Savchuk T. Evaluation of effective usage of oil and gas companies invested capital

The thesis deals with the improvement of evaluating the effectiveness of oil and gas companies, which is suggested to carry through the analysis of profitability of invested capital on the basis of adjusted economical profit. The method of calculating the value of invested capital gives the opportunity to select separately invested capital used in operating and nonoperating activities that extended beyond the practical application of assessment results and analysis. Thesis proves the inadequacy of using accounting profit for assessing profitability of invested capital of oil and gas companies. Therefore the number of accounting profit adjustments is developed which can ensure the required level of reliability for calculating economic profit on the basis of accounting profit. Also proved the sense of evaluating equity of oil and gas companies within the modern level of the national fund market development basing on the stock profit and proposed modified model of evaluating equity of those companies whose stocks are not on the stock market and have no market price, that can help to evaluate equity of such state companies as National Joint-Stock Company "Naftogaz of Ukraine" and State Joint-Stock Company "Chornomornaftogaz"