By Thomas A. Petrie
Fluctuations in offer and insist, recommendations in know-how, and altering rules have dramatically replaced the oil and fuel industries lately. This court cases explains the adjustments and explores their implications for the paintings of analysts and different funding pros.
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Additional info for The Oil and Gas Industries
Other assets of integrated oil companies must 45 also be valued. Typically, analysts combine into a one-line item the valuations of other assets, including coal, geothermal, or other nonrelated companies. Valuing coal assets presents a dilemma because of their tremendous reserves but low profitability. Unless the coal is profitable at the current market price, assigning any value to coal assets is questionable. Geothermal energy carries the same problem. Geothermal was praised as a growth business in the midto late 1970s.
International OilsAssessment of Trends and Outlook" (October 1992). "Estimate. 47 Figure 4. 50 0.. J '80 '82 '84 '86 '88 '90 '92 - - - Texaco - - - Exxon .. - - - - _. Chevron Source: Compustat data through Factset. Mobil and Exxon, which moved in and out of established trading ranges between 1970 and 1992. The same technique would have kept an investor out of Merck during the 1970s and 1980s, however, when it was an excellent stock to own. Analysts should thus be selective when choosing companies to value with the relative dividend yield approach.
S. reserves, analysts must know the royalty rates for Canadian producers. 5 and 25 percent. Analysts valuing oil companies should also know who is estimating reserve data-the company's internal reservoir engineer or an exterr:al reservoir engineer. Frequently, the numbers are VIrtually the same, but in some cases, an in~ernal reservoir engineer's job may depend on pleasmg the con;pany president with the numbers; an external estimator may be more objective.. Given these industry caveats, different valuation alternatives are available: Ratio of price to cash flow.