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Файл:Сравнительный анализ финансового состояния международных нефтяных компаний. Учебное пособие
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Table 5. Basic indicators of “LUKOIL” (Annual reports 2011-2013)
Data Highlights FY 2011 FY 2012 FY 2013
Production (MBOE/Day)
BOE - Production per Share 1 Yr Growth
Energy-3Yr Organic Finding & Development
Costs-BOE
Energy-3Yr All-in Finding & Development
Costs-BOE
Total E&P Spending
Avg. Reserve Life (Years)
Reserve Replacement Ratio
Financial Highlights (MLN, USD)
Revenue
EBITDA
Trailing 12M EBITDA Margin
Net Income (Losses)
Trailing 12M Earnings Per Share
Price/T12M Earnings per Share
Dividends per Share
Dividend Payout Ratio
Dividend Yield
2166.0 2170.0 2202.0
0.8 2.6 2.2
92.7 9.8 11.8
44.5 10.0 12.8
6965.0 10356.0 16112.0
21.8 21.8 21.7
101.8 103.2 112.7
111433.0 116335.0 119118.0
19291.0 18872.0 18564.0
17.3 16.2 15.6
10357.0 11004.0 7832.0
13.3 14.5 10.4
4.0 4.6 6.0
2.5 2.8 1.3
18.4 19.3 N/A
4.6 4.3 5.6
3.2.1.3. “Rosneft”
"Rosneft" is the leader of the Russian oil industry and the largest
public Oil and Gas Company in the world. The principal activities of
JSC "NK"Rosneft" are prospecting and exploration of hydrocarbons, oil,
gas and gas condensate project on development of offshore processing
of mined materials, sale of oil, gas and refined products in Russia and
abroad.
The company is included in the list of strategic enterprises in
Russia. Its majority shareholder (69.50 % stake) is of
"ROSNEFTEGAZ", 100% owned by the state; 19.75 % owned by BP,
the remaining 10.75% of shares are in free float
On December 31, 2013 proved reserves NK "Rosneft" amounted to
33,014 million barrels. BC Including reserves of liquid hydrocarbons
(oil, condensate, NGL) amounted to 25,191 million barrels (3398 mt),
gas reserves - 46,941 billion cubic meters, feet (1,329 billion cubic m.).
At year-end security NK "Rosneft" proven reserves of
hydrocarbons was 24 years old, including oil - 20 years for gas - 50
years. Most of the inventory is classified as traditional, which makes it
possible to effectively increase production. "Rosneft" produces more
41
than 40 % of Russian oil and successfully implementing a strategy of
sustainable growth in production, including through the introduction of
the most advanced technologies. Oil and liquids production increased by
72 % and amounted to 4,196 thousand barrels/day (organic growth of
1%). Operating and Financial results are shown in Table 6.
Table 6. Basic indicators of “Rosneft” (Annual reports 2011-2013)
Data Highlights FY 2011 FY 2012 FY 2013
Production (MBOE/Day)
BOE - Production per Share 1 Yr Growth
Energy-3Yr Organic Finding & Development
Costs-BOE
Energy-3Yr All-in Finding & Development
Costs-BOE
Total E&P Spending
Avg. Reserve Life (Years)
Reserve Replacement Ratio
Financial Highlights (MLN, USD)
Revenue
EBITDA
Trailing 12M EBITDA Margin
Net Income (Losses)
Trailing 12M Earnings Per Share
Price/T12M Earnings per Share
Dividends per Share
Dividend Payout Ratio
Dividend Yield
2586.0 2702.0 4873.0
2.7 6.4 64.8
3.9 4.1 4.9
4.0 4.2 5.5
9546.5 10766.9 86079.7
17.3 7.6 17.3
376.0 142.8 912.2
90248.8 96289.9 142816.9
22025.2 19180.6 29373.9
24.4 19.9 20.6
10773.9 11701.8 17121.7
1.1 1.2 1.7
6.5 7.0 4.8
0.3 0.3 0.4
25.0 23.4 25.0
3.5 3.4 5.1
3.2.2. U.S oil and gas companies (ExxonMobil, Chevron,
ConocoPhillips)
3.2.2.1. ExxonMobil
Exxon Mobil Corp., or ExxonMobil, is an American multinational
oil and gas corporation headquartered in Irving, Texas, United States. It
is a direct descendant of John D. Rockefeller's Standard Oil company,
and was formed on November 30, 1999, by the merger of Exxon and
Mobil (formerly Standard Oil of New Jersey and Standard Oil of New
York). It is affiliated with Imperial Oil which operates in Canada.
The world's third largest company by revenue, ExxonMobil is also
the second largest publicly traded company by market capitalization.
The company was ranked No. 5 globally in Forbes Global 2000 list in
42
2013. ExxonMobil's reserves were 72 billion BOE (barrels of oil
equivalent) at the end of 2007 and, at then (2007) rates of production,
were expected to last more than 14 years. With 37 oil refineries in 21
countries constituting a combined daily refining capacity of 6.3 million
barrels (1,000,000 m
3
), ExxonMobil is the largest refiner in the world, a
title that was also associated with Standard Oil since its incorporation in
1870.
ExxonMobil is the largest of the world's supermajors with daily
production of 3.921 million BOE. In 2008, this was approximately 3
percent of world production, which is less than several of the largest
state-owned petroleum companies. When ranked by oil and gas reserves,
it is 14th in the world - with less than 1 percent of the total.
Table 7. Basic indicators of “ExxonMobil”
(Annual reports 2011-2013)
Data Highlights FY 2011 FY 2012 FY 2013
Production (MBOE/Day)
BOE - Production per Share 1 Yr Growth
Energy-3Yr Organic Finding & Development
Costs-BOE
Energy-3Yr All-in Finding & Development
Costs-BOE
Total E&P Spending
Avg. Reserve Life (Years)
Reserve Replacement Ratio
Financial Highlights (MLN, USD)
Revenue
EBITDA
Trailing 12M EBITDA Margin
Net Income (Losses)
Trailing 12M Earnings Per Share
Price/T12M Earnings per Share
Dividends per Share
Dividend Payout Ratio
Dividend Yield
4506.0 4239.0 4175.0
1.6 -1.0 3.1
11.9 18.5 17.6
14.1 18.2 17.9
31980.0 32550.0 35965.0
15.2 16.2 16.5
107.2 114.6 103.3
433526.0 419100.0 390247.0
69687.0 65769.0 57483.0
16.1 15.7 14.7
41060.0 44880.0 32580.0
8.4 9.7 7.4
10.1 8.9 13.7
1.9 2.2 2.5
22.7 23.2 34.3
2.2 2.5 2.4
ExxonMobil’s resource base includes 25.2 billion oil-equivalent
barrels of proved oil and gas reserves, equating to 16 years of reserves
life at current production rates. These reserves represent a diverse global
portfolio distributed across all geographic regions and resource types,
with a higher proportion of liquids. ExxonMobil added 10.3 billion oilequivalent barrels to prove reserves over the last five years, more than
43
replacing production over that time period. The development of new
fields and extensions of existing fields have resulted in the addition of an
average of 1.1 billion oil-equivalent barrels per year to prove reserves.
Data and Financial Highlights are shown in Table 7.
3.2.2.2. Chevron
Chevron Corporation (NYSE: CVX Euronext: CHTEX) is an
American multinational energy corporation and second-largest
integrated energy company headquartered in the United States.
Headquartered in San Ramon, California, and active in more than 180
countries, it is engaged in every aspect of the oil, gas, and geothermal
energy industries, including exploration and production; refining,
marketing and transport; chemicals manufacturing and sales; and power
generation. Chevron is one of the world's six "supermajor" oil
companies; as of 2013, it ranked eleventh in the Fortune Global 500 list
of the world's largest companies
Table 8. Basic indicators of “Chevron” (Annual reports 2011-2013)
Data Highlights FY 2011 FY 2012 FY 2013
Production (MBOE/Day)
BOE - Production per Share 1 Yr Growth
Energy-3Yr Organic Finding & Development
Costs-BOE
Energy-3Yr All-in Finding & Development
Costs-BOE
Total E&P Spending
Avg. Reserve Life (Years)
Reserve Replacement Ratio
Financial Highlights (MLN, USD)
Revenue
EBITDA
Trailing 12M EBITDA Margin
Net Income (Losses)
Trailing 12M Earnings Per Share
Price/T12M Earnings per Share
Dividends per Share
Dividend Payout Ratio
Dividend Yield
2673.0 2610.0 2597.0
-2.7 -0.6 1.2
17.9 20.9 21.4
19.7 22.9 23.4
27397.0 25300.0 33505.0
11.5 11.9 11.8
170.7 111.7 84.6
236286.0 222580.0 211664.0
51210.0 48426.0 41399.0
21.7 21.8 19.6
26895.0 26179.0 21423.0
13.3 12.9 10.7
8.0 8.4 11.7
3.1 3.5 3.9
22.8 26.1 34.9
2.9 3.2 3.1
Company's marketing network supports retail outlets on six
continents. And we have invested in 11 power-generating facilities in
44
the United States and Asia. Global workforce consists of approximately
61,900 employees, including more than 3,600 service station employees.
In 2012, Chevron's average net production was 2.61 million barrels of
oil-equivalent per day. About 75 percent of that production occurred
outside the United States. Chevron had a global refining capacity of 1.95
million barrels of oil per day at the end of 2012.
Data and Financial Highlights are shown in Table 8.
3.2.2.3. ConocoPhillips
ConocoPhillips Co. is an American multinational energy
corporation with its headquarters located in the Energy Corridor district
of Houston, Texas in the United States. It is the world's largest
independent pure-play exploration & production company and is also
one of the Fortune 500 companies. ConocoPhillips was created through
the merger of Conoco Inc. and the Phillips Petroleum Co. on August 30,
2002 and was the fifth largest integrated oil company until spinning off
its downstream assets to Phillips 66.
ConocoPhillips focuses solely on exploring for, developing and
producing oil and natural gas globally. The company manages its
operations through six operating segments, which are defined by
geographic region: Alaska, Lower 48 and Latin America, Canada,
Europe, Asia Pacific and Middle East, and Other International. At
December 31, 2013, ConocoPhillips employed approximately 18,400
people worldwide.
Total production from continuing operations, including the share
of equity affiliates, for 2013 averaged 1,502 thousand barrels of oil
equivalent per day (MBOED), a 2 percent decrease compared with 1,527
MBOED in 2012. The decrease was mainly due to normal field decline,
asset dispositions, shut-in Libya production, due to the closure of the Es
Sider crude oil export terminal, and higher unplanned downtime.
These decreases were partially offset by new production from
major developments, mainly from shale plays in the Lower 48, the
ramp-up of production from new phases at Christina Lake in Canada,
and early production in Malaysia; higher production in China; and
increased conventional drilling and well performance, mostly in the
Lower 48, western Canada and Norway. Adjusted for dispositions,
downtime and the impact from the closure of the Es Sider Terminal in
Libya, production grew by 30 MBOED, or 2 percent, compared with
2012.
45
Total realized price from continuing operations remained relatively
flat in 2013, from $67.68 per BOE in 2012, compared with $67.62 per
BOE in 2013. Worldwide annual average crude oil sales price from
continuing operations decreased 2 percent in 2013, from $105.72 per
barrel in 2012 to $103.32 per barrel in 2013.
Basic indicators of “ConocoPhillips” are shown in Table 9.
Table 9. Basic indicators of “ConocoPhillips”
(Annual reports 2011-2013)
Data Highlights FY 2011 FY 2012 FY 2013
Production (MBOE/Day)
BOE - Production per Share 1 Yr Growth
Energy-3Yr Organic Finding & Development
Costs-BOE
Energy-3Yr All-in Finding & Development
Costs-BOE
Total E&P Spending
Avg. Reserve Life (Years)
Reserve Replacement Ratio
Financial Highlights (MLN, USD)
Revenue
EBITDA
Trailing 12M EBITDA Margin
Net Income (Losses)
Trailing 12M Earnings Per Share
Price/T12M Earnings per Share
Dividends per Share
Dividend Payout Ratio
Dividend Yield
1619.0 1578.0 1545.0
-0.6 7.8 -83.5
11.2 14.9 17.9
12.3 16.3 18.9
13353.0 17822.0 20819.0
14.2 15.0 15.8
112.5 142.2 147.0
64196.0 57967.0 54413.0
21649.0 19396.0 19128.0
33.7 33.5 35.2
12436.0 8428.0 9156.0
5.7 5.4 5.7
12.8 10.7 12.4
2.6 2.6 2.7
51.0 44.3 41.7
3.6 4.6 3.8
3.3. Ratio analysis
Ratios analysis helps to reveal many patterns of relationship in
financial reports. Four groups of ratios will be calculated and analyzed
in the thesis for each company. They are shown in Figure 7.
46
Financial Ratios
Liquidity Ratios
Cash Ratio;
Current Ratio;
Quick Ratio.
Profitability Ratios
Return on Common Equity;
Return on Assets;
Return on Capital;
Return on Invested Capital;
Operating Margin;
Net Income Margin.
Long-Term Debt/Equity;
Long-Term Debt/Capital;
Long-Term Debt/Total Assets;
Total Debt/Equity;
Total Debt/Capital;
Total Debt/Total Assets.
Accounts Receivable Turnover;
Days Sales Outstanding;
Inventory Turnover;
Days Inventory Outstanding;
Accounts Payable Turnover.
Solvency Ratios
Activity Ratios
Figure 7. Key Financial Ratios used in the thesis
All results shall abolish at the tables. Statistical evaluation allows
defining best or worst performances of companies judging by their
financial ratios.
Tables 10 and 11 present balance sheet for the group of six
companies. It provides useful information about assets, liabilities and
stockholder equity of companies and their structure.
Tables 12, 13 are shown changes have been occurred with balance
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information gained from analytical tables 12 and 13 allows estimating
capital structure in the balance sheets.
47
Chevron Corp ConocoPhillips Exxon Mobil Corp
Gazprom OAO Lukoil OAO Rosneft OAO
48
209474 232982 253753 153230 117144 118057 331052 333795 346808
339321 391290 408466 91192 98961 109439 105121 129952 229158
Table 10. Balance sheet of U.S. companies (mln USD)
Table 11. Balance sheet of Russian companies (mln USD)
Field FY 2011 FY 2012 FY 2013 FY 2011 FY 2012 FY 2013 FY 2011 FY 2012 FY 2013
Current Assets 53234 55720 50250 30218 23989 19023 72963 64460 59308
Non-Current Assets 156240 177262 203503 123012 93155 99034 258089 269335 287500
Total Assets 209474 232982 253753 153230 117144 118057 331052 333795 346808
Current Liabilities 33600 34212 33018 28068 17443 15129 77505 64139 71724
Non-Current Liabilities 53693 60938 70308 59413 51274 50436 92803 97996 94589
Total Liabilities 87293 95150 103326 87481 68717 65565 170308 162135 166313
Total Stockholder Equity 122181 137832 150427 65239 47987 52090 160744 171660 180495
Total Liabilities and Shareholders’
Equity
Field FY 2011 FY 2012 FY 2013 FY 2011 FY 2012 FY 2013 FY 2011 FY 2012 FY 2013
Current Assets 69737 79221 87026 23529 24273 23395 25370 31056 44232
Non-Current Assets 269585 312068 321440 67663 74688 86044 79751 98896 180456
Total Assets 339321 391290 408466 91192 98961 109439 105121 129952 229158
Current Liabilities 40755 48828 42301 11108 12453 13097 12887 14825 42165
Non-Current Liabilities 16224 64954 73277 12618 12320 17487 27829 39139 89924
Total Liabilities 56979 113782 115578 23726 24773 30584 40716 53964 132089
Total Stockholder Equity 282342 277508 292887 67466 74188 78855 64405 75988 97068
Total Liabilities and Shareholders’
Equity
105% -11% -26% -26% -13% -9%
113% 115% -32% 106% 104% 107%
Chevron Corp ConocoPhillips Exxon Mobil Corp
111% 109% -31% 101% 101% 104%
102% -4% -61% -15% -21% 112%
113% 115% -16% -2% 106% -4%
109% 109% -27% -5% -5% 103%
113% 109% -36% 109% 107% 105%
111% 109% -31% 101% 101% 104%
Gazprom OAO Lukoil OAO Rosneft OAO
114% 110% 103% -4% 122% 142%
116% 103% 110% 115% 124% 182%
115% 104% 109% 111% 124% 176%
120% -15% 112% 105% 115% 284%
400% 113% -2% 142% 141% 230%
200% 102% 104% 123% 133% 245%
-2% 106% 110% 106% 118% 128%
115% 104% 109% 111% 124% 176%
Table 12. Changes of balance sheet U.S companies in 2011-2013 (mln USD)
ǻ ǻ ǻ ǻ ǻ ǻ
ǻ ǻ ǻ ǻ ǻ ǻ
Table 13. Changes of balance sheet Russian companies in 2011-2013 (mln USD)
Current Assets
Non-Current Assets
Total Assets
Current Liabilities
Non-Current Liabilities
Total Liabilities
Total Stockholder Equity
Total Liabilities and Shareholders’ Equity
Current Assets
Non-Current Assets
Total Assets
Current Liabilities
Non-Current Liabilities
Total Liabilities
Total Stockholder Equity
Total Liabilities and Shareholders’ Equity
49
The largest company defined by the amount of its total assets is
“Rosneft”- 391290 mln USD in 2013 (4 % increase) and 4084661 mln
USD in 2013. Another company shares the second place is the Exxon
Mobil Corp (333795 mln USD in 2012 (7 % increase) and 346808 mln
USD in 2013). The significant growth for two years showed the
company “Rosneft” (total assets increased 42% in 2013, total liabilities
in 2.5 times, stockholder equity – 28%).
The largest company defined by the amount of its revenues is
Exxon Mobil Corp – 419100 mln USD in 2012, 390247 mln USD in
2013. The second company is Chevron Corp (222 580 mln USD in
2012, 211664 mln USD in 2013). The third company – “Gazprom”.
Three Russian companies showed an increase in revenue for the period
2011-2013 (“Rosneft” increase 7% in 2012 and 48% increase in 2013)
(Figure 8).
200 000,0
150 000,0
100 000,0
50 000,0
Gazprom OAO
Lukoil OAO
Rosneft OAO
FY 2011 FY 2012 FY 2013
500 000,0
400 000,0
300 000,0
200 000,0
100 000,0
-
FY 2011 FY 2012 FY 2013
Figure 8. The revenue of U.S and Russian companies
Liquidity ratios are compared in Table 14.
50
Chevron Corp
ConocoPhillips
Exxon Mobil Corp
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