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Updated: Jun 3, 2025

Measurement of the Rheology of Crude Oil in Equilibrium with CO2 at Reservoir Conditions
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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.

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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.