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Appendix D3
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Table 2 |
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Capitalization Ratios for Oil and Gas Companies |
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1997 - 1999 |
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No. of |
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Debt / Total Capital |
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Source |
Industry |
SIC |
Firms |
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Latest |
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5-yr avg. |
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(a) |
Oil and Gas Extraction |
13 |
130 |
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30.19% |
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23.39% |
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Crude Petroleum and |
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Natural Gas |
131 |
101 |
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32.56% |
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25.77% |
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(b) |
Petroleum (Integrated) |
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41 |
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12.72% |
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Petroleum (Producing) |
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104 |
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33.84% |
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(c) |
Petroleum (Integrated) |
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26 |
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24.54% |
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24.45% |
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Petroleum (Producing) |
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12 |
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52.72% |
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47.97% |
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(d) |
Financial Reporting System Cos. |
24 |
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28.00% |
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32.07% |
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(a) |
All mid-sized companies |
1/ |
582 |
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28.93% |
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30.24% |
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Sources: |
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(a) |
Ibbotson Associates, Cost of Capital Quarterly, 1999
Yearbook; industry composite |
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(b) |
NYU Stern Business School, Cost of Capital by Industry,
December 31, 1998 |
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(c) |
Value Line (1998; 4-year average 1995-1998) |
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(d) |
EIA, Performance Profiles of Major Energy Producers,
1997, Table B4 |
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Notes: |
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1/ |
Companies from all industries with equity capitalization
> $0.9 billion and < $4.2 billion. |
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