Market price is set by investor behaviour . . .but objective methods of valuation are vital for accurate predictions of market behaviour. What are the key issues facing the industry - and the main points the analyst needs to look for when interpreting oil industry accounts? Do the best prospects necessarily lie with the larger and better-financed companies? How best can an investment strategy be managed in the refining industry, with its conflicting pressures of environmental controls and inadequate returns?
This unique and authoritative book has the answers to these and many other questions, offering a series of benchmarks and performance indicators with which to evaluate oil company shares. An updated edition of a respected and established title, it remains the only comprehensive handbook of its kind available, and will be eagerly welcomed by corporate planners as well as investors and analysts.
- Introduction
- Oil industry history
- The companies
- Reserves and production
- Future potential
- The oil industry today
2. Economic assumptions
- A non-renewable resource
- Oil market demand
- Non-OPEC supply
- The economics and politics of OPEC
- The short term
- Price
- Refining margins
- Natural gas markets
3. Oil industry accounts
- Accounts and economics
- Oil company consolidated accounts
- Oil industry accounting conventions
- International accounting comparisons
- Conclusions
4. Valuation of exploration and production companies
- Introduction
- The industry method of asset valuation
- Exploration acreage
- Asset value components
- Evaluating asset value growth
- Acquisitions
- Exploration company performance
5. Integrated oil companies
- Introduction
- Activities and structure
- Exploration and production
- Downstream oil
- Refining
- Marketing
- Downstream profitability
- Comparative analysis
- Absolute evaluation
- Conclusions
6. Oil industry corporate finance
- Introduction
- Theoretical background
- One world, regional variety
- Exploration and production companies – a special case
- Oil industry financing
7. Conclusions
- Industry background
- E and P companies
- Integrated companies
- Equity market behaviour
- Challenges for the future
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