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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

Subject Heading: ECONOMIC AND STATISTICAL RESEARCH

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

Pages: 272–289

https://doi.org/10.24891/fa.15.3.272

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
shima_ne@mail.ru

https://orcid.org/0000-0002-0779-7097

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

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