R & D COSTS AND FINANCIAL STATE OF THE OIL AND GAS PRODUCTION COMPANY

Research and development (R & D) costs are essential for the innovative development of a company, especially in the oil and gas sector. Whether they lead to a deterioration in the financial condition or, on the contrary, contribute to its increase is a difficult question. This study was conducted to investigate this effect. Gazprom PJSC was selected as the surveyed company. To assess the general financial condition, an integral indicator of the company’s financial condition was used, which is the sum of liquidity, profitability, and turnover indicators normalized to the maximum values. A weak dependence of the integral indicator of the financial condition on the physical volumes of production and an inverse dependence on the exchange rate of the Russian ruble against the US dollar were revealed. The most interesting result is the dependence of revenue on R & D expenditures made with a time lag of four years. This made it possible to further build a model with distributed lags, showing a decrease in revenue for each ruble invested in R & D in the first two years, followed by growth in the third and maximum in the fourth year. A calculation of a simpler and rather reliable model has been made for predicting the amount of revenue depending on R & D costs with a time lag of four years. Within the framework of the study, the methods of financial analysis, correlation and regression analysis, including the analysis of time series with distributed lags, were used. As the initial data, we used statistics in the public domain on the company’s website. The results of this study can be applied when drawing up strategic development plans.

oil and gas complex, research and development (R & D) costs, oil and gas production company, financial condition, correlation analysis, regression analysis, distributed lag model, liquidity, profitability, turnover, Gazprom PJSC.

Boldanova E. V. R & D costs and financial state of the oil and gas production company. Business. Education. Law, 2021, no. 3, pp. 153—157. DOI: 10.25683/VOLBI.2021.56.337.