This study investigates the non-linear effect of the cash conversion cycle (CCC) on a firm’s profitability for a sample of 6072 firms from five countries (Germany, Spain, France, Great Britain, and Italy) from 2006 to 2015. Additionally, this study explores the sensitivity of economic crises to the non-linear effect of the CCC on a firm’s performance. This study employs fixed-effects unbalanced panel data and weighted least squares (due to heteroscedasticity) to examine a firm’s performance, using return on assets (ROA) to measure profitability. The cash conversion cycle, financial leverage, size, and tangibility are independent variables. The results of this study show that the effect of the cash conversion cycle on firms’ performance is an inverted U-shape (non-linear). It also shows that the economic conditions vis-à-vis crises influence firm performance. This study found the optimal number of the CCC to be 90 days for the entire sample, 85 days for the non-crisis period, and 92 days for the crisis period. It also finds that the marginal effect of the CCC on ROA is 3.9 times higher during economic crises versus non-economic crisis periods. This study contributes to the existing working capital management literature by examining the non-linear effect of the cash conversion cycle on profitability and the sensitivity of these effects during economic crises. Thus, empirical evidence can serve scholars, business policymakers, and corporate finance professionals in managing their working capital strategically.

The natural gas (NG)-powered compressors/engines used in liquified natural gas (LNG) plants are a major source of methane emission. The Allam–Fetvedt cycle (AFC), an oxyfuel, carbon-neutral, high-efficiency power plant, generates pipeline-grade CO₂. This work performed novel process modeling, economic analysis, and greenhouse gas emissions analysis for a heat-integrated, electrified LNG/AFC/air separation unit (ASU) complex (LAA), then compared it to standalone LNG and AFC/ASU plants (baseline) as well as an LNG plant electrified with AFC/ASU without heat integration. The low-grade heat generated from compressors of the LNG plant can enhance the AFC net power output by 7.1%. Utilizing the nitrogens cold energy reduces the compressor power requirement by 1.6%. In the integrated LAA complex, not only are GHG emissions avoided, but the energy efficiencies are also improved for both the LNG plant and the AFC power plant. A cash flow analysis of LAA was performed over a 20-year period with 5%, 7%, and 10% discount rates and three levels of LNG prices. The 45Q CO₂ credit of USD 85/T as stipulated by the recent Inflation Reduction Act (IRA) of 2022 has been incorporated. The results clearly indicate the economic and environmental benefits of the proposed electrification and heat/power integration.

Excess associated gas from unconventional wells is typically flared while excess produced water is injected underground. In this work, flare gas recovery is integrated with produced water desalination and a solar pre-heater. The solar module with a beam splitter preheats the produced water. Aspen Plus was used to perform process modeling as well as to estimate capital and operating costs. The Solar-Flare Gas RDcovery- desalination (Solar-FGRD) process can conserve water resources and reduce the brine injection by 77%. The accompanying solar farm results in excess solar electricity for exporting to the grid. The process burner combustion efficiency (CE) is 99.8% with the destruction and removal efficiency (DRE) of 99.99% for methane as opposed to the flare CE of 80-98% (and a methane DRE of 91-98%). The greenhouse gas (GHG) emissions for CO2 and methane in terms of CO2 equivalent (CO2e) can be reduced by 45 % for US North Dakota & Texas flaring and 13% for North Sea flaring by employing the Solar- FGRD process. The comprehensive financial analysis demonstrates the financial-economic feasibility of the investment project with or without tax credits. Best-case and worst-case scenarios provide a realistic range that investors can consider before making investment decisions.

Excess associated gas from unconventional wells is typically flared while excess produced water is injected underground. In this work, flare gas recovery is integrated with produced water desalination and a solar pre-heater. The solar module with a beam splitter preheats the produced water. Aspen Plus process modeling, economic analysis, and greenhouse gas analysis were performed. The solar flare gas recovery desalination (Solar-FGRD) process can conserve water resources and reduce the brine injection by 77%. The accompanying solar farm results in excess solar electricity for exporting to the grid. The process burner combustion efficiency (CE) is 99.8%, with a destruction and removal efficiency (DRE) of 99.99% for methane as opposed to a flare CE of 80–98% (and a methane DRE of 91–98%). The greenhouse gas (GHG) emissions for CO₂ and methane, in terms of CO₂ equivalent (CO₂e), can be reduced by 45% for US North Dakota and Texas flaring and 13% for North Sea flaring by employing the Solar-FGRD process. Comprehensive financial analysis demonstrates the financial–economic feasibility of the investment project with or without tax credits. Best-case and worst-case scenarios provide a realistic range that investors can consider before making investment decisions.