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The Effect Of Accounting For Oil And Gas Reserves On The Relation Between Returns And Earnings
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Book Synopsis The Effect of Accounting for Oil and Gas Reserves on the Relation between Returns and Earnings by : Jonathan E. Duchac
Download or read book The Effect of Accounting for Oil and Gas Reserves on the Relation between Returns and Earnings written by Jonathan E. Duchac and published by . This book was released on 2015 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines how the choice between successful efforts and full cost methods of accounting affects the value relevance of earnings for firms in the oil and gas industry. The strength of the relation (R2) between twelve month (annual) security returns and annual earnings levels is compared to assess differences in the value relevance of earnings. Focusing on earnings levels provides insight into how this accounting choice affects the usefulness of the entire set of earnings information rather than focusing solely on the information in unexpected earnings as has been the focus in prior earnings usefulness studies (i.e. earnings response coefficient analysis). The results suggest that the strength of the returns - earnings relation is significantly greater for full cost firms than for successful efforts firms in periods of declining oil prices and reduced exploration activity. This is consistent with the hypothesis that earnings generated by accounting methods that smooth income are more value relevant than earnings generated by other methods that generate more volatile earnings.
Book Synopsis The Impact of Accounting Methods on the Association Between Unexpected Earnings and Abnormal Returns by : Suwardjono
Download or read book The Impact of Accounting Methods on the Association Between Unexpected Earnings and Abnormal Returns written by Suwardjono and published by . This book was released on 1997 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exploration Versus Acquisition of Oil and Gas Reserves by : Bard Misund
Download or read book Exploration Versus Acquisition of Oil and Gas Reserves written by Bard Misund and published by . This book was released on 2017 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how oil and gas companies' reserves growth affects their share price returns. In particular, we examine three issues affecting the relation between reserves changes and oil and gas firm returns. First, we examine if investors value reserves replacement because of exploration activities differently to reserves growth through acquisitions. In the second analysis, we test if reserves replacement of oil reserves impacts stock returns differently than changes in gas reserves do. Third, we examine the impact of the Shale gas revolution and the subsequent oil and gas price divergence on the association between returns and replacement of oil versus gas reserves. The results suggest that investors seem to be indifferent to reserves replacement strategy (exploration or acquisition). However, we find that changes in oil reserves impact oil and gas company returns differently than changes in gas reserves does. Moreover, we find that there has been a structural shift in the relation between returns and changes in gas reserves (but not changes in oil reserves) after 2008, coinciding with the Shale gas revolution and the break in the oil-gas price link. This latter result can be relevant for understanding the impact of the recent fall in oil prices on investor valuation of oil and gas reserves.
Book Synopsis Valuing Oil and Gas Companies by : Nick Antill
Download or read book Valuing Oil and Gas Companies written by Nick Antill and published by Elsevier. This book was released on 2000-06-19 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market value is set by investor behaviour ....but objective methods of valuation are vital for accurate predictions of market behaviour. What are the key issues facing the industry - and the main points the analyst needs to look for when interpreting oil industry accounts? Do the best prospects necessarily lie with the larger and better-financed companies? How best can an investment strategy be managed in the refining industry, with its conflicting pressures of environmental controls and inadequate returns?This unique and authoritative book has the answers to these and many other questions, offering a series of benchmarks and performance indicators with which to evaluate oil company shares. An updated edition of a respected and established title, it remains the only comprehensive handbook of its kind available, and will be eagerly welcomed by corporate planners as well as investors and analysts. An essential and practical guide for investors, analysers and corporate planners The only book which shows how to actually value oil and gas companies International in outlook
Book Synopsis Handbook on Oil and Gas Accounting by : Robert J. Koester
Download or read book Handbook on Oil and Gas Accounting written by Robert J. Koester and published by Institutes for Energy Development. This book was released on 1982 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Oil & Gas Accounting & Economics by : Methadius Iweanya Ofili
Download or read book Oil & Gas Accounting & Economics written by Methadius Iweanya Ofili and published by Independently Published. This book was released on 2022-02-16 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Oil and Gas firms can chose between the Successful Efforts Accounting and the Full Cost Accounting. While the latter capitalizes on all operating expenditures related to locating new oil and gas reserves, and subsequently allocates these costs to future periods, irrespective of exploration outcomes, the former, that is, Successful Efforts Accounting, allows a company to capitalize only those expenses associated with successfully locating new reserves. If unsuccessful or there is "dry hole" outcomes, the firm charges associated operating costs immediately against revenues for that period. With reliable unified reporting, informed decisions can be made as far as production planning, asset management and financial management are concerned. The Petroleum Profit Tax Act, provides for mandatory accurate hydrocarbon accounting including oil block acquisition, payables, receivables, joint venture accounting, tax oil, profit oil, operating income, depreciation, depreciation allowance, amortization, cost depletion, ringfencing, contractual systems such as pure service contracts, production sharing contract, pure service contracts, risk service contracts, technical assistance agreements, oil mining lease, petroleum licensing rounds and joint ventures, gross oil production, cost recovery, royalty oil, contractor share, Home Government share, contractor profit, income tax and bonuses, royalty payment, work commitment, cost recovery limits, participation agreement, operating agreement, MOU, depletion calculation, cost depletion, concessionary deductions, commerciaIty requirement, profits and taxes, the economic rent theory, economic limit, reserve recognition accounting, reserves classifications, bonuses, rents, royalty trust, cost and full accounting, royalties, concessionary fiscal systems, chargeable profit, chargeable tax, assessable tax, disallowed deductions, adjust for profit and production splits. The Petroleum Economists, on the other hand, assist and enhance making investment decisions by analyzing these and other factors including exploration and well drilling data driven decision making or whether or not the development of an entire gas production project should proceed. Their inputs are critical in Production Sharing Contracts negotiations and oil and gas block purchase. They are inevitably involved in the evaluation and management of the operational, environmental, geological, technical, economic and related risks involved in different phases of oil and gas projects. Their work includes the financial analysis of oil and gas production as well as the forecasting of cash flow, oil and gas development assessment, economic indicators, risk analysis and the analysis of the effects of taxation. They also advise on the economic viability and attractiveness of petroleum ventures and operations, quantification of all forms of uncertainties such as reservoir pattern, future oil and gas prices, development costs, bonus payment determination, when the organization is bidding for oil and gas tracts or leases. Using profitability analysis, they prepare guidelines for the selection of the best alternative development options. They provide economic frameworks through which help investors address the three major questions in E&P investment decision making: What is the cost of the proposed E&P venture? What are the absolute economic value and relative cost of the E & P venture? How profitable is the venture when compared to alternative available investment opportunities?
Book Synopsis Full Cost Vs. Successful Efforts in Petroleum Accounting by : John Holmes Myers
Download or read book Full Cost Vs. Successful Efforts in Petroleum Accounting written by John Holmes Myers and published by . This book was released on 1974 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of the Issuance of the Exposure Draft and FASB Statement No. 19 on the Security Returns of Oil and Gas Producing Companies by : Thomas R. Dyckman
Download or read book The Effect of the Issuance of the Exposure Draft and FASB Statement No. 19 on the Security Returns of Oil and Gas Producing Companies written by Thomas R. Dyckman and published by . This book was released on 1979 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Probable Oil and Gas Reserves and Shareholder Returns by : Bard Misund
Download or read book Probable Oil and Gas Reserves and Shareholder Returns written by Bard Misund and published by . This book was released on 2016 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Oil and gas reserves are the most important assets of oil and gas companies. A source of confusion for investors in oil companies is that reserves quantities and values are uncertain estimates. Reserves are typically classified according to probabilities of recovery from underground reservoirs. All U.S. listed companies have to disclose proved reserves but not probable reserves, thus leaving out potentially important information for investors and financial analysts. This study addresses the impact on market valuation of various classifications of reserves amounts. Using a data sample of 94 companies that do disclose information on probable reserves, we compare the relation between three classifications of reserves and oil company returns. While we find that information on probable reserves do not have an impact on stock returns measured over the entire time period, this is not the case since 2009, coinciding with the onset of the shale gas revolution.
Book Synopsis Financial Accounting and Reporting by Oil and Gas Producing Companies by : Financial Accounting Standards Board
Download or read book Financial Accounting and Reporting by Oil and Gas Producing Companies written by Financial Accounting Standards Board and published by . This book was released on 1978 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The End of Accounting and the Path Forward for Investors and Managers by : Baruch Lev
Download or read book The End of Accounting and the Path Forward for Investors and Managers written by Baruch Lev and published by John Wiley & Sons. This book was released on 2016-06-14 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: An innovative new valuation framework with truly useful economic indicators The End of Accounting and the Path Forward for Investors and Managers shows how the ubiquitous financial reports have become useless in capital market decisions and lays out an actionable alternative. Based on a comprehensive, large-sample empirical analysis, this book reports financial documents' continuous deterioration in relevance to investors' decisions. An enlightening discussion details the reasons why accounting is losing relevance in today's market, backed by numerous examples with real-world impact. Beyond simply identifying the problem, this report offers a solution—the Value Creation Report—and demonstrates its utility in key industries. New indicators focus on strategy and execution to identify and evaluate a company's true value-creating resources for a more up-to-date approach to critical investment decision-making. While entire industries have come to rely on financial reports for vital information, these documents are flawed and insufficient when it comes to the way investors and lenders work in the current economic climate. This book demonstrates an alternative, giving you a new framework for more informed decision making. Discover a new, comprehensive system of economic indicators Focus on strategic, value-creating resources in company valuation Learn how traditional financial documents are quickly losing their utility Find a path forward with actionable, up-to-date information Major corporate decisions, such as restructuring and M&A, are predicated on financial indicators of profitability and asset/liabilities values. These documents move mountains, so what happens if they're based on faulty indicators that fail to show the true value of the company? The End of Accounting and the Path Forward for Investors and Managers shows you the reality and offers a new blueprint for more accurate valuation.
Download or read book Oil and Gas Accounting written by and published by . This book was released on 1982 with total page 766 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Information Content of Reserve Recognition Accounting by : Priscilla Ann Burnaby
Download or read book The Information Content of Reserve Recognition Accounting written by Priscilla Ann Burnaby and published by . This book was released on 1982 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting for Oil and Gas Exploration Costs by : Arthur Andersen & Co
Download or read book Accounting for Oil and Gas Exploration Costs written by Arthur Andersen & Co and published by . This book was released on 1963 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Examination of the Effects of Standard Setting and Earnings Management in the Oil and Gas Industry by : Karyn Anne Bybee Friske
Download or read book An Examination of the Effects of Standard Setting and Earnings Management in the Oil and Gas Industry written by Karyn Anne Bybee Friske and published by . This book was released on 1994 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Association of Earnings, Operating Cash Flows, and Accruals with Annual Stock Returns of Oil and Gas Firms by : Mimi L. Alciatore
Download or read book The Association of Earnings, Operating Cash Flows, and Accruals with Annual Stock Returns of Oil and Gas Firms written by Mimi L. Alciatore and published by . This book was released on 1996 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Survey of Financial Reporting and Accounting Developments in the Petroleum Industry by :
Download or read book A Survey of Financial Reporting and Accounting Developments in the Petroleum Industry written by and published by . This book was released on 1978 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
