The noise surrounding the disclosure of oil and gas reserves
Autor(a) principal: | |
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Data de Publicação: | 2012 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/12026 |
Resumo: | The goal of this thesis is to analyze the noise surrounding the disclosure of oil and gas reserves size on the annual reports, thus it evaluates if the oil and gas companies are underestimating or overestimating their reported reserves. Actually, this thesis also has an important role as SEC recently reviewed SFAS 69. Therefore, it addresses a currently debate about the best reporting practices of oil and gas reserves. By analyzing the modifications made to SFAS 69, we notice that even with the modernization of rules, they still allow noise in oil and gas reserves reporting. In the oil industry, disclosed information has large implications on companies’ results and the current accounting rule is not enough of an incentive for companies to report the actual reserves they own. To study this subject, we chose a sample of 25 top oil and gas companies and analyze their oil and gas reserves reported. It demonstrated that the total oil and gas reported reserves by the 25 top companies, is smaller than the world total estimated oil and gas reserves, which means, it only match 7% of world total oil reserves and 15% of world total gas reserves. Since it is an industry that has high level of geographic concentration of resources, in other words, small number of companies in a small number of countries controls most of the oil and gas reserves, we conclude that the majority of companies is underestimating their oil and gas reserves. |
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The noise surrounding the disclosure of oil and gas reservesDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe goal of this thesis is to analyze the noise surrounding the disclosure of oil and gas reserves size on the annual reports, thus it evaluates if the oil and gas companies are underestimating or overestimating their reported reserves. Actually, this thesis also has an important role as SEC recently reviewed SFAS 69. Therefore, it addresses a currently debate about the best reporting practices of oil and gas reserves. By analyzing the modifications made to SFAS 69, we notice that even with the modernization of rules, they still allow noise in oil and gas reserves reporting. In the oil industry, disclosed information has large implications on companies’ results and the current accounting rule is not enough of an incentive for companies to report the actual reserves they own. To study this subject, we chose a sample of 25 top oil and gas companies and analyze their oil and gas reserves reported. It demonstrated that the total oil and gas reported reserves by the 25 top companies, is smaller than the world total estimated oil and gas reserves, which means, it only match 7% of world total oil reserves and 15% of world total gas reserves. Since it is an industry that has high level of geographic concentration of resources, in other words, small number of companies in a small number of countries controls most of the oil and gas reserves, we conclude that the majority of companies is underestimating their oil and gas reserves.Esta tese tem como objetivo analisar o ruído do volume das reservas de petróleo e gás publicado nos relatórios de contas anuais, logo avalia se as empresas de petróleo e gás estão a subestimar ou a sobrestimar as suas reservas publicadas. Na realidade, esta tese desempenha também um importante papel visto que a SEC reviu recentemente a SFAS 69. Por conseguinte, foca uma discussão atual relativamente às melhores práticas de reporte das reservas de petróleo e gás. Ao analisar as alterações feitas à SFAS 69, notamos que mesmo ao modernizarem as regras, ainda continua a ser permitido ruído no reporte das reservas de petróleo e gás. Na indústria do petróleo, a informação publicada tem grandes implicações nos resultados das empresas e as atuais regras contabilísticas não são um suficiente incentivo para que as empresas reportem as reservas que de facto possuem. Para estudar este tema, escolhemos uma amostra de 25 empresas líderes de petróleo e gás e analisámos as suas reservas de petróleo e gás publicadas. Demonstrou-se que o total das reservas de petróleo e gás publicado pelas 25 empresas líderes é menor do que o total de reservas de petróleo e gás mundial estimado, ou seja, apenas corresponde a 7% do total de reservas de petróleo mundiais e 15% do total de reservas de gás mundiais. Uma vez que se trata de uma indústria com elevado nível de concentração geográfico, ou seja, um pequeno número de empresas em poucos países controla a maioria das reservas de petróleo e gás, concluímos que a maioria das empresas está a subestimar as suas reservas de petróleo e gás.Reis, RicardoVeritati - Repositório Institucional da Universidade Católica PortuguesaBarros, Liliana Filipa Rodrigues de2013-07-19T14:30:56Z201220122012-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/12026enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-09-12T01:36:26Zoai:repositorio.ucp.pt:10400.14/12026Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:09:48.513753Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
The noise surrounding the disclosure of oil and gas reserves |
title |
The noise surrounding the disclosure of oil and gas reserves |
spellingShingle |
The noise surrounding the disclosure of oil and gas reserves Barros, Liliana Filipa Rodrigues de Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
The noise surrounding the disclosure of oil and gas reserves |
title_full |
The noise surrounding the disclosure of oil and gas reserves |
title_fullStr |
The noise surrounding the disclosure of oil and gas reserves |
title_full_unstemmed |
The noise surrounding the disclosure of oil and gas reserves |
title_sort |
The noise surrounding the disclosure of oil and gas reserves |
author |
Barros, Liliana Filipa Rodrigues de |
author_facet |
Barros, Liliana Filipa Rodrigues de |
author_role |
author |
dc.contributor.none.fl_str_mv |
Reis, Ricardo Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Barros, Liliana Filipa Rodrigues de |
dc.subject.por.fl_str_mv |
Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
The goal of this thesis is to analyze the noise surrounding the disclosure of oil and gas reserves size on the annual reports, thus it evaluates if the oil and gas companies are underestimating or overestimating their reported reserves. Actually, this thesis also has an important role as SEC recently reviewed SFAS 69. Therefore, it addresses a currently debate about the best reporting practices of oil and gas reserves. By analyzing the modifications made to SFAS 69, we notice that even with the modernization of rules, they still allow noise in oil and gas reserves reporting. In the oil industry, disclosed information has large implications on companies’ results and the current accounting rule is not enough of an incentive for companies to report the actual reserves they own. To study this subject, we chose a sample of 25 top oil and gas companies and analyze their oil and gas reserves reported. It demonstrated that the total oil and gas reported reserves by the 25 top companies, is smaller than the world total estimated oil and gas reserves, which means, it only match 7% of world total oil reserves and 15% of world total gas reserves. Since it is an industry that has high level of geographic concentration of resources, in other words, small number of companies in a small number of countries controls most of the oil and gas reserves, we conclude that the majority of companies is underestimating their oil and gas reserves. |
publishDate |
2012 |
dc.date.none.fl_str_mv |
2012 2012 2012-01-01T00:00:00Z 2013-07-19T14:30:56Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/12026 |
url |
http://hdl.handle.net/10400.14/12026 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
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info:eu-repo/semantics/openAccess |
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openAccess |
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application/pdf |
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reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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