+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Financial Analytics: Science and Experience

Specific financial and stock market ratios of the world's major public oil and gas corporations as an indicator of investment attractiveness of domestic vertically integrated oil and gas companies

Vol. 15, Iss. 3, SEPTEMBER 2022

Received: 28 February 2022

Received in revised form: 10 March 2022

Accepted: 19 March 2022

Available online: 30 August 2022


JEL Classification: G32, L25, L71, M41, O12

Pages: 272–289


Oleg V. SHIMKO Center for Innovative Economics and Industrial Policy, Institute of Economics of Russian Academy of Sciences (IE RAS), Balashikha, Moscow Oblast, Russian Federation


Subject. This article considers the specific financial and stock market indicators of the twenty five leading listed oil and gas companies within 2006 through 2018.
Objectives. The study aims to determine the current level of values of the specific financial and stock market indicators of the leading publicly traded oil and gas companies, as well as identify the key trends in the changes within the studied period and factors that have caused these changes.
Methods. For the study, I used comparative, and financial and economic analyses, and generalization of materials of the companies' consolidated financial statements.
Results. The article shows a tangible decline in most of the key specific indicators over the period under study, except for net revenue from core activities per barrel of production. The article finds that the long-term industry crisis impacts the group's performance greatly, and independent companies are suffering the most. It says that specific stock market coefficients are acceptable for assessing the possible value of the industry corporations, and the ratio of market capitalization to production is preferable. The article finds that domestic corporations are inferior to competitors in terms of specific stock market indicators, so the country specificity of the group coefficients is obvious.
Conclusions. The article concludes that a decrease in the specific profitability of hydrocarbon production in the industry's stock market segment affects the market attractiveness of the oil and gas sector negatively.

Keywords: production, proved reserves, revenue, net income, market capitalization


  1. Egorova A.O., Ivanova Ya.A., Kryukova T.A. [Analysis of the main indicators of operational and financial activities of PJSC LUKOIL]. Rossiiskii ekonomicheskii vestnik = Russian Economic Bulletin, 2020, vol. 3, no. 2, pp. 87–92. URL: Link (In Russ.)
  2. Lipatnikov V.S., Kirsanova K.A. [Assessment of the impact of the adverse economic geopolitical environment on the worth of Russian oil and gas companies]. Upravlencheskie nauki = Management Sciences, 2018, vol. 8, no. 2, pp. 30–43. URL: Link (In Russ.)
  3. Chistyakova G.A. [The problems of economic stability of a company in unstable environment]. Teoriya i praktika obshchestvennogo razvitiya = Theory and Practice of Social Development, 2015, no. 8, pp. 56–58. URL: Link (In Russ.)
  4. Boldanova E.V. [The forecasting of oil companies financial condition]. Gosudarstvennyi sovetnik, 2019, no. 1, pp. 5–9. (In Russ.) URL: Link
  5. Aliev A.A., Solov'eva M.G., Kachalina A.D. [Integral estimation of the company's financial condition]. Finansy i kredit = Finance and Credit, 2018, vol. 24, iss. 2, pp. 288–303. (In Russ.) URL: Link
  6. Eder L.V., Filimonova I.V., Kozhevin V.D. [Efficiency analysis of the Russian oil and gas companies]. Problemy ekonomiki i upravleniya neftegazovym kompleksom = Problems of Economics and Management of Oil and Gas Complex, 2016, no. 3, pp. 9–18. (In Russ.)
  7. Dudorova Yu.I., Khalikova M.A. [Development features of KPI oil and gas producer companies in business direction 'Exploration and Production', taking into account the stages of mining oil deposits]. Naukovedenie, 2015, vol. 7, no. 3. (In Russ.) URL: Link
  8. Eder L.V., Filimonova I.V., Mochalov R.A. [The effectiveness of business strategies of the Russian oil and gas companies]. Burenie i neft' = Drilling and Oil, 2015, no. 3, pp. 3–10. URL: Link (In Russ.)
  9. Shcherbakova N.S. [Evaluation of the performance of energy companies in modern economic conditions]. Voprosy ekonomiki i upravleniya = Economics and Management Issues, 2016, no. 5, part 2, pp. 119–127. URL: Link (In Russ.)
  10. Lebed'ko A.G. [An assessment of resource strategy of VINK on the basis of the balanced score card and key indicator system of efficiency of the oil and gas companies]. Vestnik Voronezhskogo gosudarstvennogo universiteta. Ser.: Ekonomika i upravlenie = Proceedings of Voronezh State University. Series: Economics and Management, 2017, no. 1, pp. 13–23. URL: Link (In Russ.)
  11. Isaeva N.S. [Assessing the effectiveness of the exploitation of the mineral resources base of oil and gas companies]. Upravlenie ekonomicheskimi sistemami, 2016, no. 9. (In Russ.)
  12. Prokop'eva T.V. [Strategic goals of JSC NK Rosneft]. Mezhdunarodnyi nauchno-issledovatel'skii zhurnal, 2015, no. 4-2, pp. 47–48. (In Russ.) URL: Link
  13. Gerasimova M.V., Musina D.R. [Assessment of the level of sustainable development of the oil and gas company]. Ekonomika i upravlenie = Economics and Management, 2018, no. 2, pp. 114–119. URL: Link (In Russ.)
  14. Smirnov D.B. [Improving governance mechanism sustainable development strategy at the enterprises of the oil complex]. MIR (Modernizatsiya. Innovatsii. Razvitie) = MIR (Modernization. Innovation. Research), 2016, vol. 7, no. 1, pp. 41–47. URL: Link (In Russ.)
  15. Zhavoronkova E.N. [Analysis of taxation in the oil industry in the context of major Russian and foreign oil companies]. Gosudarstvennoe upravlenie. Elektronnyi vestnik, 2015, no. 50. (In Russ.) URL: Link
  16. Zhavoronkova E.N. [Tax payments of oil companies in Russia and abroad]. Gosudarstvennoe upravlenie. Elektronnyi vestnik, 2020, no. 78, pp. 5–36. (In Russ.) URL: Link
  17. Sharf I.V. [Comparative analysis of oil production in terms of region: Tax issue]. Vestnik Evraziiskoi nauki, 2019, vol. 11, no. 4. (In Russ.) URL: Link
  18. Uvarov P.O., Adaeva A.A., Aliaskhabov Z.A. [The effects of the tax on added income as a component of tax reform in oil industry on the example of the Yuzhno-Kirinskoye field]. Upravlenie ekonomicheskimi sistemami, 2017, no. 5. (In Russ.) URL: Link
  19. Anureev S.V. [Comparative analysis of budget-tax relations in the oil industry in the USA, Canada, UK and Russia]. EKO = ECO, 2019, no. 5, pp. 140–161. URL: Link (In Russ.)
  20. Kuklina E.A. [Innovative activity of Russian oil and gas sector companies in the face of new energy market challenges]. Ekonomika novogo mira, 2018, no. 3, pp. 5–20. URL: Link (In Russ.)
  21. Sokolov M.M. [Prospects for world oil consumption and dynamics of world prices for it]. Vestnik Instituta ekonomiki Rossiiskoi akademii nauk = Bulletin of Institute of Economics of Russian Academy of Sciences, 2019, no. 4, pp. 108-124. URL: Link (In Russ.)
  22. Nikonova S.A., Kulagina Zh.D., Tamindarova D.R. [Market analysis of oil production and refining in Russia]. Azimut nauchnykh issledovanii: ekonomika i upravlenie = Azimuth of Scientific Research: Economics and Administration, 2019, vol. 8, no. 2, pp. 271–275. URL: Link (In Russ.)
  23. Shimko O.V. Analiz rezul'tatov finansovo-khozyaistvennoi deyatel'nosti vedushchikh publichnykh korporatsii neftegazovoi otrasli posle mirovogo finansovogo krizisa [An analysis of the results of financial and economic activities of leading public corporations in the oil and gas industry after the global financial crisis]. Moscow, Nauka Publ., 2019, 339 p.

View all articles of issue


ISSN 2311-8768 (Online)
ISSN 2073-4484 (Print)

Journal current issue

Vol. 15, Iss. 3
September 2022