Integrated Oil & Gas


I always look at economics of the business
A bird in the hand is worth 2 in the bush and the question is how sure are you there are 2 in the bush and how long you have to wait to get them out
1. How many birds are in the bush?
2. When you gonna get them out?
3. How sure are you?
If interest rates are 15% roughly you've got 2 birds out of bush in 5 years equal to bird in the hand but if interest rates are 3% and you can get 2 birds out in 20 years it still makes sense to give up the bird in the hand because it's all gets back to discounting an interest rate. Often you don't know not only how many birds in the bush but in the case of internet companies there were not any birds in the bush but they still take the bird that you give them from the hand
Loop through all the subindustries and try to understand how many birds are in the bush from the perspective of economics of the business

Revenue

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP grow per year to compare with Revenue Change
1. Ecopetrol S.A EC8,54210,92515,37214,98321,51734,06039,24636,45429,32852,090,92747,732,35055,210,22467,819,93570,846,769
2. PJSC LUKOIL LUKOY13,33819,16428,59745,84354,11466,85886,34068,02586,078111,433116,335119,118122,80378,7555,227,0455,936,7058,035,8897,841,246
3. Public Joint Stock Company Gazprom OGZPY35,17448,02381,65197,531120,38498,852117,875144,909156,511160,22998,99606,111,0516,546,1438,224,1777,659,623
4. China Petroleum & Chemical Corporation SNP39,73538,47837,82948,89369,538101,995137,287165,169212,840197,051289,876398,113447,191475,7933072,020,3751,930,9112,360,1932,891,1792,966,193
5. PetroChina Company Limited PTR29,23628,86429,52036,70346,95668,42888,284114,473157,002149,325222,033318,379352,369373,0162481,725,4281,616,9032,015,8902,374,9342,516,810
6. YPF Sociedad Anónima YPF8,6608,2285,7817,2016,6977,5398,3539,23910,1228,99911,12013,18813,69913,87716,621156,136210,100252,813435,820678,595
7. Royal Dutch Shell plc RDS-B451,235421,105264,960233,591305,179388,379344,877
8. Petróleo Brasileiro S.A. - Petrobras PBR26,95524,54922,61230,79737,45256,32472,34787,735118,25791,869120,052145,915144,103141,462143,657321,638282,589283,695310,255302,245
9. BP p.l.c BP148,062174,218178,721232,571285,059249,465265,906284,365361,143239,272297,107375,517375,580379,136353,568222,894183,008240,208298,756278,397
10. Exxon Mobil Corporation XOM206,083187,510178,909213,199263,989328,213335,086358,600425,071275,564372,544471,140467,285424,328398,616261,238218,608237,162279,332264,938
11. TOTAL SE TOT107,54693,744107,513131,830166,111145,204175,110199,804223,165160,738186,398216,065240,379236,523212,018143,421127,925149,099184,106176,249
12. Chevron Corporation CVX46,53297,86391,685112,937142,897184,922195,341203,970255,112171,636204,928253,706241,909228,848211,970138,477114,472141,722166,339146,516
13. Eni S.p.A E45,85444,36851,37966,00880,79587,309113,713127,684150,563119,325130,799142,206167,843158,0890118,8790.0172,2860.0155,7624.3866,91975,82269,881
14. Equinor ASA EQNR23,65125,75534,90937,28349,96557,90667,83896,27093,46579,84589,420108,173126,883102,11581,10657,90045,68860,97178,55562,911
15. Repsol, S.A REPYY42,94338,85638,26046,86856,43960,44772,68981,66484,87170,27380,18582,68078,57977,57357,22636,41634,68941,66849,87349,328
16. Suncor Energy Inc SU2,0442,2912,9014,5586,7888,60212,73017,39224,70524,93836,00638,57738,50837,27129,51729,20826,80731,95438,54238,344
17. Imperial Oil Limited IMO11,15010,0339,95713,75517,57622,74419,92523,84124,59619,03423,70128,59129,94929,46329,83326,75625,04929,12534,96434,002
18. Occidental Petroleum Corporation OXY13,57413,9857,3389,32611,36815,20817,66118,78424,21715,40319,04523,93924,17224,45519,31212,48010,09012,50817,82420,393
19. Husky Energy Inc HUSKF3,4124,1634,0595,9047,0168,78610,86215,56920,30014,32918,23322,91322,61121,95020,73116,36913,22418,94622,58720,306
20. Cenovus Energy Inc CVE16,55910,14013,01215,39316,97417,56316,90211,52911,00617,04320,84420,181


Revenue Growth

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP growth per year to compare with Revenue Change
1. Ecopetrol S.A EC1.281.281.410.971.441.581.150.930.81776.170.921.161.231.04
2. PJSC LUKOIL LUKOY1.441.441.491.61.181.241.290.791.271.291.041.021.030.6466.371.141.350.98
3. Public Joint Stock Company Gazprom OGZPY1.371.371.71.191.230.821.191.231.081.020.620INF1.071.260.93
4. China Petroleum & Chemical Corporation SNP0.970.970.981.291.421.471.351.21.290.931.471.371.121.0606580.550.961.221.221.03
5. PetroChina Company Limited PTR0.990.991.021.241.281.461.291.31.370.951.491.431.111.0606956.440.941.251.181.06
6. YPF Sociedad Anónima YPF0.950.950.71.250.931.131.111.111.10.891.241.191.041.011.29.391.351.21.721.56
7. Royal Dutch Shell plc RDS-B0.930.930.630.881.311.270.89
8. Petróleo Brasileiro S.A. - Petrobras PBR0.910.910.921.361.221.51.281.211.350.781.311.220.990.981.022.240.8811.090.97
9. BP p.l.c BP1.181.181.031.31.230.881.071.071.270.661.241.2611.010.930.630.821.311.240.93
10. Exxon Mobil Corporation XOM0.910.910.951.191.241.241.021.071.190.651.351.260.990.910.940.660.841.081.180.95
11. TOTAL SE TOT0.870.871.151.231.260.871.211.141.120.721.161.161.110.980.90.680.891.171.230.96
12. Chevron Corporation CVX2.12.10.941.231.271.291.061.041.250.671.191.240.950.950.930.650.831.241.170.88
13. Eni S.p.A E0.970.971.161.281.221.081.31.121.180.791.11.091.180.940INF010126926.3109356040.27015264.51.130.92
14. Equinor ASA EQNR1.091.091.361.071.341.161.171.420.970.851.121.211.170.80.790.710.791.331.290.8
15. Repsol, S.A REPYY0.90.90.981.231.21.071.21.121.040.831.141.030.950.990.740.640.951.21.20.99
16. Suncor Energy Inc SU1.121.121.271.571.491.271.481.371.421.011.441.0710.970.790.990.921.191.210.99
17. Imperial Oil Limited IMO0.90.90.991.381.281.290.881.21.030.771.251.211.050.981.010.90.941.161.20.97
18. Occidental Petroleum Corporation OXY1.031.030.521.271.221.341.161.061.290.641.241.261.011.010.790.650.811.241.431.14
19. Husky Energy Inc HUSKF1.221.220.981.451.191.251.241.431.30.711.271.260.990.970.940.790.811.431.190.9
20. Cenovus Energy Inc CVE0.610.611.281.181.11.030.960.680.951.551.220.97