Subject. The article considers the main figures of consolidated income statements of twenty five leading listed oil and gas companies from 2006 through 2018. Objectives. The purpose is to determine the current values of the main components of consolidated income statements of leading publicly traded oil and gas companies, to identify key trends in their change during the studied period, and to establish the factors that led to changes. Methods. The study draws on methods of comparative and financial-economic analysis, as well as generalization of materials of consolidated income statements. Results. The paper determines dynamics of changes in the value of key indicators and their correlation in the structure of income statements in the stock market sector of the industry, establishes the main factors that contributed to this transformation, based on the results of a comprehensive analysis of annual reports of 25 oil and gas companies. It shows a decrease in the sectoral level of net income of shareholders within the framework of the studied period, which occurred against the background of an increase in net revenue from core activities. The main factor behind such changes in the structure of the income statement was the increase in operating expenses outpacing revenue, primarily due to depreciation, depletion and amortization of assets. The strengthening of the role of interest expenses occurred in the stock market sector after the sectoral crisis. The overall reduction in income tax burden is a positive development. A return to the previous structure is possible only with a significant increase in oil prices, a reduction in operating costs, and a decrease in excises, duties and all other taxes not related to income tax. Conclusions. Net income of companies in the stock market sector of the oil and gas industry is decreasing due to an increase in expenses for core activities, which are faster than the growth of the corresponding revenue.
Ключевые слова: revenue, net income, income tax, interest expense, EBITDA
Список литературы:
Babalykova I.A., Naumenko T.S., Solyanik S.V. [Modern role of the report on financial results and the features of its external and internal analysis]. Politematicheskii setevoi elektronnyi nauchnyi zhurnal Kubanskogo gosudarstvennogo agrarnogo universiteta, 2014, no. 101(07). (In Russ.) URL: Link
Shogentsukova Z.Kh., Efendieva G.A., Kazieva B.V., Dymova Z.S. [The provisions of the International Financial Reporting Standards (IFRS) and the requirements of the Russian legislation on the formation of a report on financial results (profit and loss)]. Sovremennye problemy nauki i obrazovaniya, 2015, no. 1, part 1. URL: Link (In Russ.)
D'yakonova O.S., Morgun N.A. [Accounting Reports as Source of Economic Information]. Vestnik universiteta (Gosudarstvennyi universitet upravleniya) = University Bulletin (State University of Management), 2016, no. 11, pp. 121–125. URL: Link (In Russ.)
Volkov A.T., Shepelev R.E. [Current state of the oil and gas industry as a source of demand of innovations]. Vestnik universiteta (Gosudarstvennyi universitet upravleniya) = University Bulletin (State University of Management), 2019, no. 6, pp. 68–76. URL: Link (In Russ.)
Vetoshkina E.Yu., Maksimova D.O., Semenikhina N.B. [Key Audit Matters of Oil and Gas Companies]. Kazanskii ekonomicheskii vestnik = Kazan Economic Vestnik, 2019, no. 2, pp. 104–110. URL: Link (In Russ.)
Kashirina M.V., Uzdenov A.A. [Taxation problems in the oil and gas industry on the example "Gazprom" company]. Moskovskii ekonomicheskii zhurnal, 2018, no. 5(3). (In Russ.) URL: Link
Bobyleva A.Z. [State strategy for regulating the oil industry in Russia: Evolution of the tax system]. Vestnik Moskovskogo universiteta. Ser. 21: Upravlenie (gosudarstvo i obshchestvo) = Moscow University Bulletin. Ser. 21: Public Administration, 2015, no. 4, pp. 3–24. URL: Link (In Russ.)
Cherkasova E.I., Mullakhmetova L.I., Khvorova E.V. [The State tax regulation in the oil and gas industry]. Vestnik Voronezhskogo gosudarstvennogo universiteta inzhenernykh tekhnologii = Proceedings of the Voronezh State University of Engineering Technologies, 2018, vol. 80, no. 1, pp. 348–356. (In Russ.) URL: Link
Nureev R.M., Busygin E.G. [Biggest Public Oil Companies: Impact of External and Internal Factors on Capitalization]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2019, no. 23(5), pp. 87–100. (In Russ.) URL: Link
Zhavoronkova E.N. [Analysis of Taxation in the Oil Industry in the Context of Major Russian and Foreign Oil Companies]. Gosudarstvennoe upravlenie. Elektronnyi vestnik, 2015, no. 50. (In Russ.) URL: Link
Voronina E.V. [Estimation of financial results, market attractiveness and value of the corporations in the oil and gas industry]. Upravlenie ekonomicheskimi sistemami: elektronnyi nauchnyi zhurnal, 2012, no. 8(44). (In Russ.) URL: Link
Kokin A.S., Oskolkov I.M., Syzganova A.A. [Comparative approach to estimation of cost of stocks of the oil and gas companies of Russia on the basis of fundamental analysis]. Ekonomika: vchera, segodnya, zavtra = Economics: Yesterday, Today and Tomorrow, 2019, vol. 9, no. 1A, pp. 241–258. URL: Link (In Russ.)
Lenkova O.V., Osinovskaya I.V. [External benchmarking performance indicators of Russian oil companies]. Sovremennye problemy nauki i obrazovaniya, 2014, no. 2. (In Russ.) URL: Link
Eder L.V., Filimonova I.V., Kozhevin V.D. [Efficiency analysis of the Russian oil and gas companies]. Problemy ekonomiki i upravleniya neftegazovym kompleksom, 2016, no. 3, pp. 87–100. URL: Link (In Russ.)
Aliev A.A., Solov'eva M.G., Kachalina A.D. [Integral Estimation of the Company's Financial Condition]. Finansy i kredit = Finance and Credit, 2018, vol. 24, iss. 2, pp. 288–303. (In Russ.) URL: Link
Kazakova N.A., Ivanova A.N. [Financial Safety of the Company: An Analytical Aspect]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2016, no. 10, pp. 93–105. URL: Link (In Russ.)
Shal'neva V.V., Ovchinnikov R.A. [Liquidity and Financial Stability Assessment of the Major Oil Corporations in the Russian Federation]. Nauchnyi vestnik: finansy, banki, investitsii = Scientific Bulletin: Finance, Banking, Investment, 2015, no. 4, pp. 97–105. URL: Link (In Russ.)
Lipatnikov V.S., Kirsanova K.A. [Assessment of the Impact of the Adverse Economic Geopolitical Environment on the Worth of Russian Oil and Gas Companies]. Upravlencheskie nauki = Management Sciences, 2018, no. 8(2), pp. 30–43. URL: Link (In Russ.)
Chistyakova G.A. [Oil and gas company performance evaluation of operations]. Upravlenie ekonomicheskimi sistemami: elektronnyi nauchnyi zhurnal, 2015, no. 4(76). (In Russ.) URL: Link
Shimko O.V. Analiz rezul'tatov finansovo-khozyaistvennoi deyatel'nosti vedushchikh publichnykh korporatsii neftegazovoi otrasli posle mirovogo finansovogo krizisa [Analysis of the results of financial and economic activities of leading public corporations in the oil and gas industry after the global financial crisis]. Moscow, Nauka Publ., 2019, 339 p.
