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Economic Analysis: Theory and Practice

Analyzing the assets of the world’s leading public oil and gas corporations

Vol. 19, Iss. 2, FEBRUARY 2020

Received: 13 January 2020

Received in revised form: 20 January 2020

Accepted: 27 January 2020

Available online: 28 February 2020


JEL Classification: G31, L25, L71, M41, O12

Pages: 359–373


Shimko O.V. PAO Rubin Aviation Corporation, Balashikha, Moscow Oblast, Russian Federation


Subject The article analyzes assets of the largest public companies operating in the oil and gas industry from 2006 to 2018, like ExxonMobil, Chevron, ConocoPhillips, Occidental Petroleum, Devon Energy, Anadarko Petroleum, PAO Gazprom, PAO NK Rosneft, PAO LUKOIL, and others.
Objectives The aim is to make a comprehensive statistical analysis of changes in absolute values and the structure of assets in the public sector of the oil and gas industry.
Methods The study employs methods of statistical analysis and generalization of materials of official annual reports based on the results of financial and economic activities of the largest public oil and gas corporations.
Results Using the comprehensive analysis of balance sheets of 25 oil and gas companies, I determine changes in the size and structure of assets in the public sector of the industry, and establish the main factors that contributed to this transformation.
Conclusions The findings revealed an increase in the book value of assets in the majority of leading public oil and gas companies. Large mergers and acquisitions and agreements for new field developments also contributed to the increase. The study established that the protracted industry crisis resulted in reducing the proportion of current assets in order to release funds for revenue increase. That was why oil and gas companies sought to accelerate the collection of receivables, primarily by means of trade component. It was also determined that they channeled a part of funds thus collected to short-term financial investments.

Keywords: non-current and current assets, inventory, receivables, public company, oil and gas industry


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