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《《Case Midland Energy Resources Inc.》.pdf
4129
J U N E 1 9 , 2 0 0 9
T I M O T H Y A . L U E H R M A N
J O E L L . H E I L P R I N
Midland Energy Resources, Inc.: Cost of Capital
In late January 2007, Janet Mortensen, senior vice president of project finance for Midland Energy
Resources, was preparing her annual cost of capital estimates for Midland and each of its three
divisions. Midland was a global energy company with operations in oil and gas exploration and
production (EP), refining and marketing (RM), and petrochemicals. On a consolidated basis, the
firm had 2006 operating revenue and operating income of $248.5 billion and $42.2 billion,
respectively.
Estimates of the cost of capital were used in many analyses within Midland, including asset
appraisals for both capital budgeting and financial accounting, performance assessments, MA
proposals, and stock repurchase decisions. Some of these analyses were performed at the division or
business unit level, while others were executed at the corporate level. Midland’s corporate treasury
staff had begun preparing annual cost of capital estimates for the corporation and each division in the
early 1980s. The estimates produced by treasury were often criticized, and Midland’s division
presidents and controllers sometimes challenged specific assumptions and inputs.
In 2002, Mortensen, then a senior analyst reporting to the CFO, was asked to es
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