Offshore

Ernst & Young uses something called “business risk radar” to determine the greatest risks for a particular company or industry. Annually, analysts conduct research in the oil and gas industry to determine what things companies in the sector perceive as the greatest risks.

For this year’s list, E&Y analysts interviewed commentators and academicians representing the oil and gas industry, asking them to identify the top business risks for the year and to explain why each risk was important, how it had changed since last year, and which of the company’s value drivers might be impacted by each risk.

The top 10 include (with the ranking for 2009 in parentheses where applicable):
  1.   Uncertain energy policy (2)
  2.   Access to reserves: political constraints and competition for proven reserves (1)
  3.   Cost containment (4)
  4.   Worsening fiscal terms (5)
  5.   Climate and environmental concerns (7)
  6.   Price volatility (3)
  7.   Human capital deficit (6)
  8.   Supply shocks (9)
  9.   Overlapping service offerings for IOCs and oilfield service companies (8)
  10.  New operational challenges, including unfamiliar environment (new).

Additional risks identified by industry commentators include aging oil and gas infrastructure, competition from new technologies (including alternative fuels), and access to consumers in new growth markets.

The six top concerns for the subsector of IOCs and NOCs include:
  1.   Uncertain energy policy
  2.   Access to reserves: political constraints and competition for proven reserves
  3.   Price volatility
  4.   Climate and environmental concerns
  5.   Worsening fiscal terms
  6.   New operational challenges, including unfamiliar environments

According to the E&Y report, “The oil and gas industry can expect a renewed and expanded regulatory focus on safety and environmental risk preparedness and mitigation.” Furthermore, the report says, “In light of corporate social responsibilities and the economic and regulatory pressures the industry is exposed to, It has become increasingly clear that managing these risks is vital, not only to short-term profitability, but also to long-term sustainability for oil and gas companies.”

The good news is that the report not only identifies the risks, it explains how they can be mitigated through “improved capital management, investments in technology, financial and operational processes, and other strategies.”

For those interested in finding out more, E&Y’s full report is available online.

It isn’t news that the US government has put the brakes on offshore E&P activities. What is news is that government ineptitude in enacting legislation is compromising alternative energy businesses as well.

According to Matt Becker, leader of the Green Energy Tax Services practice at accounting firm BDO, uncertainty around pending legislation has compromised alternative energy industry initiatives.

“The alternative energy industry is driven by start-up businesses creating a flow of new technology and developments that propel the industry forward,” Becker explained. “Pending legislation has brought this process to a halt, as a critical tax provision allowing companies to turn incentives into cash may expire at the end of this year.”

According to Becker, there are two pieces of proposed legislation focused on green energy tax incentives. The first bill was offered in draft form by Representative Sander Levin (D-MI), and a second bill was released this week by Senator John Kerry (D-MA). “Both focus on extending a large set of incentives that already exist,” Becker said.

The proposed legislation is particularly important because many of the incentives that were put in place in 2009 expire at the end of 2010.

“Really what we’re looking at in these two bills is an extension to the 2011 and 2012 calendar years of a lot of the credits and incentives that were established in 2009,” he said. These credits provide incentive for tax payers who produce energy from alternative sources (solar, wind, geothermal, combined heat and power machinery) as well as those tax payers that produce equipment for creating energy from alternative sources.

“These pieces of legislation are imperative to the alternative energy industry,” Becker said, primarily because they allow companies that are not in a position to benefit from tax credits (for example, start-up companies that haven’t made sufficient profit to pay taxes) to apply for a grant in lieu of a tax credit. The grant allows companies to convert the tax credit to cash immediately. That incentive is set to expire at the end of 2010, but extending it to 2011 or 2012 would be enormously helpful to these companies.

Right now, it is touch-and-go with the legislation. If it stands, credits and incentives will expire at year-end. Extending the benefits could make or break budding alternative energy initiatives, Becker said.

So what course of action is open to companies awaiting the outcome of this legislation? Becker’s advice is to take action. “Alternative energy companies should help their senators and representatives understand how critical that provision is to future investment by the industry.”

For news and resources on this subject or more information about BDO, visit the BDO website.

Parts of Europe are leaps and bounds ahead of the US in the pursuit of alternative energy solutions. The US is undeniably a laggard when it comes to renewables, but according to David Fridley, the Renewable Energy & Biofuels Fellow for the Post Carbon Institute (PCI), “Many of those scrambling can’t see the forest for the trees and are headed straight for low-hanging limbs, not fruit.”

In a new report issued through the PCI, Fridley enumerates the “Nine Challenges of Renewable Energy,” which are obstacles to the widespread deployment of alternative energies around the world.

They are:
1. Scalability and timing
2. Commercialization
3. Substitutability
4. Material requirements
5. Intermittency
6. Energy density
7. Water
8. The law of receding horizons
9. Energy returned on energy invested

By way of explanation, Fridley writes, “The public discussion about alternative energy is often reduced to an assessment of its monetary costs versus those of traditional fossil fuels, often in comparison to their carbon footprints. This kind of reductionism to a simple monetary metric obscures the complex issues surrounding the potential viability, scalability, feasibility, and suitability of pursuing specific alternative technology paths.”

The following excerpt from the report provides a bit more insight.

“Unlike conventional fossil fuels, where nature provided energy over millions of years to convert biomass into energy-dense solids, liquids, and gases – requiring only extraction and transportation technolgy for us to mobilize them – alternative energy depends heavily on specially engineered equipment and infrastructure for capture or conversion, essentially making it a high-tech manufacturing process. However, the full supply chain for alternative energy, from raw material to manufacturing, is still very dependent on fossil-fuel energy for mining, transport, and materials production. Alternative energy faces the challenge of how to supplant a fossil-fuel-based supply chain with one driven by alternative energy forms themselves in order to break their reliance on a fossil-fuel foundation.”

Fridley makes far too many interesting points than can be summarized here, but I encourage readers to read the report and to watch a You Tube video on the Post Carbon Institute site titled “The pipe dream of energy independence.”

Whether you agree or disagree with Fridley’s position, you will certainly learn something if you spend a little time reading his report and listening to his comments.

I hope you enjoy them as much as I did.
 

A study released by the American Petroleum Institute (API) contains bad news for middle-class Americans. According to the study, ownership of America’s oil and natural gas companies is “broadly middle class.”

The assumption might be that this study was a reaction to the recent Deepwater Horizon incident, but it was released in September of 2007.

In fact, it isn’t only middle-class Americans who are investors. Shares in operating companies like ExxonMobil, ChevronTexaco, and ConocoPhillips are available to anyone who wants to buy them. Unlike national oil companies, which do not allow share purchases, international oil companies (IOCs) are publicly traded entities.

With that said, it should come as no surprise to find IOCs in the mix when you take a look at your 401k investments. If you’re not invested in at least one operating company, you are in the minority.

According to the study author, Robert J. Shapiro, undersecretary of commerce for economic affairs under President Bill Clinton, “This study disproves the popular misconception that ‘Big Oil’ is owned by a small group of industry insiders. In reality, across the oil and natural gas industry only 1.5% of shares of public companies are owned by company executives.”

Instead of company executives holding shares, Shapiro said, “The data show that ownership of industry shares is broadly middle class, with the majority of industry shares held by institutional investors, often on behalf of millions of Americans through mutual funds, pension funds and individual retirement accounts.”

API Chief Economist John Felmy added: “When politicians seek to punish these companies and ‘take their profits,’ they are not targeting industry executives, but the hard-earned savings of working people.”

So here’s some food for thought. According to the study:
• Nearly 43% of oil and natural gas company shares are owned by mutual funds and asset management companies that have mutual funds. Mutual funds manage accounts for 55 million US households with a median income of $68,700.
• Other institutional investors like pension funds own 27% of IOC shares. In 2004, more than 2,600 pension funds run by federal, state, and local governments held almost $64 billion in shares of US oil and natural gas companies. The frightening part of this statistic is that these funds represent the major retirement security for the nation’s current and retired soldiers, teachers, and police and fire personnel at every level of government.
• 14% of shares are held in IRA and other personal retirement accounts. Forty five million U.S. households have IRA and other personal retirement accounts, with an average account value of just over $22,000.

If you’re interested in hearing more about oil company investment, can click here to listen to the interview with Robert Shapiro and John Felmy in a segment of Energy Tomorrow Radio called, “Do you own an oil company?”

Not that it comes as a surprise of any kind, but the US is not a fan of Iran.

In fact, Iran has the dubious distinction of being named specifically (along with North Korea) as both part of the “Axis of Evil” by President George Bush in 2002 and an “Outpost of Tyranny” by Secretary of State Condoleezza Rice during her confirmation in the Senate.

To my thinking, these appellations leave little room for doubt about the antagonism the US has for Iran. And in the intervening eight years since these statements were made, there has not been any noticeable change.

The focus during the last few years has been on Iran’s nuclear capabilities. The US has spent a lot of time casting doubt on the function of Iran’s nuclear facilities and pushing Iran to open its doors to external inspections that would evaluate the legitimacy of its nuclear plants.

Needless to say, that hasn’t happened.

Now, the US is taking things a bit further.

In a statement before the House Committee on Oversight and Government Reform on the impact of new US and European sanctions on Iran in late July, 2010, Mark Dubowitz, executive director of the Foundation for Defense of Democracies (FDD) and director of its Iran Energy Project, praised President Obama and Congress for passing the Comprehensive Iran Sanctions Accountability and Divestment Act.

This act, he said, should cause Iranian leaders to “think seriously about abandoning their unlawful nuclear activities.” Dubowitz also recommended that Washington vigorously enforce Iran sanctions, imposing heavy penalties on violators. His full statement is available on the FDD site.

A separate report on the FDD site says the European Union (EU) is onboard with sanctions against Iran, announcing earlier the same week that it would be imposing “robust sanctions” on Iran, targeting energy, shipping, insurance, and financial sectors.

This week, Dubowitz, voiced approval to the House of Representatives for taking what he calls, “the right step in creating a Bipartisan Working Group on Iran Sanctions Implementation.”

California Congressman Howard L. Berman (CA-28), chairman of the House Foreign Affairs Committee, and Congresswoman Ileana Ros-Lehtinen, the ranking Republican member of the committee, initiated the bipartisan group this week. The objective, they said, is to help “ensure that US and international sanctions on Iran are fully implemented, effectively enforced, and, ultimately have the intended effect of bringing about Iran’s termination of all activities contributing to its pursuit of a nuclear weapons capability.

“The Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010, which was signed into law by President Obama on July 1, has already had a significant impact on Iran’s access to international markets and its ability to acquire refined petroleum,” their statement says.

Clearly, the US is taking a very hard line.

The problem here is that Iran holds the world’s third largest known oil reserves, 132.5 Bbbl, which represents 10% of the world’s assets. The country produces 4.2 MMb/d. Only Saudi Arabia and Canada hold larger oil reserves than Iran.

Iran also holds part of the largest gas field in the world, South Pars (Qatar owns the other portion, which it calls the North Field). In fact, Iran is home to the second largest gas reserves in the world, with 971 Tcf (16% of the total global reserves). Russia is the only country that has more natural gas than Iran, and only Qatar holds nearly as much. A full 62% of Iran’s gas is still in the ground.

It seems to me that the EU and US would be better placed to work with Iran instead of against it. US companies are partnering all over the world with governments that are questionable at best, and they are doing so because it is to their advantage.

Friendly relations with Iran are outside the realm of plausibility today, but it might be worthwhile to consider the value of cultivating them.

Having access to all of that oil and gas would be a much better position to be in than to be railing against possible nuclear proliferation, especially given that all of the sanctions and accusatory comments have thus far come to naught.

As Sun-Tzu, Chinese general and military strategist said nearly 2,400 years ago, “Keep your friends close, and your enemies closer.”

It’s still sound advice.

I made every effort to validate the information I’m sharing with you today, but unfortunately, I was unable to find the source. If this author is correct, the US taxpayers have a HUGE bill to pay.

The blog where I found this write-up opens with an expression of incredulity about the agreement BP came to with the White House that requires the company, among other things, to compensate rig workers laid off because of the presidential ban on drilling.

The agreement, according to the writer, began to make some sense when he learned that the US $20 billion escrow fund will be funded over a span of four years, with only $7 billion paid out in 2010. “Since Oil Companies focus principally on cash flow,” he wrote, “I started analyzing the cash flow aspects of the settlement.”

The writer posits the argument that BP’s US operations are conducted through a US subsidiary which files a US tax return for operations conducted under this legal umbrella. If in fact BP’s funding of the escrow account is purely voluntary, there is no legal basis for enforcement. “However, in my opinion, generally accepted accounting principles (GAP) will require BP to book the $20 billion accepted liability in the year it was incurred – 2010,” the writer says. “As such, BP can claim a $20 billion deduction on its US 2010 tax return and collect refunds from the Federal government of some $7 billion in 2011, either on its 2010 tax return or through loss carry backs to 2005 through 2009, obtaining refunds of taxes paid in those years.”

Interestingly, the $7 billion tax write-off corresponds exactly with the $7 billion payout that will take place this year. Makes one wonder if the analyst is on to something….

Because BP has agreed to pay no quarterly dividends for the last three quarters of 2010, he says, the company will save approximately $7.5 billion in cash flow (as an aside, he points out that 40% of these dividends – or some $3 billion – are paid to US residents). To the extent this income is distributed to taxpayers, he explains, the US government revenues will be reduced by at least 15% to 35% of the taxable amount.

He provides the following analysis of cash flow impact on BP in 2010:
Escrow funding $7,000,000,000
Dividend savings $7,500,000,000
Tax savings/refunds $7,000,000,000

Net BP favorable 2010 cash flow $7,500,000,000

Meanwhile the US government’s cash flow will look like this:
Reduced tax receipts:
From BP Cor. $7,000,000,000
From BP shareholders as much as $1,000,000,000

Net unfavorable cash flow $8,000,000,000

If his analysis is right, BP will be in a net favorable cash flow position until sometime in 2012!

At that point, the analyst says, it should be clearer what BP’s exposure is, putting the company in a good position (without any net cash outflow) to decide whether to fold its US operations through a bankruptcy if it appears that liabilities from the incident are going to exceed the net realizable present value of its US operations at the time.

The writer says liability for the balance of the escrow will be unsecured with no preference over other creditors. The upshot of this is that the balance of the $20 billion may never be paid. “In the interim,” he writes, “you can believe that there will be no advances to or investment in the US operations by its parent, and every opportunity will be taken to repay any amounts owed to the parent. In the meantime, BP can claim credit for being a responsible corporate citizen and will have put a stop – albeit perhaps only temporarily – to the daily pillorying by the ‘lame stream’ media and politicians.”

In the meantime, the politicians can take credit for being tough on BP. “You can believe from BP’s standpoint, it has capped its liability, and unless it makes major new discoveries by the US subsidiary in the interim, that cap is no more than $20 billion and quite possibly something less than that amount,” he writes.

According to the writer, the fines will not be deductible, but the tax write-offs will be huge. Meanwhile, he says, BP makes no apology, stating that it is observing the US tax laws as any other corporation would and has a responsibility to its shareholders.

So will the US taxpayers really end up picking up the bill?

Only time will tell.

The American Petroleum Institute (API) has just launched an interactive site called EnergyNation.org. The press release that accompanied this announcement described Energy Nation as a “dynamic community for the millions of men and women in our industry to interact with each other, explore the critical issues facing our industry and provide firsthand perspectives to America’s policymakers.”

The home page for the site provides some history as well as background information that explains who the members are and some of the group’s objectives.

Energy Nation brings together current and former American energy workers to take the lead in America’s conversation about energy.

Since 1859, when Edwin Drake drilled the first viable oil well in Titusville, PA, we have gone to work every day to ensure that Americans have the energy we need when we need it. To get to work and school. To heat our homes. To feed our children.

We power the American way of life. We drive the American economy. And now, as a community, we come together to protect America’s energy future.

We are geologists, engineers, refinery workers and retail managers, but first, we are parents, community leaders and volunteers. Individually we are citizens, and together we make up a nation.

According to Gerardo Uria, director for general membership at API, “Energy Nation is a new grassroots/educational website that API has put together for members of the industry so they can learn about issues that affect the industry and their livelihood and that gives them a way to contact their elected officials.”

The first of the issues presented on the site is proposed tax increases, described by Energy Nation as “harmful industry taxes.” The page provides information about tax hikes proposed in the Obama administration’s 2011 budget as well as other proposals by Congress that the group believes will threaten thousands of jobs in the oil and gas industry and cause significant damage to the country’s industrial output, the repercussions of which would be substantial.

The page provides a sample letter that you can email to government representatives adding your voice to others with similar concerns.

 “The US oil and gas industry supports 9.2 million jobs,” Uria said, “but we’ve never before had a tool to mobilize this workforce. This site allows industry employees a means to have their voices heard.”

The value of Energy Nation is that it allows members of the oil and gas community to connect, explore critical issues facing the industry, and provide firsthand perspectives to America’s policymakers.

“We also have something called Energy Citizens,” Uria said, explaining that this group is made up of non-industry advocates. “The concept is similar,” he said, “but we wanted to have a specific site for those who are not in the industry.”

The organization states a goal of supporting balanced, commonsense, long-term solutions to the country’s energy challenges. Whether you’re in the industry or not, that sounds like a good plan.

If you’re interested in looking at the site to consider adding your voice, click here.

In response to the US invitation of offers of assistance from foreign countries to aid in cleaning up the oil resulting from the Macondo well blowout in the Gulf of Mexico (GoM), Ubifrance, a French company, is organizing a delegation to visit the southern US in hope of offering cleanup help.

According to a recently published press release, about 10 French companies “with expertise in ocean- and land-cleaning technologies and clean energy” will travel during the week of Aug. 23, 2010, to Houston and New Orleans to meet with local authorities and oil companies, including BP.

Ubifrance, the French agency for international business development, organized the French delegation. The group is under the aegis of the country’s Ministry for the Economy, Industry & Employment. With 64 trade commissions in 44 countries, Ubifrance offers a range of products and services aimed at supporting French-based companies in their development on export markets. The group’s work covers knowledge-based products and services, from business information to consulting and market supervision products for planning their international development strategies, and promotional operations that foster partnerships with foreign companies.

In this case, personnel from the Ubifrance head office in Paris are recruiting French companies that want to participate in the cleanup efforts in the GoM, and offices in the US will help from the other side. Serge Hanoca, director - Industrial Equipment/Energy Embassy of France – French Trade Commission\Ubifrance, explained that personnel within the US will work with the headquarters in France to facilitate the process. “Basically, our colleagues from France will do the coordination locally, and our offices in Chicago and Houston are directly in charge of the mission in the Gulf,” he said.

The press release issued on behalf of Ubifrance explains that the group’s efforts were prompted by a request sent from Washington DC on June 29. The document, which came from the Office of the Spokesman, is a call for help. It said, in brief, “The National Incident Command and the Federal On Scene Coordinator have determined that there is a resource need for boom and skimmers that can be met by offers of assistance from foreign governments and international bodies.”

According to the release, the US will accept 22 offers of assistance from 12 countries and international bodies, including two high-speed skimmers and fire containment boom from Japan. “We are currently working out the particular modalities of delivering the offered assistance,” the release said.

Meanwhile, the Unified Area Command (UAC) under the direction of the United States Coast Guard (USCG) is coordinating the oil spill response in the GoM. For those who are not aware, the UAC includes representatives of the responsible parties, affected states, and other departments and agencies of the US government. The National Incident Command, headed by the USCG, is working with the Department of State to support the UAC as it sources equipment, supplies, and expertise.

As for the French delegation, the group will include companies that have proven track records in oil cleanup, containment, and recapturing. The visit will include business meetings, site visits, and a press conference with technology demonstrations. The list of participating French companies has not yet been finalized. An itinerary will be set in the coming weeks.

According to the press release, France is making this gesture based on its experience with significant oil spill accidents, “similar to that of Deepwater Horizon in the Gulf of Mexico and its consequent ecological impact.” Since 1967, seven of the most serious accidents worldwide, including Amoco Cadiz in 1978, Gino in 1979, Erika in 1999, and Ievoli Sun in 2000, have affected the French coastline.

The delegation preselected by Ubifrance includes nearly 20 companies with expertise with skimmers, screw pumps, deepwater oil extraction, containment boom, surface trawl nets, oil spill recovery vessels, dispersants, surface washing agents, sorbents, demulsifiers, bioremediation agents, individual kit site remediation efforts, protective gloves, and oil spill consultancy (technical assessment of cleanup options, oil spill modeling).

Apparently, there are 27 countries that have offered assistance. Included among these are: Belgium, Canada, China, Croatia, Denmark, El Salvador, France, Germany, Ireland, Israel, Italy, Japan, Kenya, the Republic of Korea, Mexico, The Netherlands, Norway, Portugal, Qatar, Romania, Russia, Spain, Sweden, Tunisia, the United Arab Emirates, the UK, and Vietnam.

International bodies offering assistance include: the European Maritime Safety Agency, the European Commission’s Monitoring and Information Centre, the International Maritime Organization, and the Environment Unit of the United Nations Office for the Coordination of Humanitarian Affairs and the United Nations Environment Program.

A chart of offers of assistance from governments and international bodies is available online on the State Department site and is updated to include new offers of assistance and decisions on accepting the offers as they are made.

I received an email this week about the hazards of using windmills to generate wind energy. The message was accompanied by some pretty spectacular images (some of which I’m sharing with you here) and a message that explains that the photos show what happens when transmission failures occur in windmills. 

The alleged originator of the message (it was forwarded to me) included a message that says, “I’ve been following the literature on this issue for years, and to date no gear oil has been invented to withstand the pressures produced within these transmissions.  Most recently, the government gave Dow-Corning a big grant to work on it.  Previously, many others had tried and failed.”

Not one to believe things just because they show up in my Inbox, I did some research online.

I didn’t find any of the pictures in the email, but I did find some other things.

Not only are there many YouTube videos with windmills self-destructing, there are also some news reports. I don’t think all of the videos were contrived; so at least there is some basis for believing that wind energy isn’t as “clean” as you might otherwise expect. And they look extremely dangerous.

One news story I found  reported a windmill crippled by excessive wind in 2005. The windmill was part of a wind farm in Palm Springs.

A photo included in the story shows what the approach to the North Palm Springs looks like. I don’t know about you, but I don’t find this very attractive.

Personally, I would rather see a bunch of jackups offshore.

Those of us who are old enough to fondly remember long hours in the library reading books and magazines are probably a little nonplussed at the idea of reading publications online. The fact is, however, that for an entire generation of up and coming readers, reading on a screen is not only simple, it’s desirable.

Case in point - the Kindle (a reading device that allows books etc. to be downloaded for viewing) is a very big seller at Amazon.com precisely because it is portable and allows users to read regardless of where they are. Other reading devices are out there as competitors to the Kindle. And more are likely on the way with even more bells and whistles.

Although Hart is not offering a device at present for reading magazines, supplements, and reports, the company has had its magazines online for some time. If you’re interested and prefer reading from your computer screen, you can subscribe to the online version of E&P any time. And if you get the hard copy of E&P, you can always do research on EPmag.com and access the past issues that are archived. I’ve always thought of this as an “extra,” a service for our readership, an added bonus for E&P subscribers.

If what I’ve been reading of late is true, I have been wrong.

Reading the magazine online is not an extra for readers. It is a necessity. And younger readers apparently want to read everything that way.

According to a supplement to Folio magazine, this year will see the transformation of the digital magazine, “driven by an exploding mobile device market, including e-readers and tablets.” Because of this revolutionary change, publishers are starting to look at producing digital editions for these new platforms while they continue to print traditional hard copies of their magazines.

With so much information available online, it is tough to compete in the magazine world if you only exist in print. And frankly, since it isn’t possible to put audio and video in the magazine, a story in print just can’t deliver the depth of an online article.

At E&P, we’ve put all sorts of content on our site – data and tables, audio and video files, links to additional content. And we want people to take advantage of that content, which means we need to make it easily accessible.

According to President and CEO of Skram Media Mark Crowther, who is quoted in the Folio article, “We need to be offering as many entry points to our content as we can if we are to grow the audiences.”

In short, our information needs to be available anywhere and anytime. Nobody is interested in waiting for paper.

To be truthful, this transformation is actually kind of exciting. It has changed our world of monthly news to one of news by the minute. It is a constant focus on information in any form at any time.

Although we continue to produce a technology publication that fills a niche in the oil and gas industry, we have become providers of all manner of related industry information. As our readership has evolved, so have we.

I never thought I would be part of such a revolution. The fact is that I like paper. I like the smell of old books. And I like touching and holding a book while I’m reading. I like getting the first copy of the new issue of E&P and paging through it. I don’t get that same feeling when I look at it online.

That said, when I look at the scope of what E&P can offer online, the depth of the content available at a keystroke or two, and the variety of information accessible through EPmag.com, it seems to me we’re moving in the right direction.

I hope you’ve taken the time to visit our site and that you think so too.