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| Introduction Oil Prices Diminishing Supplies and Increasing Demand Mega Mergers | |
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| The Stock Market | |
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| Fundamentals of Valuation Market | |
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| Value Fair Market | |
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| Value Technical Analysis | |
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| Dow Theory | |
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| Fundamental Analysis | |
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| The first step+Economic conditions | |
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| The second step+Industry analysis | |
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| The third step+Company analysis Asset- vs | |
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| Income-Based Techniques Asset-based valuation concepts | |
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| Control premium | |
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| Income-based valuation concepts | |
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| Efficient Market Hypothesis | |
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| Random Walk Theory | |
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| Catch-22 Niels | |
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| Bohr+Early EMH proponent | |
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| Stock Quotations Accounting Value vs. Economic Value | |
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| Future and Present | |
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| Value Theory | |
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| Future value | |
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| Present value | |
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| Annuities Perpetuity | |
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| Present value tables | |
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| Internal Rate of Return | |
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| Cost of Capital | |
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| Cost of debt | |
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| Cost of preferred stock | |
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| Cost of equity | |
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| Capital asset pricing model | |
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| Summary Accounting | |
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| Systems for Oil and Gas | |
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| Generally Accepted | |
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| Accounting Principles | |
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| Accounting concepts | |
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| Governance, transparency, and disclosure | |
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| Reserve Recognition | |
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| Accounting FC and SE | |
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| Accounting SE accounting FC accounting | |
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| Ceiling Test | |
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| Limitation Book value, SEC value, and FMV of reserves | |
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| Depreciation, depletion, and amortization | |
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| Cost Depletion and Percentage Depletion | |
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| Summary and Key Concepts | |
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| Financial Statement Analysis | |
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| Annual Report | |
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| The Income Statement | |
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| The Balance Sheet | |
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| The Statement of Cash Flows | |
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| Form 10-K Form 10-K | |
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| Oil & Gas Reserves | |
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| Financial Analysis | |
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| CVX financial statements | |
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| Quick look | |
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| Ratio Analysis | |
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| Analytical perspectives | |
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| Ratios Liquidity ratios | |
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| Profitability ratios | |
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| Activity ratios | |
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| Dividends Valuation ratios | |
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| Energy ratios | |
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| Ratio Roulette CVX CVX Highlights 2001 | |
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| Summary and Key Concepts | |
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| How much is too much debt? | |
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| Valuation of Common Stock | |
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| Guidelines for Estimating Value | |
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| IRS guidelines | |
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| SEC guidelines | |
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| Book Value | |
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| Book value multiple | |
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| Debt-adjusted book value multiple | |
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| Adjusted book value | |
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| O&G Properties | |
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| Long-term Investment in Stock | |
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| Off-Balance-Sheet Activities | |
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| Involving the Cost & Equity | |
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| Methods of Accounting | |
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| Consolidation and minority interests | |
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| Off-balance-sheet assets and liabilities | |
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| Long-term leases | |
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| Synthetic leases | |
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| Litigation Environmental Liabilities | |
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| Exxon Valdez spill in the Prince William | |
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| Sound, 1989 DR&R+Abandonment Off-Balance-Sheet | |
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| Commitments Drilling | |
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| Commitments Summary | |
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| Discounted cash flow analysis | |
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| Adjustments Net income | |
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| DD&A Deferred taxes Extraordinary items | |
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| Other adjustments | |
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| Exploration expenses | |
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| Research and development | |
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| Interest expense | |
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| Free cash flow | |
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| Operating income multiple | |
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| Comparable sales | |
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| Replacement value | |
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| Combined appraisal techniques | |
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| Competitive Comparisons | |
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| Individual Investment | |
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| Institutional Investment | |
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| Employment Benchmarking | |
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| M&A Potential | |
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| Identification of Peer Group | |
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| Line of business | |
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| Size Market or location | |
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| Other considerations | |
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| Identification of Comparison Criteria | |
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| Study the sector | |
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| Sources of information | |
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| Identify the industry or sector concerns | |
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| Integrated O&G industries | |
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| E&S E&P Drilling | |
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| Refining and marketing Utilities | |
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| Segment Valuation Proved Reserves | |
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| Acreage Transportation | |
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| Pipelines Tankers | |
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| Refineries Industry Structure | |
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| Financial Analysis and Evaluation of | |