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Article

Оценка влияния неблагоприятной экономической и геополитической ситуации на стоимость российских нефтегазовых компаний

Управленческие науки. 2018. Т. 8. № 2. С. 30-43.
Липатников В. С., Кирсанова К. А.

The importance of the topic of the present research is based on the fact that the corporate value is the main index of the company effectiveness within the value-based management paradigm. Now, when the Russian oil and gas industry is under international sectoral sanctions it is extremely important to identify the influence of these sanctions on the value of Russian oil and gas companies.

The present article examines the value of the oil and gas companies and the influence of sectoral sanctions and negative dynamics of oil prices on it. The research methodology is based on econometric modelling. We analyzed four companies that have the biggest market shares: "Rosneft", "Lukoil", "Gazprom neft" and "Tatneft" that represent 62% of the Russian oil industry.

The features of the valuation of Russian oil and gas companies were outlined. Sanctions relating to oil and gas industry were considered, the consequences of their imposition and the fall of oil price were analyzed. The analysis was held to determine the dependence of the value of oil and gas companies on international sanctions and oil price conjuncture.

The results show that in the oil sector the market capitalization directly depends on the oil price, in the gas industry this influence is absent. It was revealed that due to the low level of oil prices, sanctions had not a significant impact on the value of oil and gas companies.