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2001 Working Capital Survey - Chart 26

OIL & GAS

1Jul


Behind the Rankings


The management of working capital combines two measures, weighted equally:
1. Days of Working Capital (DWC) = (Receivables + Inventory ­ Payables) ÷ (Sales ÷ 365 Days). If payables exceed the sum of receivables and inventory, DWC is negative.
2. Cash Conversion Efficiency (CCE) = Cash Flow from Operations ÷ Sales.

The overall ranking: (Highest Overall CCE ­ Company CCE) ÷ (Highest Overall CCE ­ Lowest Overall CCE) + (Lowest Overall DWC ­ Company DWC) ÷ (Lowest Overall DWC ­ Highest Overall DWC). Days of Sales Outstanding (DSO), Inventory Turns, and Days of Payables Outstanding (DPO) are not part of the overall ranking criteria. Industry averages consider all companies in an industry, not just the top five.

Sources: REL Consultancy Group, Piranha Web




Back to "Forget the Float? — The 2001 Working Capital Survey"

OIL & GAS
Over- all RankCompany NamePrior Year SalesCash Conver. Effic.Days Working CapitalDays Sales Outst.Inven. TurnsDays Payable Outst.
CCERk.DWCRk.DSORk.Ts.Rk.DPORk.
4APACHE CORP$2,29161%24642280874469848152
5EOG RESRCS INC$1,49056%4171507684765006952
7BURLING- TON RESRCS$3,14749%61613983888151987540
9PIONEER NATURAL RESRCS$85345%719159586431323946166
11NOBLE AFFIL- IATES INC$1,38139%13(3)35495111231954110
15DIAMOND OFFSHORE DRILLING INC$65941%1157512738321226033374
22NOBLE DRILLING CORP$88335%1940354677711032430449
24YPF SA$6,59930%2519158525571421850137
42TRANS- OCEAN SEDCO FOREX INC$64833%2370627909251030147161
46MITCHELL ENERGY & DEVELOP- MENT CORP$1,67224%581715331263873118846
64KERR MCGEE CORP$4,12125%45433836372047935896
76UNOCAL CORP$8,91419%1101614460669388353112
108PHIL- LIPS PETROL. CO$20,83516%17712119403862512140243
112LASMO PLC$95742%10166977196997329941232
129SCHLUM- BERGER LTD$9,61120%95484381049597475999
139MURPHY OIL CORP$4,63914%22216146403911717642220
146CHEVRON CORP$50,59214%22120165332952014827544
157NABORS INDUS. INC$1,36522%7567608929333010435328
179OCCI- DENTAL PETROL. CORP$13,57411%3481097221751324634360
192EXXON MOBIL CORP$228,4399%427569322821128041224
205WILLIAMS COS. INC$10,39815%2104036010896593439711
231BP AMOCO PLC$83,56611%33826225343121520729486
237EL PASO CORP$10,5817%57557332278952631413
246USX MARATHON GROUP$24,2128%51313127231841029535334
282BOUYGUES OFFSHORE SA$98610%4013025712298257539714
285AMERADA HESS CORP$11,99311%31441362677631323146172
293KINDER MORGAN INC NEW$2,71410%395342877584247685699
315ENRON CORP OR$100,7894%73278030251704028521
316TOSCO CORP$24,5456%6511614310931128124645
320SUNOCO INC$14,0625%70111109262041816730427
324PRIDE INTER- NATIONAL INC$90910%4074035984899142176277
330TEXACO INC$50,1007%55428240434252811226568
334VALERO ENERGY CORP NEW$14,6714%74110100171382313322693
336NEW JERSEY RESRCS CORP$1,1659%45038339302501323813930
338MCDER- MOTT INTNL. INC$1,8918%4833529757626427830454
363ASHLAND INC$7,9616%6632219361696122506374
367WESTERN GAS RESRCS INC$3,2822%84235746472467251127
382GIANT INDUS. INC$7836%6762521626207933730428
413ADAMS RESRCS & ENERGY INC$3,9951%92214916126268617875
425PLAINS RESRCS INC$6,5750%931(0)46171441541420769
448BJ SERVICES CO$1,55512%27675672838901029837289
464DYNEGY INC IL$29,4451%902109850532773745187
499CLARK USA INC$4,5211%92612120131061422324624
507TESORO PETROL. CORP$5,1045%70938338322721323625591
731TRANS- MONT- AIGNE INC$5,0711%88252465383591324720770
741BAKER HUGHES INC$5,23412%30711389184895564932392
776VARCO INTNL. INC DE$86710%41610787880876648821753
868PAMECO CORP$6040%9476961428229480240244
937PENNZOIL QUAKER STATE CO$2,271-5%9907466261694649338263
938TOKHEIM CORP$6942%85611288810195247145798
943HALLI- BURTON CO$11,8560%9391048591029541422023672
951WEATHER- FORD INTNL. INC NEW$1,8147%57415196192934389033373
953SMITH INTNL. INC$2,7614%75513594285905385335315
970NATIONAL OILWELL INC$1,1505%70515396486907387844192
344Industry Average$15,01515% 43 59 32 41 



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