Production and Reserves of the World's Leading Publicly Traded Oil and Gas Corporations

Статья опубликована в журнале: Экономический анализ: теория и практика, 2022, Т. 21, № 6, С. 1116 – 1138

Автор(ы): Oleg V. SHIMKO

Рубрика: ЭФФЕКТИВНОСТЬ БИЗНЕСА

Аннотация

Предмет. The article considers the production and proved reserves of the 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 production and proved reserves of leading publicly traded oil and gas companies, as well as to identify key trends in their changes during the study period, to establish the factors that led to the changes.

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

Результаты. The paper established a practically commensurate growth in the production of liquid hydrocarbons and natural gas. It determined that most of the total production fell on liquid hydrocarbons. There was an increase in proved reserves, and the component of liquid hydrocarbons gradually reached almost two-thirds in the structure. The growth in the production of liquid hydrocarbons and natural gas outpaced the growth of the corresponding proved reserves in terms of its pace at the level of the world's leading publicly traded oil and gas corporations, and, therefore, there was a general decrease in the level of reserves to production ratio of companies. The indicators of proved reserves to production ratio inherent in the stock market sector of the oil and gas industry are mainly from 10 to 15 years. Therefore, the specified time range is a guideline in assessing the value of proved reserves life of liquid hydrocarbons and natural gas of publicly traded oil and gas corporations. It was determined that the largest publicly traded oil and gas corporations from Russia and Canada managed to strengthen their position in terms of operating indicators in the industry. The situation with production and proven reserves has become noticeably worse for most independent companies from the United States and corporations from China.

Выводы. It becomes difficult for most independent companies to maintain an acceptable level of proved reserves to production ratio in the face of increasing production by leading oil and gas corporations at current prices for raw materials.

Ключевые слова: production, proved reserves, reserve life, crude oil, natural gas