Oil and Gas E&P Company Equity Valuation Model. Performance Ratios

The oil and gas E&P company valuation spreadsheet is more complex than the basic firm valuation model and is geared specifically towards E&P companies. The model allows the user to input expected oil and gas prices and vary production growth by year and commodity. In addition to general performance measures, E&P industry-specific ratios are also calculated and included.

Oil and Gas E&P Company Equity Valuation Model Partial Screenshot of Performance Ratios

	1994	1995	1996
Performance Ratios
Ending share price	17.28	27.66	46.42
Price/Earnings ratio	20.9	98.9	47.2
Price/Book ratio	1.90	2.70	3.23
Price/Sales ratio	3.27	5.79	7.58
Price/EBIT ratio	10.86	38.95	25.30
Asset turnover ratio	0.58	0.47	0.43
Equity capital turnover ratio	2.71	2.20	1.90
Sales per share	5.29	4.78	6.12
Cash flow per share	3.03	2.92	2.79

Reserves
Proved reserves oil, condens, ngl (MBbls)	33,862	45,182	49,602
Proved reserves nat. gas (MMcf)	242,890	328,061	360,944
Proved reserves (BOE)	74,344	99,859	109,759
Yearly production (BOE)	13,671	12,392	11,713
Reserve production ratio (reserves/production)	5.44	8.06	9.37
Reserves per share (BOE)	2.27	3.03	3.30

E&P Operating Data
Sale price oil (barrel)	16.08	17.80	22.12
Sale price natural gas (McF)	1.88	1.63	2.40
Lifting costs/BOE production	2.18	2.83	3.21

Reserve Replacement
New reserves oil, condens, ngl	10,539	16,399	9,311
New reserves natural gas	62,642	129,540	72,005
Total new reserves (BOE)	20,979	37,989	21,312

NOTE: These are only some of the ratios in this model. The actual spreadsheet contains more oil and gas-specific ratios.

Oil and Gas E&P Company Equity Valuation Model. Performance Ratios.

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