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georgecmatthews · 4 years

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Unpopular but essential – petroleum products improve lives in unappreciated ways

We encounter petroleum1 products on an almost constant basis – like something as inconspicuous as an iPhone case or as essential as indoor plumbing. Though petroleum is synonymous with automobiles, this represents less than half of petroleum demand. Perhaps surprisingly, an almost equivalent amount of petroleum demand is derived from non-transportation sources. Where else do we encounter petroleum products? How about in milk cartons, golf balls, MRI scanners, lipstick, crayons, and solar panels.

Regardless of its ubiquity, petroleum is often vilified for its role in the environment, primarily from use as transportation fuel. Today, transportation accounts for 14% of global greenhouse gas emissions, with approximately two-thirds coming from cars and trucks.2 Agriculture, industrial, and power are all bigger emitters. As a feedstock for materials and polymers, the problem with petroleum here is not so much with emissions – since it is chemically reformulated versus combusted – but disposal. Though progress continues towards reducing the environmental impact, petroleum is nevertheless a vital component to a functioning global economy and to sustaining and improving living standards globally. In this blog we explore the essential role of petroleum products, what is being done to minimize the negative impacts, and the practical reality of alternatives.

Petroleum meaningfully improves the standard of living for people globally

Petroleum is used as feedstock to make everyday products, ranging from products large and small, recreational and essential. In healthcare, this includes medicine bottles, IV bags, ventilators, personal protective equipment, and hand sanitizers. For recreational items, these include tents, bikes, canoes, rope, backpacks, and fishing poles. Other applications include detergents, home insulation, carpets, furniture, food packaging, diapers, and vehicle bumpers and instrument panels. The list is endless. Petroleum products are used in so many applications because it can be engineered – optimizing its features for being lightweight, durable, corrosion-resistant, and cost-effective – to serve a specific purpose.

But aside from these every day, often mundane aspects, petroleum is essential in providing billions of people with humane living standards: clean water, sanitation, and clean burning fuel, to name a few. For example, petroleum is a feedstock to produce polyvinyl chloride, commonly known as PVC. Indoor plumbing and water infrastructure rely heavily on PVC pipe because of its durability, moldability, recyclability, and cost-effectiveness. Without PVC, more expensive alternative materials, such as steel or copper, would inhibit the proliferation of indoor plumbing and water infrastructure, specifically in developing nations. According to the World Health Organization (WHO), two billion people still do not have basic sanitation facilities such as toilets or latrines, and without effective, low-cost materials such as PVC, these basic sanitation needs will go unmet much longer than necessary.

Propane is another example of petroleum being used to meaningfully improve lives. According to the WHO, approximately three billion people still cook with solid fuels such as wood, crop wastes, and dung. These cooking fuels are detrimental to your health, with an estimated four million people dying prematurely each year from solid fuels.3 In India, approximately 78% of the population in 2015 used solid fuels, leading to an estimated half a million deaths a year, with women and young children the most vulnerable. In 2016 the Indian government launched Ujjwala, which provided both access and subsidies for propane. As a cooking fuel, it burns much cleaner and more efficiently than solid fuels. Since it was easily distributed in cannisters provided for free by the government, propane coverage has now reached approximately 90%, immediately improving the lives of hundreds of millions of people there. The Ujjwala program remains popular domestically. Today, India is amongst the largest propane importers, supplied in large part by US exports.

Figure 1: US LPG exports to India

Source: Bloomberg NEF, June 2020.

Petroleum alternatives exist, but so do tradeoffs

Hypothetically, a “green” solution for replacing harmful solid fuels predicated on renewable power would have a smaller carbon footprint than propane, but practically, that would mean hundreds of millions of people would suffer for years, if not decades, waiting on solar and wind farms, transmission lines, and distribution infrastructure, nevermind being able to afford an electric stove. Instead, utilizing propane not only results in meaningfully better health outcomes for millions of people today, but also immediately improves the environment. If two billion people were to switch from wood to propane, carbon emission would be reduced by approximately 415 million tons annually – about the emissions from the United Kingdom – and deforestation would decline by approximately five million acres – equivalent to approximately 40% of annual global deforestation.4

Plastics, which are almost entirely derived from petroleum, have been essential in increasing energy efficiency, reducing food waste, and enhancing health and safety. Plastics are versatile, durable, cheap, and lightweight, and common applications include packaging (e.g., clamshell boxes, bubble wrap, protective film) and food-service storage and preservation (e.g., milk jugs, bread bags, yogurt containers). Though alternatives such as aluminum and glass do not utilize petroleum as a direct feedstock, the tradeoff of their (i) high heat requirements (provided mostly from coal and natural gas) during production and (ii) additional weight5, thus requiring greater energy for transport, renders their overall carbon footprint significantly greater than plastics.

Figure 2: Carbon footprint

Source: Morgan Stanley, Peak Plastic? We’re Not There Yet, January 2020.

Plastics are currently amongst the largest sources of petroleum demand and are expected to be the largest source of growth going forward, particularly in emerging markets. Consider, plastic consumption per capita in North America is 126kg, which is considerably higher than Latin America, Asia ex-China, and the Middle East and Africa which are all below 40kg and China which is less than 80kg. Besides plastic, petroleum is still an essential ingredient to the industrial economy – large-scale transportation modes (e.g., ships, rail, planes), steel mills, refineries, and petrochemical facilities are all powered by petroleum while alternative fuels have suboptimal and counterproductive energy density, distribution and availability, and reliability characteristics. “Improving living standards” is something to strive for but the term can be a vague target: more granularly, the benchmarks include sanitation, medical supplies, food security and safety, and commerce – all of which require petroleum to improve and make available.

Figure 3: Petroleum demand 2018-2035 by sector

Source: McKinsey – Global Energy Persepective, January 2019.

Figure 4: Plastic consumption per capita

Source: Morgan Stanley, Peak Plastic? We’re Not There Yet, January 2020.

Despite the growing necessity of plastics, solutions are needed for waste and disposal. Plastics in oceans, rivers, and landfills are certainly a major problem today and left unabated, the environmental harm will offset gains in living standards. Founded last year, The Alliance to End Plastic Waste (AEPW) is a non-profit consisting of 50 companies across the supply chain focused on finding sustainable solutions. Although alternative materials are being sought, the focus today from consumer companies and the industry is on recycling. Two key focus areas are (i) making goods and packaging more recyclable and (ii) increasing the recycled content in products and packaging. Anecdotally in the US, we see an increasing amount of consumer goods and e-commerce packaging made from recycled content, and we expect this trend to grow quickly. Potential innovations such as chemical recycling – taking mixed plastics and converting them back to their original materials – would provide another solution alongside mechanical recycling, which exists today but faces sorting bottlenecks. Ultimately, the industry is incentivized to find solutions, and we expect sustained investment in recycling infrastructure and sustainable packaging in the near and long term.

Though near-term uncertainties exist, midstream valuations remain compelling

A common concern from investors in the oil and gas sector is about the uncertain secular trends facing the industry. In our view, these uncertainties are driven by headlines and rhetoric. Consider, (i) the large and globally expanding non-transportation derived demand for hydrocarbons discussed here, (ii) the impediments and realities to rapid power generation conversion (to be discussed in a later blog), and (iii) the very slow and only partial transportation-fuel transition (see our blog Will electric vehicles muffle future oil demand?) mean global demand for hydrocarbons is unlikely to significantly deteriorate for the foreseeable future.

Acknowledging the uncertainty in today’s global economy, fundamentals remain strong for US midstream. For example, Enterprise Product Partners LP (NYSE: EPD) generated a second quarter 2020 earnings-before-interest-taxes-depreciation-and-amortization (EBITDA) run-rate of nearly $8 billion during an unprecedented commodity price and volume environment. EPD can sustain the business with an annual capital spend of approximately $1 billion, meaning the company can fully self-fund capital expenditures and have billions leftover to return to unitholders and further de-lever its already strong balance sheet. This free cash flow compares favorably to EPD’s total enterprise value of $68 billion and 10% yield.6 The broader midstream space looks similarly attractive – according to Wells Fargo’s fiscal year 2021 metrics, the average MLP EBITDA multiple is 8.2x, yield is 11%, and distribution coverage is 2.1x.

As the broader stock market looks past the near-term COVID-19 uncertainty and reaches new all-time highs, midstream equities are priced as if today’s uncertainty is the new normal. As discussed in this blog, US petroleum production is a vital component in today’s global economy and necessary in maintaining and improving global living standards, and although much uncertainty exists over the next year, we firmly believe that these truths remain constructive for the US midstream space over the long-term.

As of 6/30/2020, Enterprise Products Partners was a 12.24%, 0.00%, 4.96% and 12.57% weight in Invesco Oppenheimer SteelPath MLP Alpha, Invesco Oppenheimer SteelPath MLP Income, Invesco Oppenheimer SteelPath MLP Select 40 and Invesco Oppenheimer SteelPath MLP Alpha Plus Funds respectively.

Footnotes

1. Defined as liquid hydrocarbon

2. Brookings Institute, Accelerating the low carbon transition, December 2019

3. World Health Organization, Household air pollution and health, May 2018

4. WLPGA, Substituting LPG for Wood: Carbon and Deforestation Impacts, July 2018

5. A 16-ounce bottle made of glass would weigh approximately 50 times more than one made of plastic

6. As of September 1, 2020

Important Information

Blog Header Image: VikramRaghuvanschi / Getty

Businesses in the energy sector may be adversely affected by foreign, federal or state regulations governing energy production, distribution and sale as well as supply-and-demand for energy resources. Short-term volatility in energy prices may cause share price fluctuations.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com.

The mention of specific companies does not constitute a recommendation by Invesco Distributors, Inc. Certain Invesco funds may hold the securities of the companies mentioned. A list of the top 10 holdings of each fund can be found by visiting invesco.com.

Forward-looking statements are not guarantees of future results. They involve risks, uncertainties and assumptions; there can be no assurance that actual results will not differ materially from expectations.

The opinions expressed are those of Invesco SteelPath, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.

from Expert Investment Views: Invesco Blog https://www.blog.invesco.us.com/unpopular-but-essential-petroleum-products-improve-lives-in-unappreciated-ways/?utm_source=rss&utm_medium=rss&utm_campaign=unpopular-but-essential-petroleum-products-improve-lives-in-unappreciated-ways

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joesbrownusa · 8 years

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Houses For Sale in Crawford, NE

Address Not Disclosed

Price: $1699000

Click here to see a video of Pine Ridge Big Game Paradise. The Pine Ridge Big Game Paradise ranch is a magnificent piece of property located in the Pine Ridge of Northwestern Nebraska. This ranch is 1680 acres of the finest Elk, Mule Deer, Whitetail deer, and Merriam turkey hunting in all Nebraska. Its varied terrain of rolling Ponderosa pine, White River bottom land, rock outcropping, canyons, and rolling native grasses provide perfect habitat to the local wildlife. Huge Elk frequent the property (located in the Hat Creek Elk Zone) and a semi-resident herd of 40-50 elk stay in summer a nd fall each year. Each year, several 330-390 Boone and Crockett class Bulls are seen. This property is in the “Elk Landowner’s Zone”, which means it is possible to apply for a non-resident’s landowner permit every three years. The genetics in regards to both elk and deer in the area are exceptional. Trophy Mule deer and Whitetail deer are harvested each year and current owners carefully control grazing, food plots, and overall habitat to enhance wildlife of all species. The ranch is extremely well watered with the White River coming through the bottoms 40 acres and Kyle Creek bordering on the east. There is very good Brown trout fishing in the White River. The ranch has a electric well on a pipeline going to all three sections of the ranch. Additionally, the ranch has a new Solar well and 4 windmills. The property is fenced and cross-fenced. Located close to historic Fort Robinson in Sioux county Nebraska, the property was historically home to the Lakota Sioux in bygone days and Indian evidence can still be found (arrowheads, etc). The property is in a oil shale area and current owners hold 40 percent mineral rights which are negotiable. This property is located across the road from out listing Pine Ridge Big Game Cabin. The cabin would be an excellent retreat to go along with this magnificent hunting property.The combined ranch and cabin are available for an incredible deal at $1,799,000.

267 Sandcreek Rd

Price: $675000

Click here to watch property video The High Plains Homestead is one of the jewels of Nebraska tourism. Set in the badlands of Northwest Nebraska, this old-west cow town is perhaps the best Bed-n-Breakfast and restaurant in all of Nebraska. Charming, unique cabins, each with different old west themes provide guests an authentic and a fun experience that cannot be found anywhere else. The Cookshack serves breakfast, a busy lunch crowd and supper. This is truly a destination restaurant, hotel, and tourist attraction, and so well known for their extra-thick, fresh cut steaks and ribs that t hey serve. A supper crowd of 25-60 is served every night. The Owners enjoy nearly full occupancy all summer long in the guest rooms. New guest quarters have been booked up as quickly as the Owners have been able to add them. This business has grown steadily, 10% or more every year since opening. It is a recipient of the following awards and accolades, to name a few; Best of the Midwest Travel Award – 2016 by MidWest Living magazine Nebraska Travel and Tourism Henry Fonda Award – 2009 10 best places to get a burger in Nebraska – OnlyInYourState.com Top 10 best places to eat in Nebraska – Lincoln Journal Star The location is full of rugged beauty, perfectly situated next to both the Hudson-Meng Bison Kill Site and Toadstool Geological Park, and only minutes from Fort Robinson State Park. Visitors come from across the nation and around the world to stay in this charming town while they enjoy local attractions and activities. Aside from family vacationers or family reunions, many of the guests come for the fossil hunting, birding, horseback riding (bring your own horse), mountain biking, and hunting of all kinds, including turkey, deer, antelope, and prairie dog. Many guests just come to enjoy the area. The Owner has established relationships and lease arrangements to accommodate these varied interests of their many guests. The High Plains Homestead is also a wonderful launching point for a variety of Black Hills attractions and activities, including Mount Rushmore, Crazy Horse and The Reptile Gardens. The star-gazing at this marvelous retreat is another draw for many guests, and the Homestead is already fully booked for the 2017 solar eclipse of the Sun, said to be best viewed from northwest Nebraska. The Owners have spent decades building the traditional log and wood frame buildings by hand. The prolific antique furnishings that decorate the premises are worth a great deal by themselves, and many pass with the property. While this could be purchased as a private retreat, the propertys best and highest use would be to continue the fantastic dream of the Owners. The High Plains Homestead is now one of the most well-known and beloved tourism draws to the State of Nebraska. The Owners would like to find the right people to pass on this wonderful, bustling business, as they are growing older with some health concerns. The current Owners are very willing to stay involved o

Address Not Disclosed

Price: $1400000

This beautiful Pine Ridge property features wooded canyons and undulating hills in balance with bucolicpastures. The pastures make this property a viable cattle grazing operation, while also providing feed for game.This ranch boasts numerous elk, some of which stay on the property all year. Several large bull Elk have beenharvested off the property over the years, and can be heard bugling from all sides during the rut. Mule Deer areplentiful, with large bucks harvested annually. A few blinds are placed strategically around the property. MerriamTurkey are numerous.

Table Rd

Price: $456000

This Pine Valley Cabin is an off-grid sustainable property located in scenic western Nebraska. Secluded yet accessible for year round use the cabin is securely set on a hillside in a private forest of Ponderosa Pine Trees. Currently enjoyed as a weekend retreat, the cabin is a comfortable place to hang your hat. *Covered patios lead inside to a tasteful western design of natural finishes, bedroom, bath, kitchen, pantry and central room. The wood stove is backed by a floor to ceiling hearth, reflecting/retaining warmth day and night. *Solar System, batter/generator shed/storm sh elter, private well, windmill and gravity fed stock tanks. *LED lighting, propane range/oven and alternative propane heating system. *Morton Shop (30×36) w/Rural Public Power, concrete floor, and parking pad adjacent to county road. The property also includes a historic one room schoolhouse, non-habitable but a solid structure with possibilities. *Perimeter fenced for livestock/horses. Abundant wildlife including mule deer, whitetail, big horn sheep, sharp tailed grouse, and occasional elk.

444 Deadman Rd

Price: $280000

A rare and beautiful 16 acre property nestled in the timber and surrounded by some of the most unique & interesting land in Nebraska. Abundant wildlife including elk, deer, turkey, antelope and big horn sheep frequent this area of the Pine Ridge. Live water throughout the bordering properties literally brings the wildlife to your backyard. Add a gorgeous stucco home and a 30×36 Morton building to this scenic setting and you have a dream property in middle of a recreational paradise. The Pine Ridge area has much to offer with its rugged natural beauty including several hundred square miles of ponderosa pine forests, buttes, canyons and numerous small streams. The hiking and hunting opportunities are abundant with over 100,000 acres of public access on state and federal lands; including Soldier Creek Wilderness Area, Chadron State Park, Fort Robinson State Park and many more. This quality custom home has much to offer including an attached 2 car garage and covered patio. Upon entering you will be in awe of the cathedral ceilings, open floor plan and the beautiful family room with fireplace. Attractive arch top windows enhance the view from the formal dining area and a large kitchen offers ample counter tops and an island. The master suite is complete with a walk-in closet, bathroom and patio doors leading to an outdoor hot tub. Also on the main floor are 2 more bedrooms, another full bath, half bath, laundry & mud room. Go downstairs and find another comfortable family room, a bedroom with egress window, bathroom, a huge storage area and another room that could be made into a bedroom. Outside you have plenty of patio space, underground sprinklers, and a 30×36 Morton building complete with concrete floor and wiring. The property border is partially fenced, add a little more and there would be plenty of pasture grazing for a few horses. There is also a nice sized high fence lot for livestock with its own source of water. This would be a great place to call home or to have as a vacation get away spot with much to do and see in the surrounding area. Legal DescriptionTownship 30 North, Range 52 West of the 6th P.M., Dawes County, NE Section 18: PtW1/2E1/4

52 Breakneck Rd

Price: $550000

Located in the heart of the scenic Pine Ridge area in the Northwest corner of Nebraska approx 8 miles south of Crawford on Highway 2/71 & only 2 miles of county road to the private entrance of this unique property. The home & buildings are nestled back in a meadow surrounded by rolling grass covered hills & Ponderosa Pines allowing for privacy & protection from high winds. Watch & enjoy the beautiful sunrises from the well maintained property with a 2,128 sq. ft. manufactured home w/a 17'x24’ attached covered deck. The home has 4 bedrooms, 2-½ baths, offi ce, living room with an efficient wood stove, dining room, kitchen w/breakfast nook, family room, mud/laundry room. Outbuildings include 30'x50’ shop w/15'x50’ leanto w/power, woodstove & gravel floor. Plus a 50'x72’ horse barn w/6 tall, sturdy stalls, tack/feed area, alley way w/power & water. Chicken house with a fenced yard. A 20'x20’ underground bunker. A solar well fills a storage tank for pastures & gravity feeds water for 2 large gardens. A second well supplies the home & outbuildings. A hay meadow was fertilized & seeded last year & produced well. A diesel generator will run the whole ranch during a power outage. Located at the bottom of a canyon are the head waters of a natural springs & pond. Wildlife include White Tail & Mule Deer, Elk & Merriam Wild Turkeys. Fort Robinson State Park was the site of the Cheyenne Outbreak & home to the Red Cloud Agency & also where Crazy Horse was killed. The buildings & grounds of this State Park have been restored & is located approx 13 miles from this beautiful property.

Address Not Disclosed

Price: $355000

This is a unique piece of Sioux County Nebraska property. It is located southwest of Crawford with good countyroad access. There is a dry creek that runs through the property for approximately ½ mile. This dry creekbottom provides excellent habitat for mule deer, elk and wild turkey. If you are looking for hay ground for winterfeed this would be a possibility for you. There is also a farmstead that has a solid house and steel building with it.With some updating the house could make an excellent hunting lodge. 1,620 sq ft house, including 500 sq ft of finished basement. Two bedrooms up stairs with possible third in basement. There is a concrete floored Quonset building as well as other small outbuildings. AcresRange: 191.62Drycrop: 115.89Roads & Home Site: 7.71 Legal DescriptionTownship 31 North, Range 53 West of the 6th P.M., Sioux County NebraskaSection 34: E1/2SE1/4Section 35: E1/2SE1/4: S1/2SW1/4, SE1/4 Hunting and Recreation Opportunities Elk Deer Wilk Turkey

Deadman Road With #27 12 ACRES

Price: $81360

Excellent location with great sites for home, cabin or 5th wheel trailer only 11+ miles southwest of Crawford in the heart of scenic “Pine Ridge” area of Northwest Nebraska. Deadman Creek meanders all along the east side year round. Rock out croppings, open lush grass meadows, ravines & abundance of mature trees enrich the beauty of the land. There is easy accessibility to electric power w/Deadman county road providing access to the property. Great place to come & play or just kick back & relax. This property is located 4 miles south of Crawford & 4 miles to th e west on Four Mile Road & approx. 3 miles south on Deadman Road. Abundant wildlife frequent this property such as White Tail & Mule Deer, Elk & Merriam Wild Turkeys.

12916 Highway 2 71

Price: $220000

Check out this property located in the heart of Pine Ridge Country only 6+ miles south of Crawford. There is a private well & septic along w/a manufactured home consisting of 2 bedrooms, 1 bath, laundry, living room and kitchen/dining area with a total of 1,024 sq. feet. An 8’ x 40’ shipping container can used for storing bags of feed, lick tubs, salt or tack. The 142.64 acres is fenced for livestock with one stock tank and consists of open grass meadows, canyons, rolling hills and ravines with Ponderosa Pine trees. This is a property you could use as a summer retreat or w eekend get away if you are not looking for a full time residence. You could also live in the existing home while building your dream home or cabin and have the convenience of a short drive to Crawford with highway access.

219 Fremont St

Price: $67000

This charming three bedroom, two bathroom home is made up of a main floor containg two of the bedrooms, a remodeled laundry/utility room, living room and dining room with beautiful oak flooring. Upstairs contains one bedroom along with a sitting area and one bathroom. The basement is an excellent spot to put away extra storage. Outside, the cement patio becomes a perfect area to entertain. Some extra features of this house include: new Lennox HVAC system with gas furnace and central air, new windows, a new water heater, a new dishwasher, and new outside water faucet and electrical outle t. Give Donny Grantham a call to set up a showing

from Houses For Sale – The OC Home Search http://www.theochomesearch.com/houses-for-sale-in-crawford-ne-2/ from OC Home Search https://theochomesearch.tumblr.com/post/157965675045

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