Figures of Consolidated Income Statement of the World's Leading Publicly Traded Oil and Gas Corporations

Статья опубликована в журнале: Экономический анализ: теория и практика, 2022, Т. 21, № 7, С. 1349–1363

Автор(ы): Богданова А.Л.

Рубрика: АНАЛИЗ ДОХОДОВ, ПРИБЫЛИ И РАСХОДОВ

Аннотация

Предмет. The article considers the main figures of consolidated income statements of twenty five leading listed oil and gas companies from 2006 through 2018.

Цели. The purpose is to determine the current values of the main components of consolidated income statements of leading publicly traded oil and gas companies, to identify key trends in their change during the studied period, and to establish the factors that led to changes.

Методология. The study draws on methods of comparative and financial-economic analysis, as well as generalization of materials of consolidated income statements.

Результаты. The paper determines dynamics of changes in the value of key indicators and their correlation in the structure of income statements in the stock market sector of the industry, establishes the main factors that contributed to this transformation, based on the results of a comprehensive analysis of annual reports of 25 oil and gas companies. It shows a decrease in the sectoral level of net income of shareholders within the framework of the studied period, which occurred against the background of an increase in net revenue from core activities. The main factor behind such changes in the structure of the income statement was the increase in operating expenses outpacing revenue, primarily due to depreciation, depletion and amortization of assets. The strengthening of the role of interest expenses occurred in the stock market sector after the sectoral crisis. The overall reduction in income tax burden is a positive development. A return to the previous structure is possible only with a significant increase in oil prices, a reduction in operating costs, and a decrease in excises, duties and all other taxes not related to income tax.

Выводы. Net income of companies in the stock market sector of the oil and gas industry is decreasing due to an increase in expenses for core activities, which are faster than the growth of the corresponding revenue.

Ключевые слова: revenue, net income, income tax, interest expense, EBITDA