Сравнительный анализ финансового состояния международных нефтяных компаний

KUKHARENKO OLESYA












RATIO ANALYSIS OF RUSSIAN AND U.S OIL COMPANIES















TUTORIAL
















Moscow
2024

О.Г. КУХАРЕНКО










СРАВНИТЕЛЬНЫЙ АНАЛИЗ ФИНАНСОВОГО СОСТОЯНИЯ МЕЖДУНАРОДНЫХ НЕФТЯНЫХ КОМПАНИЙ













УЧЕБНОЕ ПОСОБИЕ
















Москва
2 024

Автор:
О.Г. Кухаренко - кандидат экономических наук, доцент кафедры «Финансы и кредит» Российского государственного социального университета.

Рецензенты:
Н.П. Белотелова - доктор экономических наук, профессор, профессор кафедры «Финансы и кредит» Российского государственного социального университета

Ж.С. Белотелова - кандидат экономических наук, доцент кафедры «Финансовый менеджмент» Российской таможенной академии




      Сегодня возрастает роль профессиональной оценки финансового состояния компаний как для собственника, руководителя, инвестора, деловых партнеров, так и других заинтересованных лиц с целью выявления позиций организаций на рынке, выбора объектов инвестирования и других всевозможных вопросов.
      В учебном пособии проведен анализ финансового состояния компаний и сравнительный анализ основных финансовых показателей крупнейших российских и международных нефтяных компании. Таких как, ПАО «ЛУКОЙЛ», ОАО «НК «Роснефть», ПАО «Газпром нефть» и ExxonMobil, Chevron, ConocoPhillips.
      В связи с выходом России на мировую арену возникает необходимость в информации о финансовом состоянии российских и зарубежных компаний, и соответственно, требуются разработка современных методик проведения сравнительного анализа этих организаций. В настоящее время мировой нефтегазовый промышленный комплекс является движущей силой роста мировой экономики и поддерживает жизнедеятельность всех отраслей национального хозяйства. Кроме того, ТЭК формирует значительную часть бюджетных доходов и валютных поступлений. Для нашей страны нефтегазовый комплекс играет важную роль в национальном хозяйстве.
      Учебное пособие адресовано научным и практическим работникам, преподавателям, аспирантам, магистрам и студентам экономических специальностей Вузов.

Author:

      Kukharenko O. - Candidate of Economic Sciences, Associate professor of Department of Finance and Credit, Faculty of Social Insurance, Economics & Sociology of Labor, Russian State Social University,

Reviewers:
      Belotelova N. - Doctor of Economics, Professor of Department of Finance and Credit, Faculty of Social Insurance, Economics & Sociology of Labor, Russian State Social University
      Belotelova Z. - Candidate of Economic Sciences, Associate professor of Department of «Financial management» Russian Customs Academy



       Today, the role of the professional assessment of the financial condition of the companies are interested for the owner, manager, investor, business partners and other stakeholders to identify the organization's position in the market, the choice of investment objects and all sorts of other issues.
       In the tutorial are shown analyzes of financial condition of the company and comparative analysis of the key financial indicators of the largest Russian and international oil companies. Such as LUKOIL, Rosneft, Gazpromneft and ExxonMobil, Chevron, ConocoPhillips.
       In connection with the release of Russia on the world scene there is a need for information on the financial condition of Russian and foreign companies, and, accordingly, requires the development of modern methods of comparative analysis of these organizations. At present, the global oil and gas production is the driving force of global economic growth and support the livelihoods of all branches of the national economy. In addition, FEC forms a significant part of budget revenues and foreign exchange earnings. For our country's oil and gas industry plays an important role in the national economy.
       The Tutorial is addressed scientific and practical workers, teachers, graduate students, masters and students of economic specialties.

УДК 336.6
ББК 65.261
К95

РЕЦЕНЗЕНТЫ:

Н.П. Белотелова профессор, доктор экономических наук Ж.С. Белотелова доцент, кандидат экономических наук




    Кухаренко, О.Г. Сравнительный анализ финансового состояния

К95 международных нефтяных компаний [Текст]: учебное пособие / О.

Г. Кухаренко. - 2-е изд., стереотип. - М.: Научный консультант. - 2024. -92 с.

     ISBN 978-5-9908932-6-9


      Сегодня возрастает роль профессиональной оценки финансового состояния компаний как для собственника, руководителя, инвестора, деловых партнеров, так и других заинтересованных лиц с целью выявления позиций организаций на рынке, выбора объектов инвестирования и других всевозможных вопросов.
      В учебном пособии проведен анализ финансового состояния компаний и сравнительный анализ основных финансовых показателей крупнейших российских и международных нефтяных компании. Таких как, ПАО «ЛУКОЙЛ», ОАО «НК «Роснефть», ПАО «Газпром нефть» и ExxonMobil, Chevron, ConocoPhillips.
      В связи с выходом России на мировую арену возникает необходимость в информации о финансовом состоянии российских и зарубежных компаний, и соответственно, требуются разработка современных методик проведения сравнительного анализа этих организаций. В настоящее время мировой нефтегазовый промышленный комплекс является движущей силой роста мировой экономики и поддерживает жизнедеятельность всех отраслей национального хозяйства. Кроме того, ТЭК формирует значительную часть бюджетных доходов и валютных поступлений. Для нашей страны нефтегазовый комплекс играет важную роль в национальном хозяйстве.
      Учебное пособие адресовано научным и практическим работникам, преподавателям, аспирантам, магистрам и студентам экономических специальностей Вузов.



                                                УДК 336.6
                                                ББК 65.261




ISBN 978-5-9908932-6-9

© О.Г. Кухаренко, 2016
       © Оформление. Издательство «Научный

консультант», 2016

TABLE OF CONTENTS



INTRODUCTION......................................................7

CHAPTER I.   LITERATURE REVIEW....................................9

CHAPTER II.   THEORETICAL FRAMEWORK............................. 13
2.1. Financial statements ...................................... 13
2.2. Methods of financial analysis...............................21
2.3. Financial ratios and their interpretation ................. 24

CHAPTER III.  ANALYSING OIL COMPANIES .......................... 35
3.1. Overview of the industry................................... 35
3.2. Information about companies................................ 39
3.2.1. Russian oil and gas companies............................ 39
3.2.1.1. Gazprom Neft .......................................... 39
3.2.1.2. Lukoil..................................................40
3.2.1.3. “Rosneft”.............................................. 41
3.2.2. U.S oil and gas companies.................................42
3.2.2.1. ExxonMobil ............................................ 42
3.2.2.2. Chevron ............................................... 44
3.2.2.3. ConocoPhillips..........................................45
3.3. Ratio analysis ............................................ 46

CHAPTER IV.   MAJOR FINDINGS.....................................71

LIST OF REFERENCES...............................................74

APPENDIX........................................................ 77


6

INTRODUCTION
     The financial condition of the company is one of the most important characteristics for assessing how reliable a firm is in market conditions is. Exploring the financial condition you can learn about the possibilities of the subsequent development of the company in the current business environment, and may determine whether the firm is competitive in general.
     Professional management of finance inevitably demands the deep analysis which will allow estimating most precisely a financial and economic condition of the enterprises by means of modern methods of research. In this regard the priority and a role of the financial analysis significantly increase. Competent analysis makes it possible to identify and correct weaknesses in the financial sector and to find reserves to improve the financial condition of the company and its solvency; predict financial results based on the actual conditions of economic activities and the availability of equity and debt.
     These questions can be tackled using the financial ratios analysis. Financial ratios are a very versatile, easy to use and useful tool. They are also convenient in making comparisons with previous periods or with competitors or market leaders. Therefore, being able to interpret them correctly and see how they are interconnected or how certain actions can affect the rations - in a positive or negative way - will provide valuable insight into how the company works.
     Relevance of the topic of this monograph is that the increase in financial results supports the stability of the company on the market and is the key to its effective functioning; in addition, it reflects the state of the financial resources of the organization and provides an opportunity for further growth and development of the company.
     In the thesis the main source for the analysis are the financial statements available for public: balance sheets and income statements. Currently, in Russian financial accounting practice companies use national (for the State Tax Service) and international (IFRS) accounting principles.
     International Financial Reporting Standards (IFRS) are already used in over one hundred countries. Recently Russia has joined to them. During the past three years, the largest oil company in Russia, one after another began to move with the US GAAP to IFRS. So, JSC "NK"Rosneft", JSC "TNKBP", JSC "Slavneft" and OAO "Gazprom" published the first IFRS financial statements in 2012. According to the

7

Federal Law of 27 July 2010 №208-FL "Consolidated Financial Statements" must provide annual financial statements under IFRS in 2015 year all the credit and insurance organizations, public companies whose securities are traded. (FL-208 of 27.07.2010 "Consolidated Financial Statements").
     In the thesis will be discussed analysis of the initial data to prove or disprove the hypotheses.
     H1. Historical ratio values are good predictors of their own future values so ratio analysis is useful in predicting future performance of Russian and US firms in the oil and gas industry.
     H2: The usefulness of certain ratios in the oil and gas industry is different in the US and in Russia.
     The basic approach for selecting companies was to choose top three oil firms in Russian and U.S. Thus, the selecting was based on Forbes ranking the 25 largest oil and gas companies in the world in terms of production in 2012 (Helman, 2013) and list of Brand-Finance Global 500 2014 “The World's Most Valuable Brands”. So, they are GazpromNeft, Lukoil, Rosneft, ExxonMobil, Chevron, ConocoPhillips.
     Data for the analysis are taken from the official published sources for the 2009-2013 years.
     The first chapter of this thesis provides the theoretical foundations of financial analysis, and presents the methods of assessment of financial stability of the company. The second chapter describes the review of the oil and gas industry in Russia and America, the description of the chosen companies for the analysis and the analysis financial ratios of the U.S. and Russian companies. Chapter three is a summary and discussion of results. It further puts the conclusions and recommendations straight. The researcher at the end has attached references and appendices used in undertaking this study.

8

CHAPTER I.     LITERATURE REVIEW
     There are many theoretical sources covering financial analysis in English and in Russian. In this chapter I will review the most important of them.
     Iatridis (2010), in his article he focused on the adoption of the International Financial Reporting Standards (IFRS). In his article, he studied management potential profit under IFRS and the value relevance of IFRS-based financial reporting information. He concluded that the implementation of IFRS in general enhances the quality of accounting. The results show that the implementation of IFRS reduces the opportunities for earnings management is associated with more timely recognition of losses and leads to more value relevant accounting measures. This suggests that less information asymmetry and earnings manipulation would lead to the disclosure of cognitive and higher quality of accounting information and therefore help investors make informed and unbiased judgment.
     Drake and Fabozzi (2012) explain how to understand and interpret financial statements, which includes analysis of financial ratios, evaluation of earnings and cash flow analysis. They describe changes to U.S. and international accounting standards, as well as innovations in the areas of credit risk models and factor models. They discuss classify a financial instrument by the type of claims that the investor has on the issuer. A financial instrument in which the issuer agrees to pay the investor interest, plus repay the amount borrowed, is a debt instrument or debt. Also they present the Liquidity Ratios, the Profitability Ratios Measure, the Activity Ratios and the Solvency Ratios. Ratio analysis involves the methods of calculating and interpreting financial ratio in order to access the firm’s performance and status. The basic inputs to ratio analysis are the firm’s income statement and balance sheet for the periods to be examined.
     Babalola and Abiola (2013), the aim of their article is to present primarily the relationship between financial analysis and accounting, and the fundamental role which accounting holds, through the information it produces, into analysts' work. If ratio analysis is to judge the earning capacity, financial soundness and operating efficiency of a business organization, then, the use of ratio in accounting and financial management analysis would be of helps for the management to know the profitability, financial position and operating efficiency of an enterprise.

9