کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
994593 936098 2007 8 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Is oil supply choked by financial market pressures?
موضوعات مرتبط
مهندسی و علوم پایه مهندسی انرژی مهندسی انرژی و فناوری های برق
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Is oil supply choked by financial market pressures?
چکیده انگلیسی

Since the late 1990s, financial analysts have focused strongly on short-term profitability for benchmarking and valuation of international oil and gas companies. The increasing pressure for strict capital discipline among oil and gas companies may have reduced their willingness to invest for future reserves and production growth. The current high oil price is partly due to low exploration activity in the oil industry the last decade. We present and discuss the background for this development—based on previous academic research, industry trends and current valuation practices. An estimated econometric model of stock market valuation among oil and gas companies suggests that analysts and companies have put exaggerate weight on short-term earnings and accounting profitability. We therefore expect that the attention will shift back to long-term reserve and production growth.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Energy Policy - Volume 35, Issue 1, January 2007, Pages 467–474
نویسندگان
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