Oil company: financial analysis in nontechnical language
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | Undetermined |
| Published: |
Tulsa, Okla.
Pennwell
1992
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XV, 328 S. |
| ISBN: | 0878143742 |
Staff View
MARC
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| 264 | 1 | |a Tulsa, Okla. |b Pennwell |c 1992 | |
| 300 | |a XV, 328 S. | ||
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Record in the Search Index
| _version_ | 1804144581811372032 |
|---|---|
| adam_text | CONTENTS
Dedication v
Tables x
Figures xii
Worksheets xiii
ülustrations xiii
Acknowledgements xv
1. INTRODUCTION 1
2. FUNDAMENTALS OF VALUATION 4
Market Value 4
Fair Market Value 5
Efficient Market Hypothesis 19
Present Value Theory 29
3. ACCOUNTING SYSTEMS FOR OIL AND GAS 48
Generally Accepted Accounting Principles 48
Accounting Concepts 49
Füll Cost and Successful Efforts Accounting 55
4. FINANCIAL STATEMENT ANALYSIS 67
Annual Report and 10-K Report 69
Ratio Analysis 74
5. VALUATION OF COMMON STOCK 97
Guidelines for Estimating Value 97
Book Value 99
Book Value Multiple 99
Adjusted Book Value 100
Dividend Discount Valuation 119
Capitalized Earnings 121
Discounted Cash Flow Analysis 128
vii
I
I
Capitalized Cash Flow 138
Cash Flow Multiples 140
Comparable Sales 141
Replacement Value 144
Combined Appraisal Techniques 144
6. PERFORMANCE ANALYSIS 150
Peer Group Analysis 150
7. EVALUATION OF ASSETS AND RELATED SEGMENTS 162
Oil and Gas Properties 162
Master Limited Partnerships 189
Refineries 191
Gas Stations and Marketing Outlets 204
Pipelines and NaturalGas 209
Foreign Operations 217
8. CORPORATE RESTRUCTURING 223
1 Merger and Acquisition Driving Forces 225
Spin-off 230
Leveraged Buyout 233
Share Repurchase 233
9. VALÜATION OF BONDS AND PREFERRED STOCK 237
Bonds 237
Preferred Stock 245
10. LEGAL AND TAX ENVIRONMENT FOR MERGERS 252
Laws and Regulatory Agencies 252
Tax Environment 264
11. COMMENTARY 272
APPENDICES 274
l.Abbreviations 275
2.Selected Energy Statistics—United States 279
3.Production Statistics for Key Energy States 280
4.Severance and Production Taxes for Key Energy States. 281
5.1988 Energy Statistics—Selected Countries 282
6. Wholesale Oil and Gas Prices—Total U.S 284
7.(Konversion Factors for Energy 285
8.Present Value of One-time Payment 286
9.Present Value of an Annuity 287
lO.Formulas, Equations, and Computations 288
ll.Natural Gas Products 290
12.Sources of Information for the Energy Industry 291
13.Summary of Information Found in the 10-K Report 293
GLOSSARY 896
MERGER AND ACGUISITION JARGON 317
INDEX 324
ix iL Aäk
TABLES
2-1 United States Energy Consumption 10
2-2 Comparison of Valuation Concepts and Techniques 17
2-3 Standard Stock Quotation Format 23
2-4 Calculation of Float 25
2-5 Portfolio Managers Equity Investment Policy 26
2-6 Comparison of Energy Investments 27
2-7 Comparison of Discounting Techniques 33
2-8 Components of the Market Rate of Interest 43
2-9 Example Weighted Average Cost of Capital 45
3-1 Comparison of Accounting Systems 59
3-2 Company Startup Results Under FC SE Accounting 61
3-3 Typical Asset Lifes for Depreciation Amortization 64
4-1 Financial Ratios 75
4-2 Summary of Key Business Ratios—1990 94
5-1 Example Balance Sheet Item Adjustment 101
5-2 Example of the Deferred Tax Item 107
5-3 Treatment of Long-term Stock Investments 109
5-4 Dividends as a Percentage of Earnings 123
5-5 Historical Market Trends 125
5-6 Earnings vs. Cash Flow Comparison 129
5-7 Cash Flow Pro Forma 137
5-8 Summary of per Barrel Acquisition Prices 143
5-9 Example Valuation Using the Factored Approach 145
5-10 Expected Value—Technique 146
5-11 Example Valuation for Merger—Relative Combination 147
6-1 Peer Group Analysis—Independent Producing Company 151
6-2 Peer Group Analysis—Integrated Major Oil Company 152
6-3 Annual Revenues-per-Employee Statistics 153
6-4 Wellhead Oil Price Comparison 159
7-1 Summary of U.S. Oil Well Production Statistics 164
7-2 Summary of U.S. Gas Well Production Statistics 165
7-3 (1989) Oil and Gas Well Operating Costs 168
7-4 (1989) Regional Oil Well Operating Costs 169
7-5 United States Production Cost and Fiscal Structure 170
7-6 Present Value of Producing Oil Reserves 172
7-7 Present Value of Producing Gas Reserves 173
7-8 Reserve Values—Long-life vs. Short-life Reserves 174
7-9 Comparative Range of Acreage Values 184
7-10 United States Refining Capacities—Yearly Averages 192
7-11 Summary of Refinery Shutdowns 193
7-12 Refinery Comparison 197
7-13 Generalized Refinery Complexity Indices 199
7-14 Aromatics/Isomerization Process Complexity Indices 200
7-15 Marketing Outlets—Gas Station Valuation 207
7-16 Summary of Tanker Values 208
7-17 Gas Industry Revenue Structure—1989 211
8-1 Anatomy of a Raid 227
8-2 Milestones in Oil Industry Mergers and Acquisitions 228
8-3 MAXUS—Diamond Shamrock R M—Spin-off 232
9-1 Corporate Bond Credit Ratings 242
9-2 Comparison of Bond Interest Rates 243
9-3 Example Bond Prices and Yields 244
9-4 Corporate Capital Structure—Financial Spectrum 246
9-5 Preferred Stock Ratios 248
10-1 Hirshman-Herfindahl Index Guidelines 255
10-2 Timing of a Cash Tender Offer 262
10-3 Consolidation Under the Pooling of Interests Method 266
10-4 Consolidation Under the Purchase Method 268
10-5 Summary of Legal and Tax Treatment of Transactions 271
xi
: FIGURES
2-1 Valuation Hierarchy 6
2-2 Example of Dow Theory Bull Market Signal 7
2-3 Example of Technical Analysis 9
2-4 Petroleum Industry—Clouds on the Horizon 12
2-5 Valuation Spectrum 18
2-6 Future Value Diagram 30
2-7 Present Value Diagram 31
3-1 Accounting Technique Comparison—Results of
Changes in Drilling Activity 62
3-2 Accounting Technique Comparison—Results of
Retained Earnings 63
4-1 ARCO Consolidated Statement of Income and
Retained Earnings 78
4-2 ARCO Consolidated Balance Sheet 79
4-3 ARCO Statement of Cash Flows 80
4-4 Sample Financial Statement Analysis 96
^ 7-1 Present Value $/bbl vs. Wellhead Price $/bbl 175
7-2 Present Value $/MCF vs. Wellhead Price $/MCF 176
7-3 Present Value $/BOPD vs. Wellhead Price $/bbl 178
/ 7-4 Present Value $/MCFD vs. Wellhead Price $/MCF 179
7-5 Sample 10-K Oil and Gas Reserve Analysis 186
7-6 Sample Valuation of Oil and Gas Properties 188
7-7 Oil Gas Journal Annual Refining Survey 198
7-8 Sample Refinery Complexity Analysis 202
7-9 Comparative Valuation Based On Refinery Complexity 203
7-10 United States Gas Pipeline Industry Structure 1989 210
7-11 Sample Adjusted Balance Sheet Valuation 220
I 7-12 Sample Analysis Using the Factored Approach 221
| 8-1 Company X Adjusted Balance Sheet Before Restructuring ....229
I 8-2 Corporate Restructuring—Spinoff 231
I 8-3 Corporate Restructuring—Leveraged Buyout 234
I 8-4 Corporate Restructuring—Share Repurchase Program .. 235
WORKSHEETS
4-1 Financial Statement Analysis 95
5-1 Adjusted Book Value—Nonintegrated Oil Company 102
5-2 Adjusted Book Value—Integrated Oil Company 118
5-3 Corporate Valuation Summary 149
7-1 10-K Oil and Gas Information and Analysis 185
7-2 Oil and Gas Property Valuation From 10-K Information 187
7-3 Refinery Complexity Analysis 201
ILLUSTRATIONS
2-1 Einstein discovers that time is actually money 28
4-1 Harriet s last ground hog day outing 68
4-2 Ya gotta start reading them footnotes . .. 92
8-1 And now Edgar s gone . . . 222
xiii
|
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| indexdate | 2024-07-09T23:05:50Z |
| institution | BVB |
| isbn | 0878143742 |
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| physical | XV, 328 S. |
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| spelling | Johnston, Daniel Verfasser aut Oil company financial analysis in nontechnical language Daniel Johnston Tulsa, Okla. Pennwell 1992 XV, 328 S. txt rdacontent n rdamedia nc rdacarrier Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Finanzanalyse (DE-588)4133000-6 gnd rswk-swf Erdölindustrie (DE-588)4015186-4 gnd rswk-swf Erdölkonzern (DE-588)4139146-9 gnd rswk-swf Erdölindustrie (DE-588)4015186-4 s Finanzmanagement (DE-588)4139075-1 s DE-604 Erdölkonzern (DE-588)4139146-9 s Finanzanalyse (DE-588)4133000-6 s HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021725504&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Johnston, Daniel Oil company financial analysis in nontechnical language Finanzmanagement (DE-588)4139075-1 gnd Finanzanalyse (DE-588)4133000-6 gnd Erdölindustrie (DE-588)4015186-4 gnd Erdölkonzern (DE-588)4139146-9 gnd |
| subject_GND | (DE-588)4139075-1 (DE-588)4133000-6 (DE-588)4015186-4 (DE-588)4139146-9 |
| title | Oil company financial analysis in nontechnical language |
| title_auth | Oil company financial analysis in nontechnical language |
| title_exact_search | Oil company financial analysis in nontechnical language |
| title_full | Oil company financial analysis in nontechnical language Daniel Johnston |
| title_fullStr | Oil company financial analysis in nontechnical language Daniel Johnston |
| title_full_unstemmed | Oil company financial analysis in nontechnical language Daniel Johnston |
| title_short | Oil company |
| title_sort | oil company financial analysis in nontechnical language |
| title_sub | financial analysis in nontechnical language |
| topic | Finanzmanagement (DE-588)4139075-1 gnd Finanzanalyse (DE-588)4133000-6 gnd Erdölindustrie (DE-588)4015186-4 gnd Erdölkonzern (DE-588)4139146-9 gnd |
| topic_facet | Finanzmanagement Finanzanalyse Erdölindustrie Erdölkonzern |
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