Patterns of Capital Investment of World Oil Companies in the Context of Fluctuations in Oil Prices in the 21st Century

Student: Pugach Vadim

Faculty: Faculty of World Economy and International Affairs

Educational Programme: World Economy (Bachelor)

Year of Graduation: 2020

This paper aims to determine the main features of the investment policy of world oil companies in the context of fluctuations in oil prices in the last 20 years. The paper performs a quantitative analysis using panel regression. The main data for the analysis will be the capital investments of five major oil companies in upstream and downstream, which will be collected using their annual reports and the dynamics of oil prices in the 21st century. Our analysis may demonstrate that capital expenditures in upstream are more dependent on oil prices than capital expenditures in downstream. Keywords: Capital expenditures, oil price, downstream, upstream, oil companies

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