Home Builder Developer - Interior Renovation and Design

Petrobras(PBR) is in a tough spot. Refining losses and production guidance misses have reignited long-standing investor concerns about government influence, investment outside exploration and production, and the company's ability to execute its ambitious growth plans. We believe the concerns about the production guidance miss may be overly focused on the short term, though long-term execution risk remains. Additionally, the refining losses will be a headwind over the next few years. Furthermore, we believe shifting offshore dynamics relating to new Brazilian oil and gas laws have weakened Petrobras' ability to benefit from its world-class discoveries.

2012 Production Growth Is Set to Rebound, but Long-Term Risks Remain Last year's domestic oil production of 2,022 thousand barrels per day missed guidance of 2,100 mb/d (plus or minus 2.5%). However, the miss was not resource-related (geological) but operational in nature, as equipment issues resulted in greater downtime for repairs in the Campos Basin. Planned and unplanned maintenance downtime resulted in reduced production of 67 mb/d (33 mb/d unplanned); production otherwise would have come in at the lower end of guidance. Production was also hurt by a delay in new wells because of late arrival of rigs from international shipyards. This is more concerning to us, considering future production targets and required rigs.

While Petrobras has not provided production guidance for 2012, probably hoping to avoid a replay of 2011, volumes should rebound. The firm anticipates that the ramp-up of previously installed floating production, storage, and offloading units should add about 211 mb/d to full-year production volumes. Meanwhile, plans call for the installation of 414 mb/d of oil production capacity additions in the second half of the year, contributing to 2012 volumes while setting up for a strong 2013. Additionally, fourth-quarter production already marked signs of recovery, posting the highest production volumes of the year as negative production impacts from stoppages on Marlim fell from third-quarter levels (-24 mb/d from -79 mb/d). However, demonstrating what a poor year it was, 2011's production high in December of 2,084 mb/d was below the 2,122 mb/d in December 2010.

As we saw in 2011, production targets are just that--targets. The miss in the first year of a decade-long plan does not inspire confidence, but we hesitate to emphasize one year. At the same time, delays in rig deliveries, which partially contributed to the miss, raise the issue of execution. Petrobras plans to not only double production over the next decade, but also enable the creation of an oil and gas service industry in Brazil. Local content requirements driving such desires could lead to excessive cost inflation as well as project delays. While the recent rig tender with Sete Brasil and Ocean Rig secures attractive, if not even below market, day rates for Petrobras, we think it carries greater on-time delivery risk as the rigs will be built in shipyards that do not yet exist, potentially offsetting the benefit derived from the lower rates. We risk our production forecast to account for such delays.

We Expect More Refining Losses Even With Improving Asset Quality Perhaps the most glaring issue of 2011 was the refining segment's accelerating losses. The fourth quarter registered the largest losses despite product price increases (gasoline 10%, diesel 2%) because of higher-cost imports due in part to depreciating currency. For the full year, U.S. price realizations in reais (proxy for import prices) increased 29% compared with a rise in Brazilian price realizations of 6%. At the same time, demand increases, particularly in gasoline, outpaced supply growth, forcing Petrobras to rely on higher-cost imports to supply the domestic market. While the currency depreciation prompted the sharp acceleration of losses in the fourth quarter, the underlying drivers are likely to remain in place for the next couple of years as the gap between domestic demand and production endures. Additional refining capacity will not be added until 2013, when the first stage of the 230,000 mb/d Abreu e Lima refinery is brought on line. In 2014, capacity will increase with the addition of the second phase in January and the startup of the 165,000 mb/d first phase of the Comperj refinery. Even with these additions, Petrobras estimates a supply deficit of almost 400 mb/d in 2015 in its most recent capital plan. As a result, assuming current conditions hold, we expect Petrobras will record refining losses through 2014 and potentially beyond.

As a result of its downstream positioning, Petrobras is losing its leverage to higher oil prices despite oil constituting 83% of total production. Refining losses during the fourth quarter outweighed the gains of the exploration and production segment, leaving earnings before interest, taxes, depreciation, and amortization slightly lower from the previous year despite a 26% rise in Brent prices. Full-year results tell a similar story, with total EBITDA rising an anemic 5% against a 40% rise in Brent prices. The fourth quarter merely accentuated a trend that has been in effect since 2009. Theoretically, the integrated model is operating as it should, with upstream gains/losses offsetting downstream losses/gains. In Petrobras' case, it has worked too well, with refining losses swamping upstream gains. Additionally, its current refining configuration does not allow Petrobras to capture the crude differentials with its downstream, another benefit of integration. Instead it is exporting lower-quality crude (at a discount) and importing higher-value refined product to sell at a loss. Granted, this balance will tip in the coming years as production and upstream earnings grow while high-complexity refining capacity is added. In the short term, though, we expect pain to continue with increases in production potentially being offset by refined product demand growth calling for greater imports. Meanwhile, currency depreciation similar to that of the fourth quarter could add to losses.

In light of fourth-quarter results, it's difficult to argue that Petrobras needs to increase investment in refining capacity to reduce reliance on imports. While ceding market share and allowing foreign suppliers of refined products in the Brazilian market would make sense, it is unlikely to happen. As a result, Petrobras will maintain its near 100% market share and need to keep pace with a rapidly growing economy. However, while the increased refining capacity of 1,460 mb/d by the end of the decade should nearly eliminate the need for imports, little is likely to change the pricing dynamics of the Brazilian refined product market. We expect Petrobras to maintain its policy of not passing international price volatility on to the Brazilian market. As a result, in times of volatility Petrobras is likely to see downstream losses.

The additional refining capacity should also better align the upstream and downstream segments by increasing processing of heavier discount crude from offshore Brazil and enabling greater capture of those discounts.

Meanwhile, the higher-quality refineries should operate at lower costs and deliver wider margins thanks to improved yields than Petrobras' older facilities. Ultimately, though, we think the high cost of the refineries is likely to result in returns below the cost of capital. We think this is particularly true of the first refinery to be built, Abreu e Lima, where estimates imply a lofty cost of $65,000 per capacity barrel. However, costs should come down with subsequent refineries Comperj (330 mb/d including petrochemical production) and Premium I (600 mb/d) and II (300 mb/d). A recently announced delayed startup of the first stage of the Comperj refinery will probably increase costs, though.

Regulatory Changes and Non-E&P Investment Will Weigh on Long-Term Returns In addition to the concerns regarding production growth and refining losses, we see two significant factors that will affect Petrobras' long-term performance. First, Petrobras is liable to match potentially economically unattractive future presalt bids as part of the government mandate that it be operator in all new presalt licenses. Second, Petrobras plans significant investment in strategic projects that carry lower returns.

Excerpt from:
Petrobras' Tantalizing Growth Comes With Baggage

The plan The Village of Lemont will spend $1.75 million to renovate village hall this summer.

The Lemont Village Board gave the green light to fund the renovation, which will include repairs, rehabbing and technology improvements, with a general obligation bond.

Village Administrator Ben Wehmeier said the project will include said tuck pointing, installing a new roof, plumbing improvements, window replacement and replacement of the parking lot.

Trustee Rick Sniegowski insisted during a meeting in November 2011 that the work needed at village hall is not a redecorating project.

Its not about the fluff, its about the need, Sniegowski said.

Lemont Mayor Brian Reaves reiterated that the work is a must.

(The needed repairs are) prohibiting work inside the village hall, Reaves said. Its just time.

The impact

Renovations will begin in June and Wehmeier said he expects village staff to be moved back into village hall between Thanksgiving and Christmas at the latest.

In order to keep business as usual, the Village of Lemont may be moving into Central School, 410 McCarthy Road, for the construction period. Wehmeier said an intergovernmental agreement has not yet been approved.

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$1.75 million: That’s the amount the Village of Lemont will spend on village hall renovations this year

Thursday, March 29, 2012

THE Department of Energy (DOE) has called on constituents in Davao Region to practice proper power saving measures in an aim to contribute to the nations energy efficiency and conservation (EE&C) efforts.

Marlon Romulo Domingo, DOE senior science research specialist, urged every household in the region to embrace the EE&C measures during Tuesday's "Seminar on Electricity Conservation in Households and Schools."

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Domingo raised DOEs call through the mothers, school heads, students and representatives from the local and natonal government agencies who attended said seminar held at the Abreeza Mall this city.

Domingo provided tips on energy conservation, starting with a pointer on the importance of basic energy audits such as knowing how many appliances and how much energy the appliances use.

Part also of the audit is to identify proper EE&C measures, he stated during the seminar spearheaded by DOE in partnership with the Philippine Information Agency and the World Wide Fund for Nature (WWF) as a preliminary activity for the worldwide celebration of the Earth Hour 2012 on March 31.

Domingo advised the participants to buy more efficient appliances citing a tip on buying air conditioning units which consume the most electricity.

In his cooling tips, he recommended air conditioning unit with higher Energy Efficiency Ratio (EER), adding that units should be installed in coolest and shady part of the room.

He said that air conditioning unit should only be used during warm days like in summer season, and advised to use electric fans in conjunction with the air condition units.

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Energy office urges Davao households, schools to save electricity

Article updated: 3/29/2012 8:00 PM

Milton Township and Wheaton are opposing a developers effort to have a retail/office building in downtown reassessed. The five-story structure at 120 E. Liberty Drive generates hundreds of thousands of dollars annually for a special taxing district in Wheaton.

Bev Horne | Staff Photographer

A developer who received more than $8 million in assistance from Wheaton to construct a retail/office building in the citys downtown claims the structure has lost more than half its value since opening in 2008.

But the Milton Township assessors office and Wheaton legally are opposing a property value reassessment being sought by Wheaton Property Partners. They insist the five-story building at 120 E. Liberty Drive still is worth what it cost to build at least $25 million.

Starting next month, the states property tax appeal board will have the first in a series of hearings to determine which side is right. If Wheaton Property Partners prevails in its effort to get its property taxes reduced, Wheaton could lose about $1 million for a special taxing district where the building is.

What they (Wheaton Property Partners) are doing is theyre trying to get the taxpayers of Wheaton to subsidize their new building, Milton Township Assessor Bob Earl said.

But Donald Hemmesch, the attorney representing Wheaton Property Partners, said no one could have anticipated the economic downturn that happened after the city inked a deal that gave his client roughly $8.2 million worth of incentives for the project, including about $2.4 million in land and $5.8 million to build a city-owned parking garage on the site.

Those incentives are being paid for by revenue generated by Wheatons second downtown tax increment financing district, which was created in 1999.

In a TIF district, property tax payments to local governments are frozen for up to 23 years. A municipality can improve land within the district and as the property appreciates and more tax money is paid, the extra cash goes into a special fund used to help pay off the cost of helping to develop and improve the area.

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Wheaton developer wants assessments slashed

Toll Bros. is building 13 town homes at Shady Grove Crossing in Derwood, near the Grove shopping center, Olde Towne Gaithersburg, Lake Forest Mall and the Washingtonian Center. The community includes a park with a multipurpose court and a playground. It is near the Inter-County Connector, Interstate 270, and MARC and Metro train stations.

Each home in this Montgomery County community will include a brick front, beaded vinyl siding, professional landscaping and a two-car garage. Individual lawn care is provided by the homeowners association.

Inside, both models feature three bedrooms, 2baths, hardwood flooring in the foyer, 9-foot ceilings on the main and lower levels, vaulted ceilings on the second level, crown and chair-rail molding, a gas fireplace with a marble surround, 42-inch cabinets and recessed lighting in the kitchen, ceramic tile flooring in the baths, a luxury master bath with a soaking tub and separate shower, a pedestal sink in the powder room, a security system, and two-zone gas heat.

The homes have 2,439 to 2,500 finished square feet, with base prices from $496,995 to $519,995. Homeowner association fees are $100 per month.

The Easton model, with 2,439 square feet, is priced from $516,995 to $519,995. This end-unit home features a side entrance into a foyer with a step up into the open living room and dining room, which have multiple windows on two sides.

The main level has a butlers pantry linking the dining room and kitchen and an open floor plan with a family room and breakfast area. This level also has a powder room and a pantry.

Upstairs, the master suite has a double-size walk-in closet and a luxury bath. Two more bedrooms, a second full bath and a laundry room complete this level.

The lower level has a finished recreation room.

Buyers can add a third-floor loft and an addition with a sunroom and a sitting room. An alternate second-floor layout with two master suites is available.

For more information or directions, call sales manager Julie Beahm at 301/330-9677 or visit http://www.ShadyGroveCrossing.com.

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New in Maryland: Shady Grove Crossing

27-03-2012 15:29 http://www.cleanflood.com 718 951 0047 Welcome to CleanFlood.com, your local 24-hour rapid response team for mold removal, inspection and water damage restoration. We handle any situation anytime anywhere within 30 minutes. Our services also include water damage restoration and anything having to do with flood or sewage clean-up. We are PMII-certified for residential and commercial mold inspection and remediation, and we provide free telephone consultations with no cost or obligation whatsoever. We will even visit your home -- for free -- just to fully ascertain your situation! We will restore your home or business in record time and even help you deal with your insurance company. With twenty years in the industry, CleanFlood.com has the know-how to quickly and safely have you fully recovered from any water-related disaster our experts not only repair structural damage, but can also reupholster your furniture! No job is too small or too big to handle, including small overflows, pipe ruptures, debris extraction, mold remediation, sewage clean-up, and odor removal. We also replace walls, ceiling, carpets, tiles, hardwood, and all other types of flooring. Your courteous CleanFlood.com technicians will do it all with a high degree of professionalism and craftsmanship. And don't forget that your CleanFlood.com rapid response team even includes an adjuster who will take care of all your insurance billing for you! Because we know how traumatic these situations can be, we do everything ...

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Best New York Mold Removal

G.E.M. Inc., the manufacturer of Euroshield recycled rubber roofing products is pleased to announce the launch of its new EuroLite Shake profile. Coming on the heels of the highly successful launch (June 2011) of EuroLite Slate, EuroLite Shake is designed to replicate the look of traditional wood roofing, without the issues surrounding the use of wood. The product is a thinner and lighter version of our popular EuroShake(R), but at a much lower price point, typically between asphalt shingles and other premium slate, wood, metal and synthetic material offerings. Euroshield products contain a minimum of 70% recycled materials.

EuroLite Shake is the latest profile in the new line and features a "modified open keyway" design that creates an authentic looking appearance in an easy to handle panelized form. The panels measure 40" wide by 17" high with a 7 5/8" exposure to-the-weather and incorporate 6 "shake-like" sections of varying widths. Installation is similar to asphalt shingles, fastened using standard roofing nails (hammer or air-nail) and an adhesive strip along the underside of the butt edge. Coming in at approximately 2.2lbs per square foot, it is one of the lightest roofing products on the market today and yet it retains the durability and longevity associated with Euroshield(R) roofing products. EuroLite Shake, like all Euroshield products, comes with a transferable lifetime warranty, non-prorated for the first 50 years.

At 2.12 square feet (to-the-weather) per panel, a unique "panel guide" (eliminates the need to snap a chalk line each course), adjustable pitch hip/ridge caps, valley/rake/eave starter strips and 3 bundles per "square", EuroLite Shake has the potential to install faster than asphalt shingles. It can be easily cut with a utility blade.

To learn more about this affordable new recycled rubber roofing product, visit http://www.euroshieldroofing.com or phone Toll Free: (877) 387-7667 in North America.

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G.E.M. Unveils New EuroLite Shake Recycled Rubber Roofing Product

WALLINGFORD A South Windsor roofing supplier has moved its operation into the former home of Kamco Supply Corp. at 780 N. Colony Road.

Allied Building Products Corp. recently leased 86,036 square feet from Slomkowski Family Realty LLC.

Allied, a roofing and sheet metal fabrication business founded in Jersey City, N.J., in 1950, moved into the former Kamco space last week.

Kamco merged its warehouse and milling operation out of Wallingford into its East Hartford and Orange plants when the residential and commercial building industry tanked in 2009. It kept about 10,000 square feet of office and administrative space on Route 5.

But the vacant, 125,000-square-foot industrial building served as a bleak reminder of the flailing construction industry until Allied moved in about a week ago.

Thats a substantial amount of square footage, said Doreen DeSarro, business recruiter for the town of Wallingford. Were glad theyre here.

Kamco moved its executive offices in January into a new corporate headquarters at 2 Barnes Industrial Road South in January.

Im pleased they are keeping their corporate offices here, DeSarro said.

Jay Sheehy, president of Kamco and Slomkowskis partner, said Kamco wanted to stay in town and Allied was relocating its South Windsor operation.

Wallingford is a wonderful place to do business, Sheehy said.

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Roofing company moves into N. Colony Road location

by Micki Cottle The Sampson Independent

In my grandmothers time, and even in my younger days, porch visiting was an almost daily social event.

In the Carolina countryside, where summers are hot and long, no respectable house was considered complete without a porch. They were almost as necessary as the kitchen and for a considerable part of the year became the outdoor apartment for family and friends.

Porches were at the center of family life. They provided relaxation, and social interaction even after the darkening shadows inked the landscape. Somehow they marked the endings and beginnings of daily life. And for more times than I can remember, it seems the whole family was there, and now I can see we were all just passing through.

Most porches were pretty simple, no architectural wonders, just reflections of the folks that lived their simple lives there. Rocking chairs lined up in a companionable row begged a body to stop and sit a spell. Pots of flowers; I remember, Three Sisters Roses bowls of Sweet William, placed here and there, replenished on Saturday, always fresh for Sunday and the new week: ready to welcome the preacher in his fine hat, with his dainty wife and handfuls of little ones, tagging right along. This was real. I close my eyes and even now I can see the sunlight fading on the weathered old porch boards, and the shadows that tugged gently over the garden.

The smells of honeysuckle vines growing in abandoned splendor around the sides of the porch, wrapped us in fragrance. Laughter and conversation, musty old pipes and excited children, they were all there.

When I visited, it seemed those moody southern nights stretched on forever: until exhausted with that sweet exhaustion only childhood offers, we stumbled, sleepily and contentedly to our feather beds to rest under the eye of the moon.

I guess there were a few very elaborate porches, sporting fancy wicker rockers and dazzling lounging sofas. Grandmas was perfect, from my point of view. But, it certainly wasnt fancy. Her rocking chairs were well worn, having rocked from the cradle to the grave more often than not. There were two extra large tables at one end. And they were big enough to accommodate any amount of regular or unexpected family or friends for a good Country Feed.

There were always baskets of something, butterbeans or peas; something waiting to be shelled or shucked mostly by Granny, but anybody who dropped by was welcome. Someone just handed you a pan and you started shelling.

Old fashion oil-lamps guided us into the night, shining their soft glow, accentuating the faces of the young and old alike. Surrounded by the sounds of night, there was a familiar closeness as we embraced the lengthening shadows that fell like gentle fingers across the old porch. We were home. And was there ever a glass of tea or lemonade that tasted better? And was there ever to be again that complete gentle happiness and security that held us so easily in this circle of light?

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In the Sweet Bye and Bye

Consider yourself warned.

Under cover of darkness, a group of prowlers have been lurking about peoples yards in the Honesdale area with, well, odd intent.

These prowlers are not thieves. In fact, they are leaving something for their victims to find when they wake in the morning. Something golden.

You may have already seen the handiwork of this band of pranksters. You may have even been the beneficiary of one of their oddball offerings. You may find it in your front yard, you may find it on your roof though they havent been that ambitious yet one person in the area even found the strange mark of these merry misfits on a rock in the middle of their pond.

The item these tricksters are leaving for unsuspecting homeowners to find? A gilded throne.

But fear not. And please, think twice before releasing the hounds if you hear some giggling prowler in your yard over the next few months, for these prowlers mean you no harm.

If you happen to find yourself the unwary host of a golden toilet between now and Mid-June, as counter-intuitive as it may seem, check inside before calling the police. There you will find instructions on how to get rid of the thing and no more harm will come to you. Hottie Pottie

Far from being a case of serial vandalism, the curious commodes are making the rounds as part of an effort to raise money while having a bit of good, clean, Christian fun on behalf of Honesdales First Presbyterian Church.

According to church Youth Director Chris Scheuerell, the well-meaning mastermind behind the fundraiser, three of these golden thrones will be making the rounds over the next couple of months in an effort to raise $12,000 for two mission trips this summer to help out the disadvantaged in Wilmington, Del. and Warrensburg, N.Y.

Putting his own creative twist on an idea he read about on the internet, Scheuerell says its kind of awkward sneaking onto someones property in the dark of night to put a golden toilet on their lawn, but so far the response has been surprisingly positive.

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Creative fundraiser seeks to aid church mission trips