Strategy

2001 Working Capital Survey – Chart 26

OIL & GAS
CFO StaffJuly 1, 2001

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.

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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  

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