Specific Factors of Changes in the Oil and Gas Companies' Capitalisation in 2020

Market capitalisation is one of the most important criteria when analyzing the investment attractiveness of companies. Investors are focused on getting stable returns, so they are primarily interested in stable and promising companies. Therefore, there are several indicators by which the stability of the company can be followed. The oil and gas market is interesting to study from a business point of view since these companies occupy a significant share in the global market capitalisation. To assess the factors affecting the market capitalisation of oil and gas companies, a fixed-effects regression model was used. Based on the results of the regression, it was found that the oil price has a positive impact on the market capitalisation of the companies, but the largest part of the change in capitalisation is explained by the stock market index. The volume of oil and natural gas reserves has ceased to have a proper impact on the market capitalisation of oil and gas companies. Compliance with environmental, social and corporate principles (ESG factors) by companies did not play a significant role in explaining the market capitalisation of oil and gas companies. Finally, despite the efforts of countries in 2020 to prevent the emergence of a crisis by reducing production and increased attention of oil and gas companies to climate change, the events of the 2020 year negatively affected the change in the market capitalisation of oil and gas companies.