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Cabot Oil and Gas Corporation, Company Intelligence Report - Product Image

Cabot Oil and Gas Corporation, Company Intelligence Report

  • ID: 1936651
  • October 2011
  • 101 pages
  • GlobalData

Cabot Oil and Gas Corporation, Company Intelligence Report

Summary

Cabot Oil & Gas Corporation (Cabot) is an oil and gas company that is mainly engaged in exploration and production activities, with all of its oil and gas assets based in the US. The company's major upstream activities are focused on the Northern and Southern regions of the US. As of Dec 31, 2010 the company had total reserves of 2,701.1 bcfe and 1.8 million net acres. The company’s total reserves included 1,724.2 bcfe of developed reserves and 976.9 bcfe of undeveloped reserves in 2010.

Scope

- Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations.
- Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
- SWOT: The report’s SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect READ MORE >

1 Table of contents
1 Table of contents
1.1 List of Tables
1.2 List of Figures
2 Cabot Oil and Gas Corporation, Company Overview
3 Cabot Oil and Gas Corporation, Key Events For 2011
4 Cabot Oil and Gas Corporation, Investment Summary
4.1 Moving Towards Oil: Capex On Rise
4.2 High Reserve Life Provides Potential to Increase Production Significantly
4.3 Marcellus Activities Will Support Production Growth, However, Recent Penalties Imposed by PaDEP May Derail Growth Plans
4.4 Midstream Facilities to Boost Production but Resident Protests May Delay Implementation
4.4.1 Williams Springville Pipeline
4.4.2 Laser Pipeline and Lenoxville Pipeline
4.5 Strong Operational Performance Still Not Able To Boost Profitability
5 Cabot Oil and Gas Corporation, SWOT Analysis
5.1 Strengths
5.1.1 Substantial Reserves Base to Support Production Growth in the Long Run
5.1.2 Relatively Low Cost Operator Among Its Peers
5.1.3 Mid-Stream Assets Will Provide a Competitive Advantage
5.2 Weaknesses
5.2.1 Downward Trend in Profitability
5.2.2 Production Inclined Towards Natural Gas: Imbalanced Portfolio
5.3 Opportunities
5.3.1 Relatively High Potential in Developing Crude Oil and Liquids Production
5.3.2 Potential to Increase Reserves Significantly
5.4 Threats
5.4.1 Pending Lawsuits on Environmental Issues
5.4.2 Protest Against the Springsville Pipeline May Further Delay The Construction Schedule
6 Cabot Oil and Gas Corporation, Goals and Stategies
6.1 Plans to Maintain Cash Inflows Through It’s Legacy Natural Gas Development – Focus on Marcellus Shale
6.2 Growing Investment Towards Liquids Through Eagle Ford Development
7 Cabot Oil and Gas Corporation, Production Overview
7.1 Production Profile
7.2 Northern Region
7.3 Southern Region
8 Cabot Oil and Gas Corporation, Exploration and Development Overview
9 Capital Expenditure
9.1 Costs Incurred
10 Acreage
11 Cabot Oil and Gas Corporation, M&A Highlights
11.1 M&A Activity
12 Cabot Oil and Gas, Forecast Production and Financial Statements
12.1 Income Statement (2008–2015)
12.2 Balance Sheet (2008–2015)
12.3 Cash Flow Statement (2008–2015)
12.4 Financial Ratios
13 Cabot Oil and Gas Corporation, Valuation
13.1 Net Asset Value
14 Cabot, Peer Comparision
14.1 Share Price Performance
14.2 Operational and Financial Performance
14.3 Key Financial and Operational Ratio
15 Cabot Oil & Gas Corporation, Detailed Operational and Financial Metrics
15.1 Cabot Oil & Gas Corporation, Total Oil and Gas Production
15.1.1 Total Crude Oil and Natural Gas Production Trend, Q2, 2010-Q2, 2011
15.1.2 Total Crude Oil & Natural Gas Production, By Country/Region, Q2, 2010-Q2, 2011
15.2 Cabot Oil & Gas Corporation, Crude Oil Production
15.2.1 Total Crude Oil Production Trend, Q2, 2010-Q2, 2011
15.2.2 Crude Oil Production, By Country/Region, Q2, 2010-Q2, 2011
15.3 Cabot Oil & Gas Corporation, Natural Gas Production
15.3.1 Total Natural Gas Production Trend, Q2, 2010-Q2, 2011
15.3.2 Natural Gas Production, By Country/Region, Q2, 2010-Q2, 2011
15.4 Cabot Oil & Gas Corporation, Valuation and Financial Data
15.4.1 Share Price Performance, 2006-2010
15.4.2 Key Valuation Metrics, 2006-2010
15.5 Cabot Oil & Gas Corporation,Total Oil and Gas, Reserves and Production
15.5.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2006-2010
15.5.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2006-2010
15.5.3 Total Crude Oil and Natural Gas Reserve Changes, 2006-2010
15.6 Cabot Oil & Gas Corporation, Crude Oil/Liquids Production and Reserve
15.6.1 Crude Oil/Liquids Production and Reserve Trend, 2006-2010
15.6.2 Crude Oil Production and Reserves By Country/Region, 2006-2010
15.6.3 Crude Oil/Liquids Reserve Changes, 2006-2010
15.7 Cabot Oil & Gas Corporation, Natural Gas Production and Reserve
15.7.1 Natural Gas Production and Reserve Trend, 2006-2010
15.7.2 Natural Gas Production and Reserves, By Country/Region, 2006-2010
15.7.3 Natural Gas Reserve Changes, 2006-2010
15.8 Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas Reserves Life Index
15.8.1 Total Crude Oil and Natural Gas Reserves Life Index, 2006-2010
15.8.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2006-2010
15.9 Cabot Oil & Gas Corporation, E&P Costs Trends
15.9.1 Upstream Capital Expenditure, 2006-2010
15.9.2 Acquisition Costs By Country/Region, 2006-2010
15.9.3 Exploration and Development Costs, By Country/Region, 2006-2010
15.10 Cabot Oil & Gas Corporation, Oil and Gas Cost Per boe, $/boe
15.10.1 Oil and Gas Cost Per boe, $/boe, 2006-2010
15.10.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2006-2010
15.11 Cabot Oil & Gas Corporation, Reserve Replacement Ratio
15.11.1 Oil and Gas Production Replacement Ratio, 2006-2010
15.11.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2006-2010
15.12 Cabot Oil & Gas Corporation, Results of Oil & Gas Operations Trend
15.12.1 Oil and Gas Revenue and Expenses, 2006-2010
15.12.2 Oil and Gas Revenue and Expenses, By Country/Region, 2006-2010
15.13 Cabot Oil & Gas Corporation, Oil and Gas Revenue and Expenses, Per boe
15.13.1 Oil and Gas Revenue and Expenses, By boe, 2006-2010
15.13.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2006-2010
15.14 Cabot Oil & Gas Corporation, Oil and Gas Performance Metrics
15.15 Cabot Oil & Gas Corporation, Land Holdings and Well Data
15.15.1 Gross and Net Developed and Undeveloped Acreage, 2006-2010
15.15.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2006-2010
15.16 Cabot Oil & Gas Corporation, Well Statistics
15.16.1 Producible Oil and Gas Well, 2006-2010
15.16.2 Producible Oil and Gas Well, By Country/Region, 2006-2010
15.16.3 Exploration and Development Wells Drilled, 2006-2010
15.16.4 Exploration and Development Wells Drilled, By Country/Region, 2006-2010
16 Appendix
16.1 Abbreviations
16.2 Methodology
16.2.1 Coverage
16.2.2 Secondary Research
16.2.3 Primary Research
16.2.4 Expert Panel Validation
16.3 Methodology for Company Valuation
16.4 Contact Us
16.5 Disclaimer

1.1 List of Tables
Table 1: Cabot Oil and Gas Corporation, Key Events, November 2010–October 2011
Table 2: Cabot Oil and Gas, M&A Activity in Eagle Ford Shale in 2010–2011
Table 3: Cabot Oil and Gas Corporation, Upcoming Production, MMboe, 2011–2015
Table 4: Cabot Oil and Gas Corporation, Costs Incurred ($m), 2008–2010
Table 5: Cabot Oil and Gas Corporation, Recent Transactions as a Seller, 2006–2010
Table 6: Cabot Oil and Gas Corporation, Recent Transactions as a Buyer, 2006–2010
Table 7: Cabot Oil and Gas Corporation, Forecast Production, 2008–2015
Table 8: GlobalData, Price Forecasts, 2011–2015
Table 9: Cabot Oil and Gas Corporation, Income Statement ($m), 2008–2015
Table 10: Cabot Oil and Gas Corporation, Balance Sheet ($m), 2008–2015
Table 11: Cabot Oil and Gas Corporation, Cash Flow Statement ($m), 2008–2015
Table 12: Cabot Oil and Gas Corporation, Profitability Ratios, 2008–2015
Table 13: Cabot Oil and Gas Corporation, Other Financial Ratios, 2008–2015
Table 14: GlobalData, Price Forecasts, 2011–2015
Table 15: Cabot Oil and Gas Corporation, Net Asset Value, 2011
Table 16: Cabot Oil and Gas Corporation, Prospective Acreage & Non Proven Reserves, 2010
Table 17: Cabot Oil and Gas Corporation, NPV of Natural Gas Reserves, 2011
Table 18: Cabot Oil and Gas Corporation, NPV of Oil/NGL Reserves, 2011
Table 19: Cabot Oil and Gas Corporation, NPV of Total Oil and Natural Gas Reserves, 2011
Table 20: Cabot Oil and Gas Corporation, Sensitivity Analysis on Fair Value ($/share), 2010
Table 21: Cabot Oil and Gas Vs. Peer Group, Operational and Financial Performance, 2010
Table 22: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas, Production, Q2, 2010-Q2, 2011
Table 23: Cabot Oil & Gas Corporation, Total Oil & Gas Production, By Country/Region, MMboe, Q2, 2010-Q2, 2011
Table 24: Cabot Oil & Gas Corporation, Total Crude Oil Production, MMbbl, Q2, 2010-Q2, 2011
Table 25: Cabot Oil & Gas Corporation, Crude Oil Production, By Country/Region, MMbbl, Q2, 2010-Q2, 2011
Table 26: Cabot Oil & Gas Corporation, Total Natural Gas Production, Bcf, Q2, 2010-Q2, 2011
Table 27: Cabot Oil & Gas Corporation, Natural Gas Production, By Country/Region, Bcf, Q2, 2010-Q2, 2011
Table 28: Cabot Oil & Gas Corporation, Share Price Performance, 2006-2010
Table 29: Cabot Oil & Gas Corporation, Key Valuation Metrics, 2006-2010
Table 30: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010
Table 31: Cabot Oil & Gas Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2006-2010
Table 32: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2006-2010
Table 33: Cabot Oil & Gas Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010
Table 34: Cabot Oil & Gas Corporation, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2006-2010
Table 35: Cabot Oil & Gas Corporation, Crude Oil Reserve Changes, MMbbl, 2006-2010
Table 36: Cabot Oil & Gas Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2006-2010
Table 37: Cabot Oil & Gas Corporation, Natural Gas Production and Reserves, By Country/Region, Bcf, 2006-2010
Table 38: Cabot Oil & Gas Corporation, Natural Gas Reserve Changes, Bcf, 2006-2010
Table 39: Cabot Oil & Gas Corporation, Oil and Gas Reserves Life Index, Years, 2006-2010
Table 40: Cabot Oil & Gas Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2006-2010
Table 41: Cabot Oil & Gas Corporation, Upstream Capital Expenditure, $m, 2006-2010
Table 42: Cabot Oil & Gas Corporation, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2006-2010
Table 43: Cabot Oil & Gas Corporation, Exploration and Development Costs, By Country/Region, $m, 2006-2010
Table 44: Cabot Oil & Gas Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010
Table 45: Cabot Oil & Gas Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2006-2010
Table 46: Cabot Oil & Gas Corporation, Oil and Gas Production Replacement Ratio, %, 2006-2010
Table 47: Cabot Oil & Gas Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2006-2010
Table 48: Cabot Oil & Gas Corporation, Revenue and Expenses, $m, 2006-2010
Table 49: Cabot Oil & Gas Corporation, Revenue and Expenses, By Country/Region, $m, 2006-2010
Table 50: Cabot Oil & Gas Corporation, Oil and Gas Revenue and Expenses, $/boe, 2006-2010
Table 51: Cabot Oil & Gas Corporation, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2006-2010
Table 52: Cabot Oil & Gas Corporation, Oil and Gas Performance Metrics, 2006-2010
Table 53: Cabot Oil & Gas Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2006-2010
Table 54: Cabot Oil & Gas Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2006-2010
Table 55: Cabot Oil & Gas Corporation, Producible Oil and Gas Wells, 2006-2010
Table 56: Cabot Oil & Gas Corporation, Producible Oil and Gas Wells, By Country/Region, 2006-2010
Table 57: Cabot Oil & Gas Corporation, Exploratory and Developed Wells, 2006-2010
Table 58: Cabot Oil & Gas Corporation, Exploratory and Developed Wells, By Country/Region, 2006-2010

1.2 List of Figures
Figure 1: Cabot Oil and Gas Corporation, Operating Regions, 2011
Figure 2: Cabot Oil and Gas Corporation, Performance Charts, 2006–2010
Figure 3: Cabot Oil and Gas Corporation, Share Price Movement, October 2010–October 2011
Figure 4: Cabot Oil and Gas Corporation, Net Acreage of the Companies Focused in the Eagle Ford
Figure 5: Cabot Oil and Gas Corporation, Total Reserves, Production and Reserve Life Index
Figure 6: Cabot Oil and Gas Corporation, Pipeline Options, 2011
Figure 7: Cabot Oil and Gas Corporation, Financial and Operational Performance, 2008–2010
Figure 8: Cabot Oil and Gas Corporation, Lifting Cost and Finding Costs,($/boe), 3-Year Average,
Figure 9: Cabot Oil and Gas Corporation, Net Profit Margins, 2008–2010
Figure 10: Cabot Oil and Gas Corporation, Eagle Ford Shale Operational Map, 2011
Figure 11: Cabot Oil and Gas Corporation, Production By Type (Mboe), 2008-2015
Figure 12: Cabot Oil and Gas Corporation: Production from the Northern and Southern Regions,
Figure 13: Cabot Oil and Gas Corporation, Five Year Plan for Susquehanna, 2011
Figure 14: Cabot Oil and Gas Corporation, Capex Break Up ($m), 2008–2010
Figure 15: Cabot Oil and Gas Corporation, Capex by Region, 2011
Figure 16: Cabot Oil and Gas Corporation, Capex Break Up ($m), 2011
Figure 17: Cabot Oil and Gas Corporation, Costs Incurred ($m), 2008–2010
Figure 18: Cabot Oil and Gas Corporation, Reserve Replacement Ratio and Finding and Development Cost, 2006–2010
Figure 19: Cabot Oil and Gas Corporation, Developed and Undeveloped Acreage, 2009–2010
Figure 20: Cabot Oil and Gas Corporation, Developed and Undeveloped Acreage, 2007–2010
Figure 21: Cabot Oil and Gas Corporation and its peers, Relative Share Price Performance Index,
Figure 22: Cabot Oil and Gas, Operational and Financial Parameters in $/boe, 2010
Figure 23: Cabot Oil and Gas and Peer Group, Comparative Valuation Multiples, 2010
Figure 24: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas, Production, MMboe, Q2, 2010-Q2, 2011
Figure 25: Cabot Oil & Gas Corporation, Total Oil & Gas Production, By Country/Region, MMboe, Q2, 2010-Q2, 2011
Figure 26: Cabot Oil & Gas Corporation, Total Crude Oil Production, MMbbl, Q2, 2010-Q2, 2011
Figure 27: Cabot Oil & Gas Corporation, Crude Oil Production, By Country/Region, MMbbl, Q2, 2010-Q2, 2011
Figure 28: Cabot Oil & Gas Corporation, Total Natural Gas Production, Bcf, Q2, 2010-Q2, 2011
Figure 29: Cabot Oil & Gas Corporation, Natural Gas Production, By Country/Region, Bcf, Q2, 2010-Q2, 2011
Figure 30: Cabot Oil & Gas Corporation, Share Price Performance, USD/Share, 2006-2010
Figure 31: Cabot Oil & Gas Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), 2006-2010
Figure 32: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010
Figure 33: Cabot Oil & Gas Corporation, Total Oil & Gas Production, By Country/Region, MMboe, 2006-2010
Figure 34: Cabot Oil & Gas Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2010
Figure 35: Cabot Oil & Gas Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010
Figure 36: Cabot Oil & Gas Corporation, Oil Production, By Country/Region, MMbbl, 2006-2010
Figure 37: Cabot Oil & Gas Corporation, Crude Oil Reserve Changes, MMbbl, 2010
Figure 38: Cabot Oil & Gas Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2006-2010
Figure 39: Cabot Oil & Gas Corporation, Gas Production, By Country/Region, Bcf, 2006-2010
Figure 40: Cabot Oil & Gas Corporation, Natural Gas Reserve Changes, Bcf, 2010
Figure 41: Cabot Oil & Gas Corporation, Oil and Gas Reserves Life Index, Years, 2006-2010
Figure 42: Cabot Oil & Gas Corporation, Upstream Capital Expenditure, $m, 2006-2010
Figure 43: Cabot Oil & Gas Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010
Figure 44: Cabot Oil & Gas Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2006-2010
Figure 45: Cabot Oil & Gas Corporation, Revenue and Expenses, $m, 2006-2010
Figure 46: Cabot Oil & Gas Corporation, Oil and Gas Revenue and Expenses, $/boe, 2006-2010
Figure 47: Cabot Oil & Gas Corporation, Oil and Gas Performance Metrics, 2006-2010
Figure 48: Cabot Oil & Gas Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2006-2010
Figure 49: Cabot Oil & Gas Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2006-2010
Figure 50: Cabot Oil & Gas Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2006-2010
Figure 51: Cabot Oil & Gas Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2006-2010
Figure 52: Cabot Oil & Gas Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2006-2010
Figure 53: Cabot Oil & Gas Corporation, Producible Oil and Gas Wells, 2006-2010
Figure 54: Cabot Oil & Gas Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2006-2010
Figure 55: Cabot Oil & Gas Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2006-2010
Figure 56: Cabot Oil & Gas Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2006-2010
Figure 57: Cabot Oil & Gas Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2006-2010
Figure 58: Cabot Oil & Gas Corporation, Net Productive Gas Wells, By Country/Region, Number, 2006-2010
Figure 59: Cabot Oil & Gas Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2006-2010
Figure 60: Cabot Oil & Gas Corporation, Net Productive Oil Wells, By Country/Region, Number, 2006-2010
Figure 61: Cabot Oil & Gas Corporation, Exploratory and Developed Wells, 2006-2010

Moving Towards Oil: Capex On Rise

Cabot reported total production of 21.8 MMboe for 2010, of which 96.1% was from natural gas and the remaining 3.9% was from crude oil. The company’s crude oil and natural gas mix shows that it is a natural gas driven company, as natural gas accounted for more than 96% of its total production in 2010. The company’s commodity mix clearly shows its dependence on natural gas prices to grow its revenue. This dependency was quite evident from the company’s 2010 performance, as Cabot increased its production by 26.8% over 2009. However, its oil and gas revenues declined by 3.1% for the same period. This decline in revenue was primarily driven by the prevailing low natural gas prices.

Considering the depressed natural gas prices scenario compared to oil prices, coupled with Cabot’s imbalanced commodity mix, the company has decided to move towards the development of oil assets in order to increase profitability. In line with this objective, the company has shifted its drilling focus towards oil and liquids rich areas in the Northern US regions. Cabot focused its activities on the Pettit Oil formation during 2010, which contributed to oil and NGLs production. As a result of this, the company’s oil and liquids production increased slightly by approximately 1.7% in 2010 compared to 2009. The slow growth in production was due to the higher decline rate incurred in Pettit oil than expected. Apart from its focus on the Pettit oil formation, Cabot entered the Eagle Ford Shale in 2009 and intends to concentrate on this area for increasing the oil content of its commodity mix. The company increased its acreage position in this shale quite aggressively and managed to grow it from a net acreage position of 33,000 acres in 2009 to more than 60,000 acres by Q2, 2011. Cabot’s acreage in the Eagle Ford shale is located in the oil window area, where the majority of resources are liquids. The company currently holds nearly 400-500 drilling locations in the Eagle Ford shale. It plans to drill nearly 40% of these wells for oil only.

The figure below shows Cabot’s net acreage position compared to other players in the Eagle Ford Shale.

Figure 4: Cabot Oil and Gas Corporation, Net Acreage of the Companies Focused in the Eagle Ford Shale, 2011

Source: GlobalData; Company Source
* denotes the peers

Cabot had drilled 17 oil wells in this shale by Q2 2011, of which 11 wells had been added to the production by Q2 2011, while the rest were about to be added to the production. The company has signed an agreement with EOG Resources to develop 18,000 acres in the Eagle Ford Shale jointly. EOG is a major player in this area, holding nearly 595,000 acres in this shale. Through this agreement the company wants to improve its operational economics. This joint venture agreement is in line with the company's strategy of growth through joint ventures and operating low risk opportunities.

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