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• W2011066949 abstract "Introduction The increasing capital requirements in the energy industry have led a number of private, independent oil and gas companies to turn to the public market as a source for funding future growth. The principal asset of many of these companies, and often the primary determinant of value in the public market, is the firm's oil and gas reserves. Estimates of hydrocarbon reserves are usually based on studies and reports prepared by independent petroleum engineers. Although they play a key role in petroleum engineers. Although they play a key role in taking a company public, petroleum engineers usually do not get exposed to the entire process. The purpose of this paper is to provide an overview of the process of taking a paper is to provide an overview of the process of taking a company public and to clarify the petroleum engineer's role in the process. MAKING THE DECISION TO GO PUBLIC The principal reasons that the owners or managements of private oil and gas companies decide to go public include one or more of the following:To finance future operations.To provide liquidity for the owners and to facilitate estate planning.To realize a premium over the value that could be realized from the private sale of stock or assets.To offer financial incentives for attracting and retaining key employees.To provide a publicly-traded security for use in acquiring other companies or oil and gas properties. Although managements of private oil and gas companies may be motivated by one or a number of the reasons cited, the major reason most go public is to provide increased flexibility for financing the firm's provide increased flexibility for financing the firm's continued growth. The capital needed to support a company's exploration and development program often exceeds its cash flow generated from operations. Bank borrowings usually supplement cash flow in meeting operating expenses. Since the time between investment in exploration and development and realization of production revenues can often be considerable, long-term debt can grow at a faster rate than equity, causing balance sheets to become debt heavy. Further, since bank borrowings are usually based on proven reserves, a sufficiently large base may not exist to support desired development drilling and acreage accumulation. During periods of high interest rates, like we have experienced in the recent past, operating earnings and cash flow can become impaired. The combination of a weakened balance sheet and reduced earnings and cash flow can jeopardize the near- and long-term financial viability of a company. Additionally, operations of the firm may be adversely impacted if financial constraints prohibit management from taking advantage of available opportunities on a timely basis. By going public, management can reduce the financial risks and operational constraints that often confront the operator(s) of a private company by being able to choose, from a number of alternatives, that vehicle which will best maintain the financial and operational integrity of the firm. The forms of financing available to the public company include common stock, preferred stock, public company include common stock, preferred stock, convertible preferred stock, straight debt, convertible debt, warrants, units of some combination of securities, and recently the sale of units of beneficial interests in royalty trusts. Therefore, the successful oil and gas exploration company that is constrained by an abundance of long-term debt and deferred cash flow pending development of exploratory properties, could simultaneously strengthen its balance sheet and increase cash flow, as well as provide a new or better means of rewarding employees and effecting future acquisitions, through a public offering of equity securities. public offering of equity securities. Before deciding to go public, management of a private firm must examine the drawbacks of being a public private firm must examine the drawbacks of being a public company. The principal disadvantage of public companies relates to the reporting burden to which they are subject. The reporting requirements can be onerous and expensive in terms of legal, accounting and printing fees and in management and staff time." @default.
• W2011066949 created "2016-06-24" @default.
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• W2011066949 date "1981-10-04" @default.
• W2011066949 modified "2023-09-23" @default.
• W2011066949 title "Taking an Oil and Gas Company Public" @default.
• W2011066949 doi "https://doi.org/10.2118/10276-ms" @default.
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