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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 | |