VALUE DRIVERS OF OIL COMPANIES IN GLOBAL WORLD

This paper surveys the value drivers of oil companies with a particular focus on the drivers, specifically affected by the recent global changes in environmental policies and technologies. The analysis is based on data published by Energy Information Administration (EIA). The findings of this paper is that the oil market and value of oil companies are rather fragile and affected by a number of correlated factors, which may be included in valuation or management process using combination of conventional DCF models and an alternative real options model.