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Stephen Arbogast

Stephen Arbogast

Professor of the Practice of Finance


McColl 4537 CB# 3490 Chapel Hill, NC 27599-3490


Stephen Arbogast’s teaching career focuses on international finance, project finance, business ethics and the business of energy.

He is the author of  “Resisting Corporate Corruption: Cases in Practical Ethics from Enron through the Financial Crisis” (Wiley, 2017). The textbook had its origins during the Enron scandal. It addresses the financial crisis and its aftermath with 28 case studies and nine essays covering a full range of business practice, controls and ethics issues. It is written for business and law students; corporate heads of audit, controllers, and legal compliance officers; and business leaders, especially heads of financial and large corporations.

He served as the treasurer of Exxon Chemical and ExxonMobil Chemical Company from 1997-2004. His Exxon career spanned 32 years and included assignments as finance manager of Esso Brasileira, treasurer of Exxon Capital Corporation and finance director of Esso Standard Thailand. While treasurer of Chemical, he was responsible for the financing of Exxon’s $40 billion worldwide chemical business. He served on joint venture boards with Exxon partners in Saudi Arabia, Australia and the U.S. Over the course of his career, he led or participated in more than $4 billion in capital market and project financing. He also worked in operating affiliates encompassing petroleum refining, petrochemicals, marketing and logistics.

Professor Arbogast has been a member of the National Renewable Fuels Laboratory (NREL) Biofuels Technical Review Panel since 2008. He was principal investigator on a study for NREL entitled “Preferred Paths for Commercializing Pyrolysis Oil at Conventional Refineries” from 2008-10.

Professor Arbogast has written more 70 case studies which are core teaching materials for his courses. The cases include many transactions he led or participated in during his Exxon career. He also has written numerous articles on the energy industry. He previously served on the faculty of the University of Houston’s C.T. Bauer College of Business, where he was executive professor of finance and received the Bauer College Payne Teaching Excellence Award in 2008.
He received a master’s degree in public affairs from the Woodrow Wilson School of Public and International Affairs at Princeton University, his BA in government from Cornell University and a master’s degree in theological studies from the University of St. Thomas, Houston.

Areas of Expertise

Energy Ethics Finance