Figures of consolidated statements of cash flows of the world's leading publicly traded oil and gas corporations

Статья опубликована в журнале: Экономический анализ: теория и практика, 2022, Т. 21, № 5, С. 960 – 971

Автор(ы): Oleg V. SHIMKO

Рубрика: ЭФФЕКТИВНОСТЬ БИЗНЕСА

Аннотация

Subject. The article considers the main figures of consolidated cash flow statements of twenty five leading publicly traded oil and gas companies from 2006 through 2018.

Objectives. The purpose is to determine the current values of the main components of the said consolidated cash flow statements, to identify key trends in their changes during the study period, to establish the factors that led to the changes.

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

Results. The paper determines dynamics of changes in the value of key indicators and their correlation in the structure of cash flow statements in the stock market sector of the industry, establishes the main factors that contributed to the transformation, based on the results of a comprehensive analysis of annual reports of 25 oil and gas companies. It shows an increase in cash from operating activities within the studied period; the dynamics of the indicator is quite consistent with the change in average annual oil prices, despite the integrated business structure of most companies; capital expenditures of companies also depend on the level of oil quotations with a general upward trend. The analysis demonstrated that the exploration and production sector often dominates in the structure of capital expenditures, even for integrated corporations. Free cash flow returned to its previous level after a fall during the global financial crisis, only when corporations at the height of the industry crisis were able to reduce capital expenditures, which increased during a favorable period. I also revealed a growth in dividend payments, which outperformed the free cash flow most of the time. This contributed to the debt burden growth.

Conclusions. The stock market segment of the industry is characterized by the need to limit capital expenditures in order to maintain the free cash flow of companies.

Ключевые слова: cash flow statement, net cash, free cash flow, capital expenditures