Subject. This article explores the market capitalization and value of the twenty five largest public oil and gas companies between 2006 and 2018. Objectives. The article aims to define market capitalization and value of the largest public oil and gas companies, identify key trends in their changes within the study period, and identify the factors that have caused these changes. Methods. For the study, I used comparative, and financial and economic analyses, and generalization. Results. The article describes changes in the market capitalization and value of the world's leading public oil and gas corporations and identifies the main factors that affected these changes. Conclusions and Relevance. The article concludes that the total market valuation of the leading public oil and gas corporations has not changed significantly over a long period. But the oil and gas industry has increased the debt load, which negatively affects the companies' market capitalization. The results of the study can be used to evaluate, forecast, and develop measures to create market cap and value of public oil and gas companies.
Keywords: market cap, enterprise value, net debt, common share, preferred share
References:
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.
Balabin A.A. [Why Gazprom's market capitalization?]. EKO = ECO, 2015, no. 3, pp. 98–115. URL: Link (In Russ.)
Tishko R.V. [Analysis of Russian public companies' market capitalization factors in the post-crisis period]. Internet-zhurnal Naukovedenie, 2016, vol. 8, no. 5. (In Russ.) URL: Link
Nureev R.M., Busygin E.G. [Biggest public oil companies: Impact of external and internal factors on capitalization]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2019, vol. 23, no. 5, pp. 87–100. URL: Link (In Russ.)
Lebedev A.S., Ten'kovskaya S.A. [Cause-and-effect relationship between factors of capitalization of Russian oil companies]. Obshchestvo: politika, ekonomika, parvo = Society: Politics, Economics, Law, 2016, no. 11, pp. 85–88. (In Russ.) URL: Link
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.)
Nureev R.M., Busygin E.G. [Global institutions and their impact on the capitalization of oil companies]. Journal of Institutional Studies, 2019, no. 11-2, pp. 6–27. URL: Link (In Russ.)
Brekhova Yu.V., Almosov A.P., Shuralev D.A. [Influence of industry factors on the formation of capitalization of oil companies (on the materials of domestic oil companies)]. Voprosy upravleniya = Management Issues, 2019, no. 3, pp. 217–223. URL: Link (In Russ.)
Loseva O.V. [Intangible assets as a factor affecting the capitalization and investment attractiveness of fuel and energy companies]. Voprosy upravleniya = Management Issues, 2019, no. 3, pp. 189–199. URL: Link (In Russ.)
Kaznacheev P.F., Kyurchiski N.V., Samoilova R.V. [Adaptation to lower oil prices: International corporations and junior shale companies]. Ekonomicheskaya politika = Economic Policy, 2017, vol. 12, no. 6, pp. 148–159. URL: Link (In Russ.)
Nalivaiskii V.Yu., Kolesnik I.A. [Capitalization of Russian oil companies and dynamic of RTS stock index]. Vestnik Rostovskogo gosudarstvennogo ekonomicheskogo universiteta (RINKh) = Vestnik of Rostov State University of Economics, 2016, no. 3, pp. 178–184. URL: Link (In Russ.)
Aleksandrova A.I., Zakrevskaya A.V., Sokolitsyn A.S. [Analysis of the economy of the oil and gas sector in the Russian Federation]. Nauchnyi zhurnal NIU ITMO. Seriya: Ekonomika i ekologicheskii menedzhment, 2019, no. 2, pp. 3–14. (In Russ.) URL: Link
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.)
Biryukova V.V. [A methodology and tools for a comprehensive assessment of the oil company's performance based on a balanced development model]. Vestnik Sibirskoi gosudarstvennoi avtomobil'no-dorozhnoi akademii. Ekonomicheskie nauki = The Russian Automobile and Highway Industry Journal, 2016, no. 6, pp. 108–116. URL: Link (In Russ.)
Biryukova V.V. [Management of the balanced development of the enterprises of oil industry]. Vestnik Sibirskoi gosudarstvennoi avtomobil'no-dorozhnoi akademii = The Russian Automobile and Highway Industry Journal, 2016, no. 1, pp. 87–94. URL: Link (In Russ.)
Biryukova V.V. [Balanced growth of the oil industry as a factor in the balanced development: the theory and practice]. Internet-zhurnal Naukovedenie, 2016, vol. 8, no. 1. (In Russ.) URL: Link
Brodunov A.N. [Assessment of quality of growth of the Russian companies of oil and gas branch on the basis of financial model of the analysis]. Nauchnyi vestnik: Finansy, banki, investitsii = Scientific Bulletin: Finance, Banking, Investment, 2018, no. 2, pp. 5–16. URL: Link (In Russ.)
Kostylev A.O., Skopina L.V. [Analysis of management quality and management decisions made using the example of Russian oil and gas companies]. Mir ekonomiki i upravleniya = World of Economics and Management, 2016, vol. 16, no. 1, pp. 18–24. (In Russ.) URL: Link
Nazarova V.V., Shevyakina O.R. [Determination of an optimum premium paid in M&A transactions in oil and gas section]. Korporativnye finansy = Journal of Corporate Finance Research, 2015, vol. 9, no. 4, pp. 5–30. (In Russ.) URL: Link
Krivorot'ko I.A. [Analysis of the world trading strategy leading oil companies and their development prospects]. Azimut nauchnykh issledovanii: ekonomika i upravlenie = Azimuth of Scientific Research: Economics and Management, 2015, no. 3, pp. 28–31. (In Russ.) URL: Link
Razmanova S.V. [The investment policy of oil and gas companies in crisis]. Vestnik Udmurtskogo universiteta. Seriya: Ekonomika i pravo = Bulletin of Udmurt University. Series: Economics and Law, 2016, vol. 26, no. 6, pp. 57–64. (In Russ.) URL: Link
Lavrov S.N., Dyakin B.G. [Russian companies in the international oil and gas business: innovative vector of development]. Vestnik Rossiiskogo universiteta druzhby narodov. Seriya: Ekonomika = RUDN Journal of Economics, 2019, vol. 27, no. 1, pp. 90–101. (In Russ.) URL: Link
Basiladze G.R. [Comparative analysis of investment appeal of PJSC LUKOIL, PJSC Rosneft, PJSC Gazprom]. Gumanitarnye, sotsial'no-ekonomicheskie i obshchestvennye nauki = Humanities, Socio-Economic and Social Sciences, 2017, no. 1, pp. 145–147. (In Russ.) URL: Link
Rykova I.N., Taburov D.Yu. [Tools improvement for stimulating investment attractiveness of the energy complex of Russia]. Vestnik Volgogradskogo gosudarstvennogo universiteta. Seriya 3: Ekonomika. Ekologiya = Science Journal of Volgograd State University. Global Economic System, 2019, vol. 21, no. 1, pp. 92–99. URL: Link (In Russ.)
