Thesis (MBA (Business Management))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: Successful merger and acquisitions (M & A) from a financial perspective increases shareholder value. This paper examines the effect of corporate mergers and acquisitions (M & A) on shareholder value. A discussion on shareholder value follows with reasons why companies choose M & A as a growth strategy. The type of M & A strategy affects the value it creates. A literature review of M & A activity during the five periods in the twentieth century, referred to as merger waves, provides an understanding of the conditions which precipitate M & A activity. However, failure of companies that engage in M & A activity has not resulted in a decline in the popularity of M & A. This study identifies and subsequently analyses data (profitability ratios) on 34 upstream oil and gas companies that have engaged in M & A activity. Profitability ratios indicate the financial performance of a company and ultimately shareholder value. In order to obtain the best possible insights into the behaviour of the identified variables and their impact on shareholder value, the specific variables are empirically tested over different time periods through the application of two statistical tests performed on the data. The empirical analysis is based on a total of 324 observations gathered by Evaluate Energy for global oil and gas companies and covers the period 1995 to 2005. The results of the different testing methods, although subject to certain limitations, give reason to believe that the M & A leads to an erosion of shareholder value. Hence the appropriate reasons for embarking on an M & A strategy and the comprehensive pre-acquisition evaluation thereof, is tantamount to M & A success. / AFRIKAANSE OPSOMMING: Vanuit ‘n finansiële oogpunt kan suksesvolle samesmeltings en aanskaffings (S & A) aandeelhouers-waarde verhoog en hierdie werkstuk ontleed die effek wat korporatiewe S & A’s op aandeelhouers-waarde het. ‘n Bespreking oor aandeelhouers-waarde volg en verskaf redes waarom maatskappye S & A’s as ‘n groeistrategie verkies en hoe die tipe S & A strategie wat gevolg word die waarde wat dit skep affekteer. Gedurende die 20ste eeu was daar vyf tydperke waarin S & A aktiwiteite hoog was, die sogenaamde “merger waves” en ‘n ontleding van literatuur gedurende hierdie tydperke verskaf ‘n begrip van die omstandighede wat aanleiding gee tot S & A aktiwiteite. Alhoewel sommige S & A’s onsuksesvol is, bly dit ‘n populêre keuse by maatskappye om aandeelhouers-waarde te probeer verhoog. Hierdie studie identifiseer en analiseer data (winsgewendheids-verhoudings) van 34 “upstream” olie- en gasmaatskappye wat een of ander tyd in ‘n S & A betrokke was. Winsgewendheids-verhoudings dui op die finansiële prestasie van maatskappye en uiteindelik op aandeelhouers-waarde. Ten einde die beste insae in die optrede van die geidentifiseerde veranderlikes en hul impak op aandeelhouers-waarde te kry, is die spesifieke veranderlikes numeries getoets oor verskillende tydperke deur middel van twee statistiese modelle. Die numeriese analises is gebaseer op 324 waarnemings deur Evaluate Energy op internasionale olie- en gasmaatskappye tussen 1995 en 2005. Die uitslae van die verskillende metodes van toets, ingesluit sekere beperkings, dui daarop dat S & A’s oor die algemeen lei tot ‘n vermindering in aandeelhouers-waarde en daarom is dit van kardinale belang om ‘n beproefde S & A strategie te ontwikkel voordat ‘n S & A aangepak word.

A non-experimental, descriptive study was conducted to examine the criteria by which ad hoc labor arbitrators are selected in the petroleum refining industry. Three factors — arbitrator background, recognition, and arbitration practice — were examined to determine their relative importance to advocates selecting ad hoc labor arbitrators. The population of the study consisted of management and labor union advocates in the petroleum refining industry who routinely select ad hoc labor arbitrators. Participating management and union advocates completed a questionnaire used to gather respondents' evaluations of criteria considered in the selection of ad hoc arbitrators. Responses to statements designed for measuring relative importance of the criteria considered were recorded. Descriptive statistics, discriminant analysis, and tests of significance were used in the treatment of the data.

The main body of this thesis is composed of four chapters: Chapter II is concerned with the development of the oil industry in Texas prior to the discovery of Spindletop; Chapter III deals with Spindletop; Chapter IV sets forth the later developments of the oil industry in Southeast Texas or Railroad Commission District No. 3; Chapter V is the concluding chapter, complete with summary, evaluation present status and future possibilities of the oil industry in Southeast Texas.

published_or_final_version / Comparative Asian Studies / Master / Master of Arts

No description available.

Thesis (Ph.D.)--Flinders University, School of Politics and International Studies. / Typescript bound. Includes bibliographical references: (leaves 336-398) Also available online.

Thesis (Ph. D.)--Rutgers University, 2008. / "Graduate Program in History." Includes bibliographical references (p. 230-245).

This empirical study is concerned with the extent to which news announcements affect the performance of common equity securities of oil and gas producing companies. The market effects of news announcements are considered to be of importance in resolving two issues. One concerns financial statement disclosure and the second concerns examination of prior oil and gas industry-related accounting research. This dissertation assumes capital market efficiency and addresses two research questions: do news announcements concerning activities of nonintegrated oil and gas producing companies affect the companies' common stock prices, and are announcements concerning nonintegrated oil and gas companies' financial, personnel, explorational, and developmental and operational activities used equally by investors in their decision-making?

This thesis compares policy instruments in the American and Canadian oil sectors from 1973 to 1977, the years immediately following the Arab oil embargo. Public policy has traditionally emphasized objectives over instruments even though instruments are at the heart of the policy making process. This case study helps to address this deficiency in the policy literature. It begins by providing a review of the instrument choice literature. Doern and Phidd's typology, which arranges instruments in terms of degrees of coercion, subsequently forms the basis for Chapter Two. Chapter Two's analysis of American and Canadian oil policy reveals that both countries agreed upon the security of supply objective. Furthermore, both deployed many similar instruments including suasion, direct expenditures, loans and guarantees, taxation, and regulation to reach the objective. However, one very important difference in instrument choice was made. While Canada deployed the most coercive policy instrument (public enterprise), the United States did not. Chapter Three offers three explanations for this specific difference. They are (1) differences in ideology, (2) market factors, and (3) differences in government institutions. The difference in ideology is the most important explanation. American ideology is decidedly more conservative than Canadian ideology. As such, American governments are less inclined to create government corporations, like national oil companies, than are Canadian governments. Furthermore, ideology is invariably reflected in a nation's party system, and neither of America's mainstream parties advocated the creation of an NOC while Canada's government party did. Market factors are also important. Countries with formidable industrial bases, such as the United States, are less likely to create public corporations than are those with weaker industrial bases. In the particular case of oil, Canada's oil industry was predominantly foreign-owned owing to insufficient pools of domestic capital. America's industry was overwhelmingly domestically-owned. Hence whereas Canada's NOC was the only oil company truly loyal to the Canadian people, an American NOC would have had to compete with home-based multinationals making it relatively unattractive to governing elites, and unnecessary to the American public. Finally, the differences between Canadian and American institutions are stark and important. Canada's parliamentary system of government fosters public corporations because corporations are easy to create and offer significant benefits to their political masters who can control them. The Canadian government set out to create an NOC in the mid-1970s and came across no obstacles. On the other hand, America's presidential system discourages public corporations. Not only did American Presidents and Congressmen not desire an NOC, but they were unable to legislate what comprehensive oil policy they did desire. / Arts, Faculty of / Political Science, Department of / Graduate

The thesis addresses the role of national oil companies and their overseas engagement in the foreign policy decision-making process of states. Over the past 40 years, national oil companies have gained importance in the international oil industry and currently control around 90 per cent of the global oil reserves. A number of political and economic factors – depleting domestic reserves, economic growth – have resulted in an increasing expansion of Asian national oil companies to Africa. Through the use of two Asian national oil companies – Malaysia's Petronas and India's Oil and Natural Gas Corporation (ONGC) – and their overseas engagement in Sudan and South Sudan as case studies, the thesis assesses three aspects: factors and motives that influence the relationship between government institutions and Petronas and ONGC, the connection between this domestic relationship and the overseas engagement of both companies, and the implications of the overseas engagement of Petronas and ONGC in both Sudans for the foreign policy decision-making process of Malaysia and India. This set of questions is analysed through a comparative case study design that is supported by in-depth interviews and based on Foreign Policy Analysis (FPA), proposing a four-level theoretical framework. This thesis thus seeks to demonstrate how FPA can help assess the connection between the domestic decision-making process and the international engagement of the companies. In doing so, it not only argues that process and engagement are in fact connected, but also critically addresses conventional assumptions about the overseas engagement of national oil companies. Furthermore, this thesis questions the idea that government institutions and national oil companies act in a coherent and coordinated manner when operating abroad.