The home heating oil industry has a long and proud history, and Fuel Oil News has been there supporting it since 1935. It is an industry that has faced many challenges during that time. In its 77th year, Fuel Oil News is doing more than just holding
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NEWS & TRENDS Angus Energy and RenRe Energy Advisors Ltd. Announce the Formation of the Angus Advisory & Finance Group Angus Partners, LLC (“Angus Energy”) and RenRe Energy Advisors Ltd. (“REAL”) announced the recent establish- ment of the Angus Advisory & Finance Group. The team is comprised of Matthew Ide and Jeff Simpson who have a long track record of providing financial solutions to the fuel oil industry over the past decade. The group’s unique capa- bilities of combining advisory services with capital solutions delivers new options to the industry that faces challenges in obtaining capital in today’s banking environment. “The consolidation of Matt and Jeff’s talents to Angus Energy from REAL is another step we have taken at Angus Energy to provide a comprehensive suite of solutions, in addi- tion to our traditional core risk management business, to address the major challenges dealers are facing today. Angus Energy recognized that increased commodity price volatility has negatively impacted the industry’s ability to obtain appropriate levels of capital to fund operations and support growth. This need was something we needed to address as without a strong financial foundation proper risk management strategies are difficult to execute effectively,” Phil Baratz, president of Angus Energy, explained. AEC CHOOSES TUBMAN TO LEAD FIGHT FOR MARKET SHARE The battle to preserve oil heat’s mar- ket share has received a major boost with the appointment of former Carlin Combustion Technology Executive Vice President and General Manager Thomas J. Tubman as executive director of the American Energy Coalition (AEC). Tubman’s passion for oil heat and his wealth of connections in every corner of the industry are vital to the cause. The coalition’s mission is to serve as a unified voice in promoting oil heat in direct com- petition with natural gas and other fuels. “The top priority is stop the loss of oil-heated homes to competing fuels,” said Tubman. “The first part is getting the message out to people who heat with oil 10 The group can assist dealers in a broad range of financial functions from initiating a budget process, forecasting cash flows to accessing a company’s financial condition and credit needs in preparation for bank meetings. The group is uniquely qualified to perform strategic planning for growth with analysis and valuation of merger and acquisition opportunities. The group also serves as consultants to REAL in capital financ- ing solutions uniquely tailored to meet the needs and objectives of the fuel dealer. Fuel dealers now have access to an innovative capital source that can provide answers to the current financial challenges facing their industry, including pricing volatility, increased bank and supplier credit standards, lack of adequate cash reserves for peak season operation and costs associated with proper commodity and weather hedging. In addition, these solutions can help fuel dealers capitalize on the increasing oppor- tunities to expand and diversify their businesses as funding to the industry via traditional sources has been severely curbed. For more information regarding the Angus Advisory & Finance Group please contact: Matthew Ide, (860) 299-6856, mide@angusenergy.com; Jeff Simpson, (860) 299-3358, jsimpson@angusenergy.com. l FON that it’s a great fuel. We want to let them know the benefits of oil heat and to correct the record about the gas utilities and the false advertising they put out.” With 39 years of experience in oil heat, Tubman has taken many leadership roles in the industry’s most important initiatives, including the National Oilheat Research Alliance (NORA) and the Oilheat Manufacturers Association (OMA). He is well prepared to unite oil heat dealers, trade associations, manu- facturers and other stakeholders in the competitive struggle. In addition to educating consumers, the coalition will target a larger audience. “We have to get the message out to the environmental community and the legis- lative community so that they understand MAY 2011 | FUEL OIL NEWS | www.fueloilnews.com that oil heat is a good fuel. We also have to make sure we continue to compile the facts and do the research. Oil is chang- ing, and so is gas. We’re making our fuel more environmentally friendly, while gas is bringing in more LNG and using fracking in the Marcellus Shale, which is not friendly to the environment. We’re pretty close to being on par with natural gas now, and in the next 10 years we’ll be in a better position, and they’ll be in a worse position.” The AEC has a big job ahead, accord- ing to Tubman. “The oil heat community needs to do a better job of getting the mes- sage out. Nancy Pelosi didn’t even know that natural gas is a fossil fuel. It’s hard to make good policy with misinforma- tion at the legislative level. Natural gas