pros/cons in our analysis:

· Diversification benefits – new source of cash flows;

· Impact on the credit profile - construction and  business risk

» Gavin MacFarlane – VP Senior Credit Officer, Infrastructure, Moody’s Investors Service

» Jeff Cassella - VP Senior Credit Officer, Infrastructure, Moody’s Investors Service

» Ryan Wobbrock - VP Senior Credit Officer, Infrastructure, Moody’s Investors Service

» Natividad Martel – VP Senior Analyst, Infrastructure, Moody’s Investors Service

Track C: Midstream and Refining

Integrated companies direct free cash flow to shareholder distributions. Refiners encounter turbulence on path to IMO 2020 windfall

» Andy Brooks – VP Senior Credit Officer, Energy

» Elena Nadtotchi – VP Senior Credit Officer, Energy

» Arvinder Saluja – VP Senior Analyst, Energy

» John Thieroff – VP Senior Analyst, Energy

» James Wilkins – VP Senior Analyst, Energy

 

2:30 PM – 3:30 PM       BREAKOUT SESSIONS II

Track A: E&P, Integrated and Oilfield Services

E&P challenged to prioritize investment returns over growth, while services and drillers struggle to gain pricing power and sustainable margins.

» Terry Marshall – Senior Vice President, Energy

» Pete Speer – Senior Vice President, Energy

» Amol Joshi – VP Senior Credit Officer, Energy

» Sajjad Alam – VP Senior Analyst, Energy

» Sreedhar Kona – VP Senior Analyst, Energy

Track B: Utilities and Renewables

Utilities have reduced carbon dioxide emissions by roughly 25% and are on a path for additional reductions with sizeable coal-fired generation retirements and early closures.  Replacing fossil fuel costs with renewable energy is a popular corporate strategy.

» Toby Shea – VP Senior Credit Officer, Infrastructure, Moody’s Investors Service

» Jairo Chung - VP Senior Analyst, Infrastructure, Moody’s Investors Service

» Ryan Wobbrock - VP Senior Credit Officer, Infrastructure, Moody’s Investors Service

» Natividad Martel – VP Senior Analyst, Infrastructure, Moody’s Investors Service

» Gavin MacFarlane – VP Senior Credit Officer, Infrastructure, Moody’s Investors Service

Track C: Midstream and Refining

Integrated companies direct free cash flow to shareholder distributions. Refiners encounter turbulence on path to IMO 2020 windfall

» Andy Brooks – VP Senior Credit Officer, Energy

» Elena Nadtotchi – VP Senior Credit Officer, Energy

» Arvinder Saluja – VP Senior Analyst, Energy

» John Thieroff – VP Senior Analyst, Energy

» James Wilkins – VP Senior Analyst, Energy 

 

 

 

8:00 AM – 9:00 AM       REGISTRATION & BREAKFAST

8:00 AM – 8:45 AM       Pre-Conference  Workshop: Discover the tools Moody’s CreditView has to facilitate your analysis

You will learn how to utilize time-saving and easy-to-use tools to conduct laser-focused peer analysis and view comprehensive capital structure profiles, as well as understand the context through deep insights on sector dynamics.

Presented by Moody’s Analytics

9:00 AM – 9:15 AM      Welcoming  Remarks

» Michael West – Managing Director - Global Ratings & Research 

9:15 AM – 9:45 AM      Credit Trends in Energy Sectors

This presentation will discuss key energy industry credit trends and themes, and the outlook for credit quality and rating migration.

» Steve Wood – Managing Director - Corporate Finance Group

9:45 AM – 10:15 AM      Credit trends in Utilities Sectors

This presentation will discuss key energy industry credit trends and themes, and the outlook for credit quality and rating migration.

» Jim Hempstead – Managing Director - Public Project & Infrastructure Finance Group

10:15 AM – 10:35 AM       Networking Break

 

10:35 AM – 11:20 AM       Energy Transition Panel: Inter-relationships  between power and energy sectors

This panel will discuss how energy transition will affect different industries including oil and gas, power, coal, chemicals and transportation.

» Jim Hempstead – Managing Director, Project & Infrastructure Finance Group (moderator)

» Bruce Clark – Senior Vice President, Transportation Group

» Andy Brooks – VP Senior Credit Officer, Energy Group

» Toby Shea – VP Senior Credit Officer, Public Project & Infrastructure Finance Group

» Ben Nelson – VP Senior Credit Officer, Chemicals Group

 

11:20 AM – 12:00 PM       Environmental,  Social and Governance Considerations

This presentation will discuss how we incorporate key trends and developments with respect to more macro, longer-terms risks, such as environmental, water, climate, social and governance into our credit analysis.

» Swami Venkataraman – Senior Vice President, ESG

» Brendan Sheehan - VP Senior Analyst, ESG

» James Leaton– VP Senior Credit Officer, ESG

12:00 PM – 12:15 PM       Cyber Risks Taking a Higher Priority in Credit Analysis

This presentation will discuss our developing efforts around cyber security for critical infrastructure asset,such as utilities and energy companies.

» Lesley Ritter – AVP/Analyst, Cyber Rick

 

12:15 PM – 1:15 PM       LUNCH

 

1:25 PM – 2:25 PM       BREAKOUT SESSION I

Track A: E&P, Integrated and Oilfield Services

E&P challenged to prioritize investment returns over growth, while services and drillers struggle to gain pricing power and sustainable margins.

» Terry Marshall – Senior Vice President, Energy

» Pete Speer – Senior Vice President, Energy

» Amol Joshi – VP Senior Credit Officer, Energy

» Sajjad Alam – VP Senior Analyst, Energy

» Sreedhar Kona – VP Senior Analyst, Energy

Track B: Utilities and Pipelines

An increasing number of utility groups are growing their contracted  non-regulated operations in the midstream and renewables space. How do we balance the pros/cons in our analysis:

· Diversification benefits – new source of cash flows;

· Impact on the credit profile - construction and  business risk

» Gavin MacFarlane – VP Senior Credit Officer, Infrastructure, Moody’s Investors Service

» Jeff Cassella - VP Senior Credit Officer, Infrastructure, Moody’s Investors Service

» Ryan Wobbrock - VP Senior Credit Officer, Infrastructure, Moody’s Investors Service

» Natividad Martel – VP Senior Analyst, Infrastructure, Moody’s Investors Service

Track C: Midstream and Refining

Integrated companies direct free cash flow to shareholder distributions. Refiners encounter turbulence on path to IMO 2020 windfall

» Andy Brooks – VP Senior Credit Officer, Energy

» Elena Nadtotchi – VP Senior Credit Officer, Energy

» Arvinder Saluja – VP Senior Analyst, Energy

» John Thieroff – VP Senior Analyst, Energy

» James Wilkins – VP Senior Analyst, Energy

 

2:30 PM – 3:30 PM       BREAKOUT SESSIONS II

Track A: E&P, Integrated and Oilfield Services

E&P challenged to prioritize investment returns over growth, while services and drillers struggle to gain pricing power and sustainable margins.

» Terry Marshall – Senior Vice President, Energy

» Pete Speer – Senior Vice President, Energy

» Amol Joshi – VP Senior Credit Officer, Energy

» Sajjad Alam – VP Senior Analyst, Energy

» Sreedhar Kona – VP Senior Analyst, Energy

Track B: Utilities and Renewables

Utilities have reduced carbon dioxide emissions by roughly 25% and are on a path for additional reductions with sizeable coal-fired generation retirements and early closures.  Replacing fossil fuel costs with renewable energy is a popular corporate strategy.

» Toby Shea – VP Senior Credit Officer, Infrastructure, Moody’s Investors Service

» Jairo Chung - VP Senior Analyst, Infrastructure, Moody’s Investors Service

» Ryan Wobbrock - VP Senior Credit Officer, Infrastructure, Moody’s Investors Service

» Natividad Martel – VP Senior Analyst, Infrastructure, Moody’s Investors Service

» Gavin MacFarlane – VP Senior Credit Officer, Infrastructure, Moody’s Investors Service

Track C: Midstream and Refining

Integrated companies direct free cash flow to shareholder distributions. Refiners encounter turbulence on path to IMO 2020 windfall

» Andy Brooks – VP Senior Credit Officer, Energy

» Elena Nadtotchi – VP Senior Credit Officer, Energy

» Arvinder Saluja – VP Senior Analyst, Energy

» John Thieroff – VP Senior Analyst, Energy

» James Wilkins – VP Senior Analyst, Energy 

 

 

 

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Sandra Fung

Manager - MIS Events and Outreach

Global Marketing & Events

sandra.fung@moodys.com