Department of Finance, Faculty of Economics and Business Administration, West University of Timisoara, Timisoara, Romania.
Department of Marketing and International Business Relations, Faculty of Economics and Business Administration, West University of Timisoara, Timisoara, Romania.
PLoS One. 2018 Jun 21;13(6):e0199100. doi: 10.1371/journal.pone.0199100. eCollection 2018.
In this paper, we investigate how crude oil price and volume traded affected the profitability of oil and gas companies in the United Kingdom (UK) since the financial crisis started in 2008. The study benefit from insights of the financial statements, to develop a model that focuses on how changes in oil price impact corporate performance. In order to observe the financial indicators that influence the performance, as well as the effects that changes in oil prices and demand of crude oil have on the profitability of oil and gas companies, we apply comparative regression analysis, including the generalised method of moments estimation technique for panel data set. The sample is consisting of 31 oil and gas companies in the UK, and the period analysed is 2006-2014. Results show that profitable oil and gas companies managed to face the drop in oil price and recover, characterized by significant cash flows and stock turnover, efficient use of assets, and high solvency rates. Although the oil price and volume traded do not significantly affect profitability and other financial ratios, if the oil price continues to decrease, it would permanently alter both the UK economy and oil and gas companies. In order to survive, companies make drastic cuts and defer essential investments, often at the long-term expense of asset performance. This study is important in a world where the energy consumption steadily grew over time. However, the renewable energy is cheaper and more environmentally friendly, and thus, countries where oil and gas industry is one of the most popular sectors face an economic decline. These results could be useful for investors, managers or decision makers, reclaiming strategic decisions in the current uncertain and volatile environment.
本文研究了自 2008 年金融危机以来，国际油价和交易量的变化如何影响英国（UK）石油和天然气公司的盈利能力。本研究受益于财务报表的深入分析，开发了一个专注于油价变化如何影响企业绩效的模型。为了观察影响业绩的财务指标，以及油价和原油需求变化对石油和天然气公司盈利能力的影响，我们采用了比较回归分析，包括面板数据集的广义矩估计技术。样本包括英国 31 家石油和天然气公司，分析期间为 2006-2014 年。结果表明，盈利的石油和天然气公司成功应对了油价下跌并得以复苏，其特点是拥有显著的现金流和股票周转率、资产的有效利用以及高偿债能力。尽管油价和交易量的变化并未显著影响盈利能力和其他财务比率，但如果油价继续下跌，将永久性地改变英国经济和石油天然气公司。为了生存，公司大幅削减成本并推迟必要的投资，这往往会对资产表现造成长期影响。在能源消耗随着时间的推移而稳步增长的世界中，这项研究非常重要。然而，可再生能源更便宜且更环保，因此，石油和天然气行业是最受欢迎的行业之一的国家将面临经济衰退。这些结果对于投资者、经理或决策者在当前不确定和动荡的环境下制定战略决策具有重要意义。
