Oil. Features of Financing..

Posted by DeXtR at 3:42 AM

From the oil periodically to hear complaints that there is no money for development. Well, seems to be a truly industry is very capital intensive. For example, the government yesterday approved a plan for the industry, under which $ 500 billion should be poinvestirovany in the next 20 years on the development of deposits. That is about $ 25 billion per year. A figure of immense and it is understandable that companies will be under this program to request the benefits for themselves.

But why the oil constantly no money? It is a very lucrative business. Take, for example, the same Gazprom-Neft, then she ROE is about 28%, that is an excellent return on capital. It would seem that such a company is to attract inward investment? The answer - in the structure of liabilities of oil companies.

Virtually no oil company in the world does not use borrowed capital as a source of funding for their projects. Loans are used only for individual, small goals and do not exceed 10-15% of liabilities companies. This is due to two reasons:

     * The price of oil over the past 30 years ranged from magnitude 6 times! The company, which has such unstable incomes, always prefers to keep a low value of financial leverage.
     * Oil Assets-term, 15-30 years old. Finance their loans would have a similar duration. But to receive such loans is very easy. Funding for the same 10-year loan 20-year-old asset is not very good in terms of the financial condition of the company.

Therefore, oil companies have only their own capital, and even with good financial indicators have problems with the financing of investment.

In fact, the market is still sector, which in recent years had the same return on equity, as the oil companies. This construction. The builders were in the same situation as the oil, but they were actively using loans. Well, on one hand - we see the result. On the other hand - without credits most of those companies that are now bankrupt, just do not be. Therefore, not all so clear, every sector of its ratio of debt and equity.

P.S. And oilmen like to complain about our government over taxes. Like, everything picks up with the mineral extraction tax and other things. Compare them with the world's biggest companies, turned out that the total tax burden is about the same and amounts to 15-25% of turnover (in the list of taxes is not included VAT). Quite a modest load, among other things. Our company is the same, although we do not use Russia's natural resources.