The firm conducted analysis of three groups of 20 companies that where chosen by their market capitalisation. The three groups consisted of integrated oil companies, exploration and production companies, and refining and marketing companies. The report highlighted significant differences in value for these three types of companies.
This was shown through a 50% lower value in enterprise value and earnings before interest, taxes, depreciation and amortisation (EV/EBITDA) ratio for integrated compa
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