Financial stability ratios of the world's leading publicly traded oil and gas corporations as an indicator of the investment attractiveness of domestic vertically integrated oil and gas companies

Статья опубликована в журнале: Экономический анализ: теория и практика, 2022, Т. 21, № 11, С. 2119 – 2131

Автор(ы): Oleg V. SHIMKO

Рубрика: Инвестиционный анализ

Аннотация

Предмет. The article considers the main financial stability ratios of twenty five leading publicly traded oil and gas companies from 2006 through 2018.

Цели. The aim of the study is to determine the current level of values of the main indicators of financial stability of the leading publicly traded oil and gas companies, to identify the key trends in their change within the studied period, and to establish those factors that led to this transformation.

Методология. The study is based on methods of comparative and financial-economic analysis, generalization of materials of consolidated income statements.

Результаты. The paper reveals deterioration of key indicators of leading publicly traded oil and gas companies’ financial stability within the studied period. I found that the global financial crisis, as a whole, did not have a significant negative impact. A decrease in the book value of assets as a result of revaluation, as well as implemented mergers and acquisitions with the attraction of an impressive corporate-wide debt capital can have a serious negative impact on the financial stability of companies in the industry. The trend towards improvement of financial stability indicators was outlined in the stock market sector of the industry after the industry crisis.

Выводы. In times of crisis, leading oil and gas companies were able to pay off their own debt obligations.

Ключевые слова: financial stability, total capital, gross debt, net debt, EBITDA