Whether you are a university student, a fresh graduate, or a young professional, if you really have a burning desire to create a successful career, and make it to the top in your field, then self-evaluation and self-reflection is the first step to start with.
Don't wonder, and for sure, don't underestimate this, because if you really want to have a successful career, if you want to become an authority in your field, and make it to the top, then you should start it right.
And to start right, you should know yourself better, you should know your strengths and weaknesses, your values and priorities, your skills and competencies, what you are good at and what you are not and what is your passion and interest. And that can only be done through self-evaluation and self-reflection and here is why.
When planning our career path, many of us tend to make a very big mistake. They do not conduct any self-evaluation and self-reflection to better understand themselves and evaluate their skills, competencies, and learning progress.
They only try to gather some information for the sake of getting things done such as preparing their CV, cover-letter to apply for a job. They don't go in-depth, in an organized way to collect information for the sake of knowing who they really are, what they want and try to make sense of these information to plan and decide their career path.
Whether it is due to lack of time, lack of awareness of its importance, or in worst case not knowing it is something that should be done. They directly jump into preparing a CV and cover-letter, choosing their career path and start to approach companies looking for a job. And that is the biggest mistake they make in their career life.
To understand why it is so, consider the following example. Imagine building a five-story house on a ground that you know nothing about it. You did little to no research to find out the strength of basis and whether that place is suitable to the type of house you are building or not. Instead, you just jumped directly into the construction phase, building your house on a ground without a proper evaluation of the basis.
By the time you are done, you realize that your house could collapse at any time because of the weak basis. And you end up forced to move and build another one which costs you your time and money. This is exactly the same scenario as building a career path without first doing any self-evaluation and self-reflection.
Many people out there end up taking a wrong career path, wasting their time and energy because they did not take the time to understand and evaluate themselves, their capabilities and what they really want. And if you don't know yourself intimately, you can't build a successful and enjoyable career.
If you are a young professional or in your mid-career, you still have the time to check if you are in the right direction and improve yourself. And if you are a recent graduate or a university student, it is much more better to do it now, and plan your career the right way instead of wasting your time taking a wrong path and not knowing what you really want.
And if you are unemployed as a result of being laid off or could not secure a job, taking the time to do this self-evaluation and self-reflection will extremely help you to assess yourself, and your progress. It will give you a better picture of who you really are, a picture which maybe you could not see before because you were busy with your work or your studies.
It will also help you gather all the details about your experiences, activities, projects, workshops, training courses and many other things in one place. And all these details will later be used to improve your CV and cover-letter, and build a strong online presence by updating your profiles. And doing so will increase your chances of getting what you want and opportunities coming down your way.
Now, if you are ready to start it right, to discover who you really are, what you really want to be, and build a career based on what you are passionate about rather than what you are told to be or what circumstances made you be, I can help you achieve that.
I have prepared for you a self-evaluation report in which I discuss the steps used to do self-evaluation and self-reflection. I have listed 19 steps to follow in order to collect the information needed to plan your career and life in general. It is all based on my personal experience and I have also listed many advices and tips for the things that you should focus on and others you should avoid.
I hope it will be beneficial for you and I also hope to hear from you if you have any comment regarding this report or if you have any question. You can get your report either by subscribing to to my newsletter in this page or here.
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Source: U.S. Energy Information Administration, Short-Term Energy Outlook
In April 2019, Venezuela's crude oil production averaged 830,000 barrels per day (b/d), down from 1.2 million b/d at the beginning of the year, according to EIA’s May 2019 Short-Term Energy Outlook. This average is the lowest level since January 2003, when a nationwide strike and civil unrest largely brought the operations of Venezuela's state oil company, Petróleos de Venezuela, S.A. (PdVSA), to a halt. Widespread power outages, mismanagement of the country's oil industry, and U.S. sanctions directed at Venezuela's energy sector and PdVSA have all contributed to the recent declines.
Source: U.S. Energy Information Administration, based on Baker Hughes
Venezuela’s oil production has decreased significantly over the last three years. Production declines accelerated in 2018, decreasing by an average of 33,000 b/d each month in 2018, and the rate of decline increased to an average of over 135,000 b/d per month in the first quarter of 2019. The number of active oil rigs—an indicator of future oil production—also fell from nearly 70 rigs in the first quarter of 2016 to 24 rigs in the first quarter of 2019. The declines in Venezuelan crude oil production will have limited effects on the United States, as U.S. imports of Venezuelan crude oil have decreased over the last several years. EIA estimates that U.S. crude oil imports from Venezuela in 2018 averaged 505,000 b/d and were the lowest since 1989.
EIA expects Venezuela's crude oil production to continue decreasing in 2019, and declines may accelerate as sanctions-related deadlines pass. These deadlines include provisions that third-party entities using the U.S. financial system stop transactions with PdVSA by April 28 and that U.S. companies, including oil service companies, involved in the oil sector must cease operations in Venezuela by July 27. Venezuela's chronic shortage of workers across the industry and the departure of U.S. oilfield service companies, among other factors, will contribute to a further decrease in production.
Additionally, U.S. sanctions, as outlined in the January 25, 2019 Executive Order 13857, immediately banned U.S. exports of petroleum products—including unfinished oils that are blended with Venezuela's heavy crude oil for processing—to Venezuela. The Executive Order also required payments for PdVSA-owned petroleum and petroleum products to be placed into an escrow account inaccessible by the company. Preliminary weekly estimates indicate a significant decline in U.S. crude oil imports from Venezuela in February and March, as without direct access to cash payments, PdVSA had little reason to export crude oil to the United States.
India, China, and some European countries continued to receive Venezuela's crude oil, according to data published by ClipperData Inc. Venezuela is likely keeping some crude oil cargoes intended for exports in floating storageuntil it finds buyers for the cargoes.
Source: U.S. Energy Information Administration, Short-Term Energy Outlook, and Clipper Data Inc.
A series of ongoing nationwide power outages in Venezuela that began on March 7 cut electricity to the country's oil-producing areas, likely damaging the reservoirs and associated infrastructure. In the Orinoco Oil Belt area, Venezuela produces extra-heavy crude oil that requires dilution with condensate or other light oils before the oil is sent by pipeline to domestic refineries or export terminals. Venezuela’s upgraders, complex processing units that upgrade the extra-heavy crude oil to help facilitate transport, were shut down in March during the power outages.
If Venezuelan crude or upgraded oil cannot flow as a result of a lack of power to the pumping infrastructure, heavier molecules sink and form a tar-like layer in the pipelines that can hinder the flow from resuming even after the power outages are resolved. However, according to tanker tracking data, Venezuela's main export terminal at Puerto José was apparently able to load crude oil onto vessels between power outages, possibly indicating that the loaded crude oil was taken from onshore storage. For this reason, EIA estimates that Venezuela's production fell at a faster rate than its exports.
EIA forecasts that Venezuela's crude oil production will continue to fall through at least the end of 2020, reflecting further declines in crude oil production capacity. Although EIA does not publish forecasts for individual OPEC countries, it does publish total OPEC crude oil and other liquids production. Further disruptions to Venezuela's production beyond what EIA currently assumes would change this forecast.
Headline crude prices for the week beginning 13 May 2019 – Brent: US$70/b; WTI: US$61/b
Headlines of the week
Midstream & Downstream
The world’s largest oil & gas companies have generally reported a mixed set of results in Q1 2019. Industry turmoil over new US sanctions on Venezuela, production woes in Canada and the ebb-and-flow between OPEC+’s supply deal and rising American production have created a shaky environment at the start of the year, with more ongoing as the oil world grapples with the removal of waivers on Iranian crude and Iran’s retaliation.
The results were particularly disappointing for ExxonMobil and Chevron, the two US supermajors. Both firms cited weak downstream performance as a drag on their financial performance, with ExxonMobil posting its first loss in its refining business since 2009. Chevron, too, reported a 65% drop in the refining and chemicals profit. Weak refining margins, particularly on gasoline, were blamed for the underperformance, exacerbating a set of weaker upstream numbers impaired by lower crude pricing even though production climbed. ExxonMobil was hit particularly hard, as its net profit fell below Chevron’s for the first time in nine years. Both supermajors did highlight growing output in the American Permian Basin as a future highlight, with ExxonMobil saying it was on track to produce 1 million barrels per day in the Permian by 2024. The Permian is also the focus of Chevron, which agreed to a US$33 billion takeover of Anadarko Petroleum (and its Permian Basin assets), only for the deal to be derailed by a rival bid from Occidental Petroleum with the backing of billionaire investor guru Warren Buffet. Chevron has now decided to opt out of the deal – a development that would put paid to Chevron’s ambitions to match or exceed ExxonMobil in shale.
Performance was better across the pond. Much better, in fact, for Royal Dutch Shell, which provided a positive end to a variable earnings season. Net profit for the Anglo-Dutch firm may have been down 2% y-o-y to US$5.3 billion, but that was still well ahead of even the highest analyst estimates of US$4.52 billion. Weaker refining margins and lower crude prices were cited as a slight drag on performance, but Shell’s acquisition of BG Group is paying dividends as strong natural gas performance contributed to the strong profits. Unlike ExxonMobil and Chevron, Shell has only dipped its toes in the Permian, preferring to maintain a strong global portfolio mixed between oil, gas and shale assets.
For the other European supermajors, BP and Total largely matched earning estimates. BP’s net profits of US$2.36 billion hit the target of analyst estimates. The addition of BHP Group’s US shale oil assets contributed to increased performance, while BP’s downstream performance was surprisingly resilient as its in-house supply and trading arm showed a strong performance – a business division that ExxonMobil lacks. France’s Total also hit the mark of expectations, with US$2.8 billion in net profit as lower crude prices offset the group’s record oil and gas output. Total’s upstream performance has been particularly notable – with start-ups in Angola, Brazil, the UK and Norway – with growth expected at 9% for the year.
All in all, the volatile environment over the first quarter of 2019 has seen some shift among the supermajors. Shell has eclipsed ExxonMobil once again – in both revenue and earnings – while Chevron’s failed bid for Anadarko won’t vault it up the rankings. Almost ten years after the Deepwater Horizon oil spill, BP is now reclaiming its place after being overtaken by Total over the past few years. With Q219 looking to be quite volatile as well, brace yourselves for an interesting earnings season.
Supermajor Financials: Q1 2019