Submitted by Helyson Parente (helyson@gmail.com) on 2013-06-24T21:59:42Z No. of bitstreams: 1 Dissertacao Final Helyson - MEX2011 - Apos Revisao - 11-06-2013.pdf: 658832 bytes, checksum: 2e566c1eec04b780617eef13adb5ea94 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2013-07-31T13:33:07Z (GMT) No. of bitstreams: 1 Dissertacao Final Helyson - MEX2011 - Apos Revisao - 11-06-2013.pdf: 658832 bytes, checksum: 2e566c1eec04b780617eef13adb5ea94 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2013-08-02T17:16:15Z (GMT) No. of bitstreams: 1 Dissertacao Final Helyson - MEX2011 - Apos Revisao - 11-06-2013.pdf: 658832 bytes, checksum: 2e566c1eec04b780617eef13adb5ea94 (MD5) / Made available in DSpace on 2013-08-02T17:22:11Z (GMT). No. of bitstreams: 1 Dissertacao Final Helyson - MEX2011 - Apos Revisao - 11-06-2013.pdf: 658832 bytes, checksum: 2e566c1eec04b780617eef13adb5ea94 (MD5) Previous issue date: 2013-03-11 / Este trabalho tem como objetivo contextualizar as Fusões e Aquisições realizadas, na América do Sul, na indústria de petróleo, pela análise qualitativa de cinco eventos, utilizando a metodologia de estudo de eventos e a influência nas cotações das ações. A partir dessa análise, foi possível associar os períodos de aumento das atividades de F&A com a evolução da indústria mundial de petróleo, e mostrar que os processos de F&A possuem um caráter estratégico frente à economia mundial. Os resultados, todavia, apresentam indícios de não geração de valor. Dentre os cinco eventos, quatro apresentaram retornos anormais acumulados negativos. Um único evento obteve retorno positivo e foi somente para a empresa adquirida. Quanto ao método de integração, a amostra de cinco eventos apresentou evidências de destruição de valor para as firmas em todas as três formas estudadas. O retorno médio na janela pós-evento – 180 dias após o anúncio – divergiu do retorno anormal acumulado na janela de evento. As influências de um determinado evento podem ser negligenciadas devido a limitações, tanto operacionais quanto metodológicas. / This analysis aimed to contextualize M&A held in South America in the oil industry performing a qualitative analysis of five events using event study methodology and stock prices analysis. It was possible to correlate number of M&A with oil industry development, showing how important M&A are to world economy. The results showed no evidence of value creation. Four out of the five events presented negative cumulative abnormal returns. Only one event has obtained positive return and it was only for Target Company. Regarding takeover method, all five events presented evidence of value destruction to companies in all three forms. The average return into post-event period – 180 days after date announced – diverged from accumulative abnormal return in the event period. The influences of a given event can be overlooked due to limitations, operational and methodology.

Submitted by Daniele Santos (danielesantos.htl@gmail.com) on 2017-02-21T20:23:20Z No. of bitstreams: 1 Fabian Mendoza.pdf: 3529133 bytes, checksum: 2010ee0bb9ce59c892c1ef4fdbd02a8e (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2017-02-23T16:36:47Z (GMT) No. of bitstreams: 1 Fabian Mendoza.pdf: 3529133 bytes, checksum: 2010ee0bb9ce59c892c1ef4fdbd02a8e (MD5) / Made available in DSpace on 2017-02-24T13:05:56Z (GMT). No. of bitstreams: 1 Fabian Mendoza.pdf: 3529133 bytes, checksum: 2010ee0bb9ce59c892c1ef4fdbd02a8e (MD5) Previous issue date: 2016-11-09 / The oil and gas exploration and production industry normally has three major actors, the first one being the governments, who dictate the 'game' rules and provide the framework for attracting investors to this sector. The second one consists of operators, large companies and joint ventures between experienced operators and investment funds who are seeking attractive returns on investments, and the third actor is service companies who provide all services required to extract oil and gas from the subsurface and send them to refineries. The oil and gas service market moves according to international oil prices. High prices mean more exploration, which in turn mean more investment and opportunities for service companies. After more than five marvelous years of a boom in oil prices, a contraction is severely affecting the oil and gas industry. An option for international or multinational oil and gas service companies is to diversify their geographic areas of influence and expand their presence in countries where oil and gas investors are moving resources, especially in countries where oil and gas represent a significant percentage of its Gross Domestic Product (GDP) and government rules are more flexible, which increases the possibility to maximize returns. The purpose of this paper is to understand if it is possible to introduce a specific service from a Chinese oil and gas service company in Colombia under the current economic situation: hydraulic fracturing services for unconventional resources. By using data from previous studies that estimate the unconventional resources potential in Colombia, current and potential customers, service and price benchmarking, some market positioning strategies as well a risk mitigation plan that could reduce exposure, it will be possible to ascertain whether it applies to this new service or not, and if possible, to determine what barriers could this company face to obtain its goal.