Theoretical basis for comparing the effectiveness of international and state companies. Action theory of the principal agent in companies. The behavior of international and state oil companies in the period of falling prices for oil and natural gas.
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Мне известно содержание п. 9.7.1 Правил обучения по основным образовательным программам высшего и среднего профессионального образования в СПбГУ о том, что «ВКР выполняется индивидуально каждым студентом под руководством назначенного ему научного руководителя», и п. 51 Устава федерального государственного бюджетного образовательного учреждения высшего образования «Санкт-Петербургский государственный университет» о том, что «студент подлежит отчислению из Санкт-Петербургского университета за представление курсовой или выпускной квалификационной работы, выполненной другим лицом (лицами)». Ключевые слова Нефть и газ, международная нефтяная компания, государственная нефтяная компания ABSTRACT Master Students Name Alexey Krasnopeev Master Thesis Title Performance of international oil companies and national oil companies: a comparative analysis Faculty Graduate School of Management Main field of study International Business Year 2016 Academic Advisors Name Garanina Olga Leonidovna Description of the goal, tasks and main results The goal of the research is to explore and compare the behavior of international and national oil companies during oil and natural gas prices decrease. The first chapter provides the theoretical background for the international and national oil companies’ performance comparison, principal-agent theory in those companies and previous academic discussions on the topic. The second chapter provides the empirical research methodology design. The third chapter provides the empirical research results and discussions. The study of 46 companies demonstrated that NOCs and IOCs behave mostly similarly but there are some differences as well during oil and natural gas prices decrease. Keywords Oil and gas, national oil company, international oil company TABLE OF CONTENTS INTRODUCTION 1. COMPANIES IN OIL AND GAS INDUSTRY 1.1 International and national oil companies definitions 1.2 Principal-agent problem in oil and gas companies 1.3 Oil and gas companies performance indicators 1.4 Previous studies on comparison of international and national oil companies 1.5 Research hypothesis statement 2. EMPIRICAL RESEARCH DESIGN 2.1 Methodology and sample 2.2 Variables 2.3 Data analysis 3. EMPIRICAL RESEARCH RESULTS 3.1 Results and their interpretation 3.2 Results discussion 3.3 Managerial implications 3.4 Research limitations REFERENCES APPENDIX 1. SAMPLE LIST OF COMPANIES APPENDIX 2. REGRESSION RESULTS APPENDIX 3. T-TESTS RESULTS INTRODUCTION Global market economy is based on a competition of all types of companies from all over the world. There are two main types of companies operation on the market: international and national oil companies (IOCs and NOCs). They differ in the ownership structure, since national oil company has the government as a major shareholder and international oil company does not. National oil companies control the majority of the oil and natural gas resources on the planet, so they are very important players on the market, so it is necessary to know how they behave in both stable and shock market situations. In 2014 the world faced such a shock, when the oil and natural gas prices declined significantly. The goal of this research is to explore and compare the performance of the international and national oil companies during that shock by exploring their performance over that year. To achieve the goal it is necessary to do the following: · Explore the differences of the IOCs and NOCs and how principal-agent theory works in those companies; · Explore how the productions change, reserves change, headcount change and capex change influence the revenue change; · Compare the performance of the IOCs and NOCs over one year of operation using those five performance indicators: productions change, reserves change, headcount change, capex change and revenue change. 1. COMPANIES IN OIL AND GAS INDUSTRY 1.1 International and national oil companies definitions company international state oil Global oil industry is one of those industries that work throughout the borders. The oil is being produced and sold all over the globe, since the need in fuel is typical for all countries. Because of that, companies from all countries compete on the same global oil market. Broadly, oil industry constitutes of “upstream” and “downstream” segments. Upstream sector main activities include exploration and production (E&P). Because segment players usually come across of oil and gas together, both are comprised in the upstream segment of the industry. Downstream operations include refinery, distribution and marketing. Two segments are connected with various meanings of transport, naming such activity as “midstream”. The transportation of oil is made with pipelines, tankers, trucks of railway tank cars. Natural gas is transported from the extraction field to the distribution system in the pipeline. In there is a need in intercontinental gas transportation, it gets liquefied (LNG) and shipped in marine tankers and then