O presente trabalho investiga, a partir dos preceitos estabelecidos por Ohlson (1995), qual a relevância da contabilidade para explicar o comportamento dos preços das ações das empresas petrolíferas negociadas na Bolsa de Valores de Nova York (NYSE). Para isso, foram realizados testes empíricos com a finalidade de testar três hipóteses centrais: (i) a avaliação baseada em resultados contábeis futuros é tão relevante quanto aquela baseada em dividendos futuros; (ii) os preços correntes podem ser explicados por variáveis presentes nos relatórios contábeis submetidos à SEC de maneira estatisticamente significante; (iii) o resultado contábil incorpora significativamente o resultado econômico dessas empresas. Os dados que compuseram a amostra são relativos a 46 empresas do setor classificado como produtor de óleo e gás, referentes aos anos de 2002 a 2006. Os resultados demonstraram que, para essa amostra, o método de avaliação pelo desconto de dividendos futuros possui um melhor resultado quando comparado ao método por resultados contábeis futuros. Verificou-se, também, que ambas as variáveis contábeis - patrimônio (book value) e lucro contábil - possuem poder semelhante ao explicar o preço das ações, e que das sete variáveis testadas derivadas de informações das reservas de óleo e gás, apenas três delas - Total da Produção, as Reservas Não Produzidas e as Reservas Provadas - possuíram resultados estatisticamente significantes. E, por fim, pode-se inferir que o resultado negativo não é incorporado de forma mais significativa do que o resultado como um todo por essas mesmas empresas. / This work investigates the relevance of accounting to explain the behavior of oil companies\' stock prices negotiated on NYSE. This investigation is based on Ohlson\'s model (1995). To achieve our goal, we performed empirical experiments with the aim to test three main hypotheses: (i) the evaluation based on future account results is as relevant as the evaluation based on future dividends; (ii) the current prices can be significantly explained by variables found in account reports submitted to SEC; (iii) the account result significantly incorporates the economical results of these companies. The sample data we used are related to 46 companies of the oil and gas sectors within 2002 to 2006. Our results have shown that, for this sample, the evaluation method based on future dividends present better results when compared to the future account results method. We have also detected that both account variables - book value and account profit - have similar relevance to explain the stock prices. Additionally, from the seven tested variables which were derived from oil reserves information, only three have significant statistical results. We can also conclude that the negative results are not incorporated more significantly than the results as a whole, by these same companies.

The aim of this thesis is to explore the diversification of a major oil company into the. petrochemical business and then through thorough analysis to recommend the appropriate corporate strategies to be followed by the petrochemical subsidiary of such a company in the 1980's and the 1990's. The petrochemical industry has undergone great changes during the last decade. In the early 1970's it entered a new era of maturity, however due to the misplannings of the late 1960's extending to the early 1970's the industry was suddenly faced with significant overcapacity which has persisted to the present date and is expected to last well into the 1980's. The 1974 oil crisis caused a further decline in the growth of demand, hence exacerbating the situation. During the seventies the industry has had to operate under increasing material prices, unlike the past, which when coupled with the problem of overcapacity and the resulting deterioration of prices, has caused considerable decline in the financial ability of the companies to finance their capital expenditure programmes through internal cash generation (which was the case in the industry's 'golden era'). This situation is threatening the long term viability and survival of the petrochemical businesses. A System Dynamics model for a hypothetical petrochemical subsidiary of a major oil company has been constructed which embodies all the policies inherent in such a system. The dynamic behaviour of the model closely resembles that expected from the real system such as the declining financial ability, which is mostly due to the inflationary conditions. Through thorough analysis, the impact of varying inflation level on the performance of the system was explored, and the need for adopting suitable accounting policies which would take account of the replacement costs of assets, during periods of high inflation, was proposed. The adoption of a number of policies led to a certain degree of improvement in the financial performance of the system, and these are recommended concerning the corporate strategy of the company for the next two decades. Finally it was discovered that due to the low level of growth of demand (compared to the past), the large economic sizes of the petrochemical plants and the market share consensus, the companies will have to go into joint ventures in the future.

Drawing on social movement literature, my thesis examines if news media, NGO, business and government engagement of the BP Oil Spill in the Gulf of Mexico is affected by issue or event complexity, visuality, or issue build-up. To engage this, data from English language newspaper articles in the US, Canada, and the UK, press releases by Greenpeace and Sierra Club, press releases by BP, ExxonMobil, and Shell as well as press releases by the White House are analyzed using both quantitative and qualitative methods. I find that as an issue or event’s casual narrative becomes less complicated and as it becomes easier to portray visually its engagement by social and political actors increases. I also find that issue engagement is influenced by whether or not social and political actors signal an issue or an event’s importance to others.

This paper determines the relationship between the crude oil price and the financial performance of International Oil Companies (IOCs) of the Eurozone during the last decade (from 2004 to 2013). This study is conducted around a multiple regression model with panel data with the financial performance ratios (ROA, ROE, Profit Margin) as dependent variables and the crude oil price as independent variables. A knowledge gap is visible since the crude oil price was never used as an independent variable in relation to the financial performance ratios of IOCs. In addition, the IOCs in the Eurozone have not been studied since most studies focuses on the United States and Asia. Moreover these studies focus on stock returns rather than financial performance. The research follows a quantitative approach by assessing the relationship of the crude oil price with financial performance of IOCS during the 10-year period (from 2004 to 2013) for 11 companies from 10 countries. The purpose of the study is to determine the effect of the crude oil prices on the financial performance of oil producer companies on a 10-year period using a multiple regression model with panel data. The research question therefore is:What is the relationship between the crude oil price and the International Oil Companies’ financial performance in the Eurozone during the last ten years (2004-2013)?The empirical results show that the crude oil price has a negative relationship with the financial ratios and that the crisis had an impact during that time period on the financial performance of the IOCs. It is also noted that the debt level and the size of IOCs have a strong relationship with their financial performance. The findings on the relationship between the crude oil price and the financial performance of IOCs are opposed to the results of Dayanandan & Donker study (2011). The findings of this research paper are relevant for investors and researchers looking to assess the performance of the Oil & Gas Industry so as its determinants.

O presente trabalho investiga, a partir dos preceitos estabelecidos por Ohlson (1995), qual a relevância da contabilidade para explicar o comportamento dos preços das ações das empresas petrolíferas negociadas na Bolsa de Valores de Nova York (NYSE). Para isso, foram realizados testes empíricos com a finalidade de testar três hipóteses centrais: (i) a avaliação baseada em resultados contábeis futuros é tão relevante quanto aquela baseada em dividendos futuros; (ii) os preços correntes podem ser explicados por variáveis presentes nos relatórios contábeis submetidos à SEC de maneira estatisticamente significante; (iii) o resultado contábil incorpora significativamente o resultado econômico dessas empresas. Os dados que compuseram a amostra são relativos a 46 empresas do setor classificado como produtor de óleo e gás, referentes aos anos de 2002 a 2006. Os resultados demonstraram que, para essa amostra, o método de avaliação pelo desconto de dividendos futuros possui um melhor resultado quando comparado ao método por resultados contábeis futuros. Verificou-se, também, que ambas as variáveis contábeis - patrimônio (book value) e lucro contábil - possuem poder semelhante ao explicar o preço das ações, e que das sete variáveis testadas derivadas de informações das reservas de óleo e gás, apenas três delas - Total da Produção, as Reservas Não Produzidas e as Reservas Provadas - possuíram resultados estatisticamente significantes. E, por fim, pode-se inferir que o resultado negativo não é incorporado de forma mais significativa do que o resultado como um todo por essas mesmas empresas. / This work investigates the relevance of accounting to explain the behavior of oil companies\' stock prices negotiated on NYSE. This investigation is based on Ohlson\'s model (1995). To achieve our goal, we performed empirical experiments with the aim to test three main hypotheses: (i) the evaluation based on future account results is as relevant as the evaluation based on future dividends; (ii) the current prices can be significantly explained by variables found in account reports submitted to SEC; (iii) the account result significantly incorporates the economical results of these companies. The sample data we used are related to 46 companies of the oil and gas sectors within 2002 to 2006. Our results have shown that, for this sample, the evaluation method based on future dividends present better results when compared to the future account results method. We have also detected that both account variables - book value and account profit - have similar relevance to explain the stock prices. Additionally, from the seven tested variables which were derived from oil reserves information, only three have significant statistical results. We can also conclude that the negative results are not incorporated more significantly than the results as a whole, by these same companies.

La question du transport maritime est névralgique depuis les débuts de l’industrie du pétrole en 1859 pour une raison essentielle : les lieux de production, de transformation et de consommation sont distincts et souvent séparés par les océans. Il faut donc transporter une grande partie du pétrole brut depuis un nombre limité de pays producteurs vers le reste du monde avec des navires spécialisés – les pétroliers - sur de grandes distances. Cette tendance se renforce tout au long du XXe siècle avec la découverte de grandes réserves de pétrole au Moyen-Orient et en Afrique. De manière générale, le développement de la flotte pétrolière mondiale suit de près l’accroissement de la production et de la consommation de pétrole. Le transport maritime d’hydrocarbures représente encore aujourd’hui de très loin la forme de commerce international la plus importante - un tiers - avec plus de deux milliards de tonnes transportées par an, à rapporter aux cent millions de tonnes en 1935 et aux cinq cents millions de tonnes en 1960. La France, tirant les conséquences des difficultés d’approvisionnement en produits pétroliers pendant la Première Guerre mondiale, fixe tout au long du XXe siècle des règles contraignantes aux compagnies pétrolières en imposant l’obligation d’importer les deux-tiers de leurs besoins sous pavillon national. Or, celles-ci sont confrontées au problème structurant de la Marine marchande française : les coûts d’exploitation élevés de la flotte. Cette recherche tente de comprendre les stratégies mises en place par ces compagnies pour acheminer dans les meilleures conditions possibles le pétrole vers la France, malgré l’obligation de pavillon. Au-delà, il s’agit de comprendre pourquoi les compagnies pétrolières ont fini par abandonner leurs armements maritimes malgré le cadre législatif en vigueur. Total se retire en 1993 de l’activité de transport maritime. Aujourd’hui, les navires sous pavillon français appartiennent à des armateurs norvégiens ou belges, mais en aucun cas français. / The question of maritime transport is nerve since the beginning of the oil industry in 1859 for an essential reason: the places of production, processing and consumption are distinct and often separated by oceans. It is necessary therefore to carry much of the crude oil from a limited number of producer countries to the rest of the world with specialized vessels - tankers - over long distances. This trend is reinforced throughout the twentieth century with the discovery of large oil reserves in the Middle East and Africa. In general, the development of the world tanker fleet is following loan increased production and consumption of oil. The shipping of oil is still very far from today's form of international trade the most important - a third - with more than two billion tons carried per year to report to 100 million tons in 1935 and 500 million tons in 1960. France, drawing the consequences supply difficulties of petroleum products during the First World War, fixed throughout the twentieth century binding rules to oil companies by imposing the obligation to import two-thirds of their needs under the national flag. Now they are facing the problem of structuring the French merchant navy: the high operating costs of the fleet. This research seeks to understand the strategies used by these companies to deliver the best possible conditions in the oil to France, despite the obligation of French flag. Beyond this is why oil companies have ended up abandoning their naval armaments despite the legislative framework. Total, oil French company, retired in 1993 from the shipping business. Today, ships under the French flag belonging to Belgian or Norwegian shipowners, but in no case French.

This study examined whether three reserve-based quantity replacement measures and three reserve-based value replacement measures have incremental information content beyond that of historical earnings and its cash and accrual components. This study also examined whether the cash and accrual components of earnings have incremental information content beyond that of earnings.

The violence of the Niger Delta host communities against the international oil companies (IOCs) is rampant and dogged. The extent of violence that occurs is harmful to communities, individuals, and oil companies that provide a certain degree of economic stability to the region. The Nigerian government faces a major challenge of resolving community violence in Nigeria. This case study used social exchange theory to better understand the causes and consequences of the lack of community trust against the oil companies that is pervasive in the region. Purposeful sampling was used in the selection of 10 community members, 8 representatives of the oil industry, and 3 government officials. Data were collected through in-depth interviews and documents provided by participants. These were inductively coded and then analyzed using a constant comparative technique. Findings revealed that participants perceived a lack of adequate collaboration among stakeholders and the application of inadequate management strategies of the IOCs and government having an impact on the degree and frequency of community violence. The implications stemming from this study include recommendations to the Nigerian government and IOCs to precede policy formulation with thorough consultation, engagement, and negotiation with the stakeholders for their acceptance before implementation of policy. This collaborative action may encourage corporate engagement and management that is positively viewed by the communities in the Niger Delta.

The aim of this thesis is to explore the diversification of a major oil company into the. petrochemical business and then through thorough analysis to recommend the appropriate corporate strategies to be followed by the petrochemical subsidiary of such a company in the 1980's and the 1990's. The petrochemical industry has undergone great changes during the last decade. In the early 1970's it entered a new era of maturity, however due to the misplannings of the late 1960's extending to the early 1970's the industry was suddenly faced with significant overcapacity which has persisted to the present date and is expected to last well into the 1980's. The 1974 oil crisis caused a further decline in the growth of demand, hence exacerbating the situation. During the seventies the industry has had to operate under increasing material prices, unlike the past, which when coupled with the problem of overcapacity and the resulting deterioration of prices, has caused considerable decline in the financial ability of the companies to finance their capital expenditure programmes through internal cash generation (which was the case in the industry's 'golden era'). This situation is threatening the long term viability and survival of the petrochemical businesses. A System Dynamics model for a hypothetical petrochemical subsidiary of a major oil company has been constructed which embodies all the policies inherent in such a system. The dynamic behaviour of the model closely resembles that expected from the real system such as the declining financial ability, which is mostly due to the inflationary conditions. Through thorough analysis, the impact of varying inflation level on the performance of the system was explored, and the need for adopting suitable accounting policies which would take account of the replacement costs of assets, during periods of high inflation, was proposed. The adoption of a number of policies led to a certain degree of improvement in the financial performance of the system, and these are recommended concerning the corporate strategy of the company for the next two decades. Finally it was discovered that due to the low level of growth of demand (compared to the past), the large economic sizes of the petrochemical plants and the market share consensus, the companies will have to go into joint ventures in the future.

"The object of writing this thesis was to present a brief though fairly detailed history of the oil industry in Texas. The material and facts contained herein were gathered from various sources including books, newspapers, magazines, bulletins, radio programs, letters, and authorized conversations. The main body of this thesis is composed of seven chapters, each of which deals with a certain phase of the oil industry of its effects."--leaf iii