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 Rank | Company Name | Prior Year Sales | Cash Conver. Effic. | Days Working Capital | Days Sales Outst. | Inven. Turns | Days Payable Outst. | |||||
CCE | Rk. | DWC | Rk. | DSO | Rk. | Ts. | Rk. | DPO | Rk. | |||
4 | APACHE CORP | $2,291 | 61% | 2 | 46 | 422 | 80 | 874 | 4 | 698 | 48 | 152 |
5 | EOG RESRCS INC | $1,490 | 56% | 4 | 17 | 150 | 76 | 847 | 6 | 500 | 69 | 52 |
7 | BURLING- TON RESRCS | $3,147 | 49% | 6 | 16 | 139 | 83 | 888 | 15 | 198 | 75 | 40 |
9 | PIONEER NATURAL RESRCS | $853 | 45% | 7 | 19 | 159 | 58 | 643 | 13 | 239 | 46 | 166 |
11 | NOBLE AFFIL- IATES INC | $1,381 | 39% | 13 | (3) | 35 | 49 | 511 | 123 | 19 | 54 | 110 |
15 | DIAMOND OFFSHORE DRILLING INC | $659 | 41% | 11 | 57 | 512 | 73 | 832 | 12 | 260 | 33 | 374 |
22 | NOBLE DRILLING CORP | $883 | 35% | 19 | 40 | 354 | 67 | 771 | 103 | 24 | 30 | 449 |
24 | YPF SA | $6,599 | 30% | 25 | 19 | 158 | 52 | 557 | 14 | 218 | 50 | 137 |
42 | TRANS- OCEAN SEDCO FOREX INC | $648 | 33% | 23 | 70 | 627 | 90 | 925 | 10 | 301 | 47 | 161 |
46 | MITCHELL ENERGY & DEVELOP- MENT CORP | $1,672 | 24% | 58 | 17 | 153 | 31 | 263 | 87 | 31 | 18 | 846 |
64 | KERR MCGEE CORP | $4,121 | 25% | 45 | 43 | 383 | 63 | 720 | 4 | 793 | 58 | 96 |
76 | UNOCAL CORP | $8,914 | 19% | 110 | 16 | 144 | 60 | 669 | 38 | 83 | 53 | 112 |
108 | PHIL- LIPS PETROL. CO | $20,835 | 16% | 177 | 12 | 119 | 40 | 386 | 25 | 121 | 40 | 243 |
112 | LASMO PLC | $957 | 42% | 10 | 166 | 977 | 196 | 997 | 32 | 99 | 41 | 232 |
129 | SCHLUM- BERGER LTD | $9,611 | 20% | 95 | 48 | 438 | 104 | 959 | 7 | 475 | 99 | 9 |
139 | MURPHY OIL CORP | $4,639 | 14% | 222 | 16 | 146 | 40 | 391 | 17 | 176 | 42 | 220 |
146 | CHEVRON CORP | $50,592 | 14% | 221 | 20 | 165 | 33 | 295 | 20 | 148 | 27 | 544 |
157 | NABORS INDUS. INC | $1,365 | 22% | 75 | 67 | 608 | 92 | 933 | 30 | 104 | 35 | 328 |
179 | OCCI- DENTAL PETROL. CORP | $13,574 | 11% | 348 | 10 | 97 | 22 | 175 | 13 | 246 | 34 | 360 |
192 | EXXON MOBIL CORP | $228,439 | 9% | 427 | 5 | 69 | 32 | 282 | 11 | 280 | 41 | 224 |
205 | WILLIAMS COS. INC | $10,398 | 15% | 210 | 40 | 360 | 108 | 965 | 9 | 343 | 97 | 11 |
231 | BP AMOCO PLC | $83,566 | 11% | 338 | 26 | 225 | 34 | 312 | 15 | 207 | 29 | 486 |
237 | EL PASO CORP | $10,581 | 7% | 575 | 5 | 73 | 32 | 278 | 95 | 26 | 31 | 413 |
246 | USX MARATHON GROUP | $24,212 | 8% | 513 | 13 | 127 | 23 | 184 | 10 | 295 | 35 | 334 |
282 | BOUYGUES OFFSHORE SA | $986 | 10% | 401 | 30 | 257 | 122 | 982 | 57 | 53 | 97 | 14 |
285 | AMERADA HESS CORP | $11,993 | 11% | 314 | 41 | 362 | 67 | 763 | 13 | 231 | 46 | 172 |
293 | KINDER MORGAN INC NEW | $2,714 | 10% | 395 | 34 | 287 | 75 | 842 | 47 | 68 | 56 | 99 |
315 | ENRON CORP OR | $100,789 | 4% | 732 | 7 | 80 | 30 | 251 | 70 | 40 | 28 | 521 |
316 | TOSCO CORP | $24,545 | 6% | 651 | 16 | 143 | 10 | 93 | 11 | 281 | 24 | 645 |
320 | SUNOCO INC | $14,062 | 5% | 701 | 11 | 109 | 26 | 204 | 18 | 167 | 30 | 427 |
324 | PRIDE INTER- NATIONAL INC | $909 | 10% | 407 | 40 | 359 | 84 | 899 | 14 | 217 | 62 | 77 |
330 | TEXACO INC | $50,100 | 7% | 554 | 28 | 240 | 43 | 425 | 28 | 112 | 26 | 568 |
334 | VALERO ENERGY CORP NEW | $14,671 | 4% | 741 | 10 | 100 | 17 | 138 | 23 | 133 | 22 | 693 |
336 | NEW JERSEY RESRCS CORP | $1,165 | 9% | 450 | 38 | 339 | 30 | 250 | 13 | 238 | 13 | 930 |
338 | MCDER- MOTT INTNL. INC | $1,891 | 8% | 483 | 35 | 297 | 57 | 626 | 42 | 78 | 30 | 454 |
363 | ASHLAND INC | $7,961 | 6% | 663 | 22 | 193 | 61 | 696 | 12 | 250 | 63 | 74 |
367 | WESTERN GAS RESRCS INC | $3,282 | 2% | 842 | 3 | 57 | 46 | 472 | 46 | 72 | 51 | 127 |
382 | GIANT INDUS. INC | $783 | 6% | 676 | 25 | 216 | 26 | 207 | 9 | 337 | 30 | 428 |
413 | ADAMS RESRCS & ENERGY INC | $3,995 | 1% | 922 | 1 | 49 | 16 | 126 | 268 | 6 | 17 | 875 |
425 | PLAINS RESRCS INC | $6,575 | 0% | 931 | (0) | 46 | 17 | 144 | 154 | 14 | 20 | 769 |
448 | BJ SERVICES CO | $1,555 | 12% | 276 | 75 | 672 | 83 | 890 | 10 | 298 | 37 | 289 |
464 | DYNEGY INC IL | $29,445 | 1% | 902 | 10 | 98 | 50 | 532 | 77 | 37 | 45 | 187 |
499 | CLARK USA INC | $4,521 | 1% | 926 | 12 | 120 | 13 | 106 | 14 | 223 | 24 | 624 |
507 | TESORO PETROL. CORP | $5,104 | 5% | 709 | 38 | 338 | 32 | 272 | 13 | 236 | 25 | 591 |
731 | TRANS- MONT- AIGNE INC | $5,071 | 1% | 882 | 52 | 465 | 38 | 359 | 13 | 247 | 20 | 770 |
741 | BAKER HUGHES INC | $5,234 | 12% | 307 | 113 | 891 | 84 | 895 | 5 | 649 | 32 | 392 |
776 | VARCO INTNL. INC DE | $867 | 10% | 416 | 107 | 878 | 80 | 876 | 6 | 488 | 21 | 753 |
868 | PAMECO CORP | $604 | 0% | 947 | 69 | 614 | 28 | 229 | 4 | 802 | 40 | 244 |
937 | PENNZOIL QUAKER STATE CO | $2,271 | -5% | 990 | 74 | 662 | 61 | 694 | 6 | 493 | 38 | 263 |
938 | TOKHEIM CORP | $694 | 2% | 856 | 112 | 888 | 101 | 952 | 4 | 714 | 57 | 98 |
943 | HALLI- BURTON CO | $11,856 | 0% | 939 | 104 | 859 | 102 | 954 | 14 | 220 | 23 | 672 |
951 | WEATHER- FORD INTNL. INC NEW | $1,814 | 7% | 574 | 151 | 961 | 92 | 934 | 3 | 890 | 33 | 373 |
953 | SMITH INTNL. INC | $2,761 | 4% | 755 | 135 | 942 | 85 | 905 | 3 | 853 | 35 | 315 |
970 | NATIONAL OILWELL INC | $1,150 | 5% | 705 | 153 | 964 | 86 | 907 | 3 | 878 | 44 | 192 |
344 | Industry Average | $15,015 | 15% | 43 | 59 | 32 | 41 |