Abstract
This research investigated the relevance of information related to proven reserves of oil and accounting information (net income and book value) in the valuation of global oil companies. Regressions were applied considering the technique of Panel Data on a sample of 15 oil companies integrated and listed on the New York Stock Exchange (NYSE) during the period from 2001 to 2012, totaling 180 firms-year. Eight models were tested, each of them having the Naperian or natural logarithm (ln) of the average share price as dependent variable, considering the closing prices of November, December, January and February. Equity (PL), net income (LL), capitalized costs (CC), volume of gas and oil reserves (RPO&G), components of the change in reserve value, and discounted future cash flow (FCD) of the reserves were tested as independent variables. The results indicated that the market value of an oil company is a function of the PL variable and accounting information related to proven oil and gas reserves. This finding reinforces the idea that the accounting data are incomplete for determining the value of an oil company, and information related to proven oil and gas reserves contributes to increase the relevance of accounting variables measured at historical values. As a result, additional information in the notes on the oil reserves is relevant and necessary, besides traditional information already disclosed in the financial statements. Keywords: oil and gas, value relevance, disclosure.
Highlights
Usualmente chamadas de majors, as grandes petrolíferas mundiais são monitoradas por investidores, analistas financeiros, consumidores, regulamentadores, credores e governos que, como ferramenta necessária ao processo de tomada de decisões, exigem informações financeiras sobre suas atividades (Misund et al, 2005)
The results indicated that the market value of an oil company is a function of the Patrimônio Líquido (PL) variable and accounting information related to proven oil and gas reserves
Os órgãos normatizadores de mercados financeiros do mundo inteiro enfrentam dificuldades na elaboração de normas que exijam informações relevantes para o mercado de petróleo, pois existem controvérsias no tratamento contábil dado aos gastos necessários para se explorar e produzir o mineral (Collins e Dent, 1979; Deakin, 1979; Dhaliwal, 1980; Klingstedt, 1970; Sunder, 1976) e em como mensurar o valor das reservas, incluí-las nos relatórios financeiros das companhias e evidenciar ao mercado os resultados da atividade de E&P (Brock et al, 2007; Gallun et al, 1993; Johnston e Johnston, 2006)
Summary
Basicamente, as atividades da indústria do petróleo são divididas em dois grandes segmentos: o upstream e o downstream. Os órgãos normatizadores de mercados financeiros do mundo inteiro enfrentam dificuldades na elaboração de normas que exijam informações relevantes para o mercado de petróleo, pois existem controvérsias no tratamento contábil dado aos gastos necessários para se explorar e produzir o mineral (Collins e Dent, 1979; Deakin, 1979; Dhaliwal, 1980; Klingstedt, 1970; Sunder, 1976) e em como mensurar (avaliar) o valor das reservas, incluí-las nos relatórios financeiros das companhias e evidenciar ao mercado os resultados da atividade de E&P (Brock et al, 2007; Gallun et al, 1993; Johnston e Johnston, 2006). Os estudos de value relevance aplicados ao setor petrolífero objetivaram, ao longo dos anos, identificar e comparar a relevância das informações contábeis tradicionais, baseadas em custo histórico, com as informações “suplementares” sobre as atividades de E&P, dentre as quais se citam o volume de reservas provadas de óleo e gás, o volume de produção, de descobertas e do fluxo de caixa futuro considerando o atual volume de reservas. Curiosamente, assim como afirmado por Berry e Wright (2001), os resultados dessas pesquisas são conflitantes
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