A Note on Vertical Integration and Stock Ratings of Oil Companies in the U.S

Kenneth Edwards, John D. Jackson and Henry L. Thompson

The Energy Journal, 2000, vol. 21, issue 2, 145-151

Abstract: This note examines some evidence for a link between profitability of oil companies and operational vertical integration into pipelines and crude oil. An empirical specification is estimated using ordered probit. Levels of integration into pipeline and crude that maximize stock ratings are derived using recent oil company data. Integration into pipelines has a weak positive effect on the stock ratings of oil companies, and integration into crude oil has a stronger positive effect.

Keywords: oil prices; oil company stock ratings; oil sales; vertical integration (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:sae:enejou:v:21:y:2000:i:2:p:145-151

DOI: 10.5547/ISSN0195-6574-EJ-Vol21-No2-7

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