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An empirical study on the valuation of oil companies

机译：石油公司估值的实证研究

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摘要

This study examines the determinants of value creation for the world's largest oil and gas companies. The study was based on 82 oil companies. The financial performance analysis for the period 2009-2013 reveals that the average total revenues increased from $39.82 billion in year 2009 to $68.87 billion in year 2013. The largest oil firms in terms of average revenues were Exxon Mobil, Royal Dutch Shell and Sinopec during the period 2009-2013. Three major market value variables were regressed on various independent variables representing performance, the financing, investment and dividend policy variables of oil firms. The empirical analysis finds that dividend policy and cost efficiency are important determinants of valuation of oil companies. The higher the liquidity position of the energy firms, the higher is the value creation in the market. The study establishes negative relationship between capital intensity and value creation. It can be viewed that market is sceptical about high capital expenditures by oil and gas firms. Higher cash flows result in increase in value for oil firms in stock market. Higher working capital efficiency leads to higher value creation. Undervalued stocks in the oil sector tends to have higher potential for value appreciation. Focus on effective asset utilisation is a value increasing activity for oil and gas sector firms.
机译：这项研究探讨了全球最大的石油和天然气公司创造价值的决定因素。该研究基于82家石油公司。 2009-2013年期间的财务绩效分析显示，平均总收入从2009年的398.2亿美元增加到2013年的688.7亿美元。就平均收入而言，最大的石油公司是埃克森美孚，荷兰皇家壳牌和中石化。 2009-2013年。三个主要的市场价值变量针对各种独立变量进行了回归，这些变量分别代表了石油公司的绩效，融资，投资和股息政策变量。实证分析发现，股利政策和成本效率是石油公司估值的重要决定因素。能源公司的流动性头寸越高，市场创造的价值就越高。该研究建立了资本强度与价值创造之间的负相关关系。可以看出，市场对石油和天然气公司的高资本支出持怀疑态度。现金流量增加导致石油公司在股票市场中的价值增加。更高的营运资金效率导致更高的价值创造。石油行业中被低估的股票往往具有更高的升值潜力。对石油和天然气行业公司而言，关注有效资产利用是一项增值活动。

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  • 来源
    《OPEC energy review》 |2016年第1期|91-108|共18页
  • 作者

    Rajesh Kumar Bhaskaran; Sujit K Sukumaran;

  • 作者单位

    Institute of Management Technology, Dubai International Academic City, UG-02, P O Box: 345006, UAE;

    Economics Area, Institute of Management Technology, Dubai, UAE;

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  • 正文语种 eng
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