ing the Value Relevance of Information Related to Oil and Gas Reserves Through Its Impact on the Stock Prices of Integrated Oil and Gas Companies (An Empirical Study)

Abstract

This research aimed to study the  value relevance of information related to oil and gas reserves, specifically changes in the quantity of oil and gas reserves and the value relevance of the reserve replacement ratio. It also examined the value relevance of traditional financial indicators, namely net income and book value of equity, by analyzing the impact of these variables on the share price of the companies under study. The study sample consisted of 15 integrated oil and gas companies ranked among the top 100 companies by market capitalization, according to Companies Market Cap, after excluding companies that do not adhere to International Financial Reporting Standards (IFRS), during the period from 2017 to 2023. The necessary data for the research were collected from the annual reports and official websites of these companies.

The researcher used the quantitative analytical method, and applied panel data regression models based on the model of Ohlson (1995) and used the fully corrected least squares method in the Eviews 12 statistical program. The research concluded that there is a statistically significant effect of the variables of net income, book value of equity, change in the quantity of oil and gas reserves and the reserve replacement ratio on the share price of integrated oil and gas companies, and all of these variables have a positive effect on the share price.