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Strategies for Controlling Your Fuel Costs in an Inflated and Uncertain Fuel Market
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A little about Angus Energy
19911991Founded
600+ Clients 1 Billion Gallons
60+ years ofTrading &
Industryexperience
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Founded in 1991 Over 60 years of combined trading & industry
experience Client base of over 600 oil jobbers,
wholesalers, municipalities, producers & end-users
Recognized industry leader and innovator RenaissanceRe Holdings ltd. (RNR) purchased
an equity interest in Angus Energy in 2008
Angus Energy Overview
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RenRe Overview
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Industry Involvement
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Residential Heating Companies
Commercial Property Owners / Managers
Publicly Traded Companies
Municipalities
Industrial Facilities
Gas Station Owners / Operators
Co-Ops / Condominiums
Trucking Fleets
Our Clients
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VOLATILITY
vä-lə-ti-lə-tē \ noun
Definitions:characterized by or subject to rapid or unexpected change;
a measure of instability
Synonyms:changeability; fickleness; instability; uncertainty;
unpredictability; unreliability; variability
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Price or Cost of ProductNo. 2 Heating Oil Future Weekly Close
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Price or Cost of ProductLow Sulfur Diesel Future Weekly Close
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Price or Cost of ProductNo. 2 Heating Oil Annual Price Range
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Price VolatilityNo. 2 Heating Oil Annual Price Range
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VOLATILITY• Rapid, upward movement in prices can quickly render a bank line of credit
inadequate• Increased prices require larger cash outlay to purchase product, impacting
cash position and credit line availability• Instances of inadequate hedging and margin compression are exacerbated
during periods of high volatility, often impacting profitability and stressing loan covenants
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What About This ComingYear?
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Value Of Program10,000 Gallon Customer – DELIVERY SCHEDULE
July 10,000 Gallons
August 10,000 Gallons
September 10,000 Gallons
October 10,000 Gallons
November 10,000 Gallons
December 10,000 Gallons
January 10,000 Gallons
February 10,000 Gallons
March 10,000 Gallons
April 10,000 Gallons
May 10,000 Gallons
June 10,000 Gallons
Season Lock-In Price Cap Price
2006 – 2007 $3.151 $3.151 + $0.15
2007 – 2008 $2.917 $2.917 + $0.19
2008 – 2009 $5.116 $5.116 + $0.29
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Value Of Programs2006 – 2007 Season
FIXED – $3.151 VARIABLE CAP- $3.151Premium – $0.15
JULY ’06 $3.151 x 10,000 = $31,510.00 $3.130 x 10,000 = $31,300.00 $3.130 x 10,000 = $31,300.00
AUGUST ’06 $3.151 x 10,000 = $31,510.00 $3.172 x 10,000 = $31,720.00 $3.151 x 10,000 = $31,510.00
SEPTEMBER ’06 $3.151 x 10,000 = $31,510.00 $2.683 x 10,000 = $26,830.00 $2.683 x 10,000 = $26,830.00
OCTOBER ’06 $3.151 x 10,000 = $31,510.00 $2.646 x 10,000 = $26,460.00 $2.646 x 10,000 = $26,460.00
NOVEMBER ’06 $3.151 x 10,000 = $31,510.00 $2.679 x 10,000 = $26,790.00 $2.679 x 10,000 = $26,790.00
DECEMBER ’06 $3.151 x 10,000 = $31,510.00 $2.704 x 10,000 = $27,040.00 $2.704 x 10,000 = $27,040.00
JANUARY ’07 $3.151 x 10,000 = $31,510.00 $2.491 x 10,000 = $24,910.00 $2.491 x 10,000 = $24,910.00
FEBRUARY ’07 $3.151 x 10,000 = $31,510.00 $2.656 x 10,000 = $26,560.00 $2.656 x 10,000 = $26,560.00
MARCH ’07 $3.151 x 10,000 = $31,510.00 $2.792 x 10,000 = $27,920.00 $2.792 x 10,000 = $27,920.00
APRIL ’07 $3.151 x 10,000 = $31,510.00 $2.946 x 10,000 = $29,460.00 $2.946 x 10,000 = $29,460.00
MAY ’07 $3.151 x 10,000 = $31,510.00 $2.925 x 10,000 = $29,250.00 $2.925 x 10,000 = $29,250.00
JUNE ‘07 $3.151 x 10,000 = $31,510.00 $3.016 x 10,000 = $30,160.00 $3.016 x 10,000 = $30,160.00
‘06 – ’07 Season $378,120.00 $338,400.00 $356,190.00
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Value Of Programs2006 – 2007 Season
FIXED VARIABLE CAP
‘06 – ’07 Season $378,120.00 $338,400.00 $356,190.00
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Value Of Programs2007 – 2008 Season
FIXED – $2.917 VARIABLE CAP- $2.917Premium – $0.19
JULY ’07 $2.917 x 10,000 = $29,170.00 $3.057 x 10,000 = $30,570.00 $2.917 x 10,000 = $29,170.00
AUGUST ’07 $2.917 x 10,000 = $29,170.00 $2.976 x 10,000 = $29,760.00 $2.917 x 10,000 = $29,170.00
SEPTEMBER ’07 $2.917 x 10,000 = $29,170.00 $3.199 x 10,000 = $31,990.00 $2.917 x 10,000 = $29,170.00
OCTOBER ’07 $2.917 x 10,000 = $29,170.00 $3.308 x 10,000 = $33,080.00 $2.917 x 10,000 = $29,170.00
NOVEMBER ’07 $2.917 x 10,000 = $29,170.00 $3.657 x 10,000 = $36,570.00 $2.917 x 10,000 = $29,170.00
DECEMBER ’07 $2.917 x 10,000 = $29,170.00 $3.577 x 10,000 = $35,770.00 $2.917 x 10,000 = $29,170.00
JANUARY ’08 $2.917 x 10,000 = $29,170.00 $3.532 x 10,000 = $35,320.00 $2.917 x 10,000 = $29,170.00
FEBRUARY ’08 $2.917 x 10,000 = $29,170.00 $3.714 x 10,000 = $37,140.00 $2.917 x 10,000 = $29,170.00
MARCH ’08 $2.917 x 10,000 = $29,170.00 $4.194 x 10,000 = $41,940.00 $2.917 x 10,000 = $29,170.00
APRIL ’08 $2.917 x 10,000 = $29,170.00 $4.385 x 10,000 = $43,850.00 $2.917 x 10,000 = $29,170.00
MAY ’08 $2.917 x 10,000 = $29,170.00 $4.823 x 10,000 = $48,230.00 $2.917 x 10,000 = $29,170.00
JUNE ’08 $2.917 x 10,000 = $29,170.00 $4.931 x 10,000 = $49,310.00 $2.917 x 10,000 = $29,170.00
‘07 – ’08 Season $350,040.00 $453,530.00 $372,840.00
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Value Of Programs2007 – 2008 Season
FIXED VARIABLE CAP
‘06 – ’07 Season $378,120.00 $338,400.00 $356,190.00
‘07 – ’08 Season $350,040.00 $453,530.00 $372,840.00
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Value Of Programs2008 – 2009 Season
FIXED – $5.116 VARIABLE CAP- $5.116Premium – $0.29
JULY ’08 $5.116 x 10,000 = $ 51,160.00 $4.855 x 10,000 = $48,550.00 $4.855 x 10,000 = $48,550.00
AUGUST ’08 $5.116 x 10,000 = $ 51,160.00 $4.230 x 10,000 = $42,300.00 $4.230 x 10,000 = $42,300.00
SEPTEMBER ’08 $5.116 x 10,000 = $ 51,160.00 $3.992 x 10,000 = $39,920.00 $3.992 x 10,000 = $39,920.00
OCTOBER ’08 $5.116 x 10,000 = $ 51,160.00 $3.234 x 10,000 = $32,340.00 $3.234 x 10,000 = $32,340.00
NOVEMBER ’08 $5.116 x 10,000 = $ 51,160.00 $2.772 x 10,000 = $27,720.00 $2.772 x 10,000 = $27,720.00
DECEMBER ’08 $5.116 x 10,000 = $ 51,160.00 $2.287 x 10,000 = $22,870.00 $2.287 x 10,000 = $22,870.00
JANUARY ’09 $5.116 x 10,000 = $ 51,160.00 $2.346 x 10,000 = $23,460.00 $2.346 x 10,000 = $23,460.00
FEBRUARY ’09 $5.116 x 10,000 = $ 51,160.00 $2.142 x 10,000 = $21,420.00 $2.142 x 10,000 = $21,420.00
MARCH ’09 $5.116 x 10,000 = $ 51,160.00 $2.146 x 10,000 = $21,460.00 $2.146 x 10,000 = $21,460.00
APRIL ’09 $5.116 x 10,000 = $ 51,160.00 $2.236 x 10,000 = $22,360.00 $2.236 x 10,000 = $22,360.00
MAY ’09 $5.116 x 10,000 = $ 51,160.00 $2.372 x 10,000 = $23,720.00 $2.372 x 10,000 = $23,720.00
JUNE ’09 $5.116 x 10,000 = $ 51,160.00 $2.671 x 10,000 = $26,710.00 $2.671 x 10,000 = $26,710.00
‘08 – ’09 Season $613,920.00 $352,830.00 $387,630.00
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Value Of Programs2008 – 2009 Season
FIXED VARIABLE CAP
‘06 – ’07 Season $378,120.00 $338,400.00 $356,190.00
‘07 – ’08 Season $350,040.00 $453,530.00 $372,840.00
‘08 – ’09 Season $613,920.00 $352,830.00 $387,630.00
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Value Of ProgramsSummary 2006 - 2009
FIXED VARIABLE CAP
‘06 – ’07 Season $378,120.00 $338,400.00 $356,190.00
‘07 – ’08 Season $350,040.00 $453,530.00 $372,840.00
‘08 – ’09 Season $613,920.00 $352,830.00 $387,630.00
Seasons Totaled $1,342,080.00 $1,144,760.00 $1,116,660.00
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