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Testing The Significance Of Pricing Factors Of Oil And Gas Companies.

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Testing The Significance Of Pricing Factors Of Oil And Gas Companies.

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Testing the significance of pricing factors of oil and gas companies.

Antonio Garcia-Amate¹, Laura Molero-González¹, Miguel Angel Sánchez-Granero²

¹Department of Economics and Business, University of Almeria, Almeria, Spain.

|January 8, 2025

View abstract on PubMed

Summary

This summary is machine-generated.

Oil and gas (O&G) companies remain crucial energy providers. Random Matrix Theory reveals market and Brent prices are key factors for upstream/midstream returns, with fewer drivers for downstream.

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Area of Science:

Energy Economics
Financial Markets
Quantitative Finance

Background:

Fossil fuels dominate global energy demand, with oil and gas (O&G) companies central to supply.
Understanding O&G sector financial performance is vital due to its economic significance and market stability concerns.

Purpose of the Study:

To identify the number of explanatory factors for O&G subsector (upstream, midstream, downstream) market performance.
To determine if Brent crude oil price is a significant explanatory factor for O&G returns.

Main Methods:

Application of Random Matrix Theory (RMT) to analyze financial data.
Statistical analysis to identify significant explanatory factors for cross-sectional expected returns.

Main Results:

The market is the primary explanatory factor for most of the time for upstream and midstream O&G subsectors.
Brent crude oil price emerges as the sole significant factor for upstream and midstream during specific periods.
The downstream O&G subsector shows no significant explanatory factors for most periods.

Conclusions:

The study elucidates the key drivers of O&G subsector returns using a novel RMT approach.
Findings offer valuable insights for investors, executives, and policymakers in the energy sector.
The dynamic influence of market and Brent prices on O&G returns is highlighted.