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Economic Analysis: Theory and Practice

Econometric analysis of the capital structure of oil and gas companies in Russia

Vol. 20, Iss. 4, APRIL 2021

Received: 28 January 2021

Received in revised form: 12 February 2021

Accepted: 3 March 2021

Available online: 29 April 2021


JEL Classification: H21, H32, L52, L71

Pages: 624–644


Irina V. FILIMONOVA Trofimuk Institute of Petroleum Geology and Geophysics, Siberian Branch of Russian Academy of Sciences (IPGG SB RAS), Novosibirsk, Russian Federation


Anna V. KOMAROVA Trofimuk Institute of Petroleum Geology and Geophysics, Siberian Branch of Russian Academy of Sciences (IPGG SB RAS), Novosibirsk, Russian Federation


Anastasiya V. CHEBOTAREVA Trofimuk Institute of Petroleum Geology and Geophysics, Siberian Branch of Russian Academy of Sciences (IPGG SB RAS), Novosibirsk, Russian Federation

ORCID id: not available

Subject. The article addresses the capital structure of Russian oil and gas companies and key factors, influencing the equity to debt ratio.
Objectives. The paper aims at the comprehensive review of the capital structure of Russia's largest oil and gas companies from 2010 to 2019, revealing the significant factors of its formation and transformation, assesses the impact of sanctions, imposed on Russia, on the equity to debt ratio in the oil and gas industry.
Methods. The study rests on the combination of methods of scientific knowledge and financial, economic, and econometric analysis of panel data with fixed and random effects.
Results. We unveil patterns of changes in the equity to debt ratio at the level of the oil and gas industry as a whole and with differentiation for individual companies, for 2010–2019. The econometric models that were built and tested based on panel data enabled to establish functional relevance and identify a set of significant factors, which included the company size, profitability of equity, and revenue from international supplies.
Conclusions. Based on the findings, in the future, it is advisable to expand the list of possible factors influencing the capital structure, by adding all sorts of risks, conditions and sources of attraction of both the debt capital and equity, and the specifics of company operation. The determination of the optimal debt-to-equity ratio for the largest oil and gas companies in Russia, taking into account individual economic, management, and strategic characteristics, can be a separate component of the study.

Keywords: oil and gas industry, capital structure, hard-to-recover reserves, oil price, panel data


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ISSN 2311-8725 (Online)
ISSN 2073-039X (Print)

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Vol. 20, Iss. 4
April 2021