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BPCL versus HPCL: Which is better - II?

(Apr 4, 2012)

Equitymaster compares to key players - BPCL and HPCL in the domestic downstream oil and gas sector.

BPCL versus HPCL: Which is better?

(Mar 28, 2012)

Equitymaster compares to key players - BPCL and HPCL in the domestic downstream oil and gas sector.

Deregulation:A losing proposition for Public Oil Marketing Companies

(Mar 2, 2011)

Public OMCs are better off with full under recovery compensation than fuel price deregulation

Oil bonds: Defusing the ticking time bombs

(Jan 5, 2011)

Substituting oil bonds with cash subsidies to compensate OMCs for under recoveries will lead to better monitoring of subsidies and will ensure fiscal discipline.

Oil prices at OPEC's mercy?

(Dec 14, 2010)

Despite oil prices touching two year highs, OPEC (Organization of petroleum exporting countries) is unlikely to ease production limits thus hampering developed nations economic recovery

Petrol: What are we paying for?

(Feb 12, 2007)

Petroleum products have strongly pervaded our daily lives, more so diesel and petrol. We know that the oil marketing companies are losing money on the sales of these products due to high crude oil prices internationally. But have we ever thought about the break-up of the price we pay for these fuels. In this write-up, we have made an attempt to identify the different components of the price of petrol and throw some light on each of them.

Petroleum products: Overview and growth profile

(Sep 11, 2006)

Crude and its derivatives are the propelling engines of any economy and sales of petroleum products are contingent upon the growth in economy. In the past, we have seen a fair degree of correlation between the growth in petroleum products and the growth in the overall economic activities. In this article, we provide an overview of major petroleum products in India and their growth trend. These products account for nearly 70% of the total petroleum products sold in the country in volume terms.

Energy: A Porter's perspective

(Apr 12, 2006)

Refining industry worldwide is performing well over the the past few years, which could be attributed to production disruptions due to natural calamities, lower spare capacity worldwide in addition to the growing demand for petroleum products worldwide. All these factors have resulted in refining companies earning significantly high (gross refining margins) and thereby, reporting higher profits. In this article, we take a look at the Indian refining sector through Michael Porter's model of compe

Oil Inc. 1HFY05: A mixed bag

(Dec 13, 2004)

For domestic oil marketing companies, the first half of FY05 was a mixed bag with topline witnessing strong growth while the companies suffering on account of policies on the bottomline front. As a matter of fact, while the topline witnessed robust growth of over 19% YoY, the bottomline grew by a meager 3% YoY during the period.

LPG pricing: An impact analysis…

(Nov 18, 2004)

The recent government decisions regarding the hike in petroleum product prices have resulted in a strong belief that the energy sector is on the right path. Let us analyse the impact of the recent price hike in case of LPG of Rs 20 per cylinder and also the decision to increase the per cylinder prices by Rs 5 per month. We have assumed that the price hike of Rs 5 per cylinder stays for only a month on a conservative basis.

BPCL: Playing in the hands of…

(Nov 1, 2004)

BPCL, a major PSU oil refining and marketing company, announced its 2QFY05 earnings on Saturday. The company witnessed topline growth of a decent 23% while the bottomline has dipped by nearly 33% on account of government policies. The decline could be attributed to significant rise in input amidst more-or-less stable selling prices at the marketing end.

Oil stocks: What to look at?

(Oct 4, 2004)

Following a previous article regarding the impact of high crude oil prices on the companies across the value chain of the energy sector, we believe that investors need to look beyond the price to earnings multiple to have a clear view of the most efficient company from a long-term perspective.

Energy: Is the optimism justified?

(Sep 22, 2004)

After a mixed 1QFY05 performance by the energy stocks, the last one-month has seen major gains (in stock prices) across the energy spectrum with standalone refineries being the major gainers. Oil-marketing companies too have been trading amidst strength. Let us now analyze as to what are the factors that led to these gains:

BPCL merger: Who got the better deal?

(Sep 3, 2004)

The recent announcements of a possible merger of Kochi Refineries with its parent, BPCL has led to a spur in the stock prices of the former (gained over 6% during the week). On the other hand, BPCL has lost nearly 2% over the same period.

Energy stocks: A peek at the valuations

(Jul 5, 2004)

The announcement of a price hike in case of petrol, diesel and LPG along with cuts in excise duties has resulted in a spurt in oil stock prices. At the same time, one is compelled to look at the valuations to arrive a conclusion. We have thus chosen two integrated oil companies (refining and marketing) and one refining company and shall try to put things in perspective as to why they deserve the valuations at which they trade.

BPCL: An individual story

(Jun 18, 2004)

BPCL, the oil marketing PSU, will be heaving a sigh of relief after the government’s announcement of price hikes in LPG, petrol and diesel along with excise duty cuts. It should be noted that the oil marketing companies suffered a loss to the tune of Rs 36 bn in FY04 on account of a freeze on petrol and diesel prices coupled with an under-recovery of Rs 13 bn on LPG.

BPCL: (C)rude Impact

(Jun 11, 2004)

Black gold, as crude is popularly known, is hovering above US$ 36 per barrel. Although prices of crude oil have risen to phenomenal levels earlier, it should be remembered that they were all an effect of supply side shocks. This time, high demand from developed nations such as the US and the developing economies such as China and India have led to the price momentum, with OPEC members unable to meet the demand.

BPCL: The road ahead

(Apr 5, 2004)

Bharat Petroleum (BPCL), a Navratna PSU, is a major player in the downstream segment of refining and marketing of petroleum products in the country with a refining capacity of around 20 MMTPA (million tonnes per annum). It is a leading player in LPG, lubricants and has ventured into natural gas.

Crude prices: What will be the impact?

(Mar 8, 2004)

The last year has been a memorable one for the equity markets and especially for energy stocks with the major oil companies gaining more than 100% on the bourses. It should be remembered that in the Indian context, being an emerging market and with industrial activity picking up, the demand for oil has been ever-growing as a result of which, even today, we rely heavily on imports (to the extent that 70% of crude requirements is imported). However, wait a minute. Is this just the bubble…. waiting

BPCL : Margins spur growth

(Jan 31, 2004)

Oil marketing major, Bharat Petroleum Corporation Ltd, has announced a strong December quarter performance. While the topline grew by 9% YoY, the bottomline has jumped by 108%. The company’s operating margins have shown an improvement of 240 basis points. The nine months picture also reflects similar performance at the topline and at the operating margin level.


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