scholarly journals Enterprise Risk Management In The Oil And Gas Industry: An Analysis Of Selected Fortune 500 Oil And Gas Companies Reaction In 2009 And 2010

2013 ◽  
Vol 6 (6) ◽  
pp. 577-584 ◽  
Author(s):  
Violet C. Rogers ◽  
Jack R. Ethridge
Keyword(s):  
Risk Management ◽  
Management System ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Fortune 500 ◽  
Enterprise Risk Management ◽  
Gas Industry ◽  
Risk Management System ◽  
Enterprise Risk ◽  
Oil And Gas Companies

In 2009, four of the top ten Fortune 500 companies were classified within the oil and gas industry. Organizations of this size typically have an advanced Enterprise Risk Management system in place to mitigate risk and to achieve their corporations objectives. The companies and the article utilize the Enterprise Risk Management Integrated Framework developed by the Committee of Sponsoring Organizations (COSO) as a guide to organize their risk management and reporting. The authors used the framework to analyze reporting years 2009 and 2010 for Fortune 500 oil and gas companies. After gathering and examining information from 2009 and 2010 annual reports, 10-K filings, and proxy statements, the article examines how the selected companies are implementing requirements identified in the previously mentioned publications.Each section examines the companies Enterprise Risk Management system, risk appetite, and any other notable information regarding risk management. One observation was the existence or non-existence of a Chief Risk Officer or other Senior Level Manager in charge of risk management. Other observations included identified risks, such as changes in economic, regulatory, and political environments in the different countries where the corporations do business. Still others identify risks, such as increases in certain costs that exceed natural inflation, volatility and instability of market conditions. Fortune 500 oil and gas companies included in this analysis are ExxonMobil, Chevron, ConocoPhillips, Baker Hughes, Valero Energy, and Frontier Oil Corporation.An analysis revealed a sophisticated understanding and reporting of many types of risks, including those associated with increasing production capacity. Specific risks identified by companies included start-up timing, operational outages, weather events, regulatory changes, geo-political and cyber security risks, among others. Mitigation efforts included portfolio management and financial strength. There is evidence that companies in later reports (2013) are more comprehensive in their risk management and reports as evidenced by their 10-K and Proxy Statements (Marathon Oil Corporation, 2013).

scholarly journals Enterprise Risk Management In The Oil And Gas Industry: An Analysis Of Selected Fortune 500 Oil And Gas Companies’ Reaction In 2009 And 2010

2016 ◽  
Vol 9 (1) ◽  
pp. 23-30
Author(s):  
Violet C. Rogers ◽  
Jack R. Ethridge
Keyword(s):  
Risk Management ◽  
Management System ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Fortune 500 ◽  
Enterprise Risk Management ◽  
Gas Industry ◽  
Risk Management System ◽  
Enterprise Risk ◽  
Oil And Gas Companies

In 2009, four of the top ten Fortune 500 companies were classified within the oil and gas industry.  Organizations of this size typically have an advanced Enterprise Risk Management system in place to mitigate risk and to achieve their corporations’ objectives.  The companies and the article utilize the Enterprise Risk Management Integrated Framework developed by the Committee of Sponsoring Organizations (COSO) as a guide to organize their risk management and reporting.  The authors used the framework to analyze reporting years 2009 and 2010 for Fortune 500 oil and gas companies.  After gathering and examining information from 2009 and 2010 annual reports, 10-K filings, and proxy statements, the article examines how the selected companies are implementing requirements identified in the previously mentioned publications. Each section examines the companies’ Enterprise Risk Management system, risk appetite, and any other notable information regarding risk management.  One observation was the existence or non-existence of a Chief Risk Officer or other Senior Level Manager in charge of risk management. Other observations included identified risks, such as changes in economic, regulatory, and political environments in the different countries where the corporations do business.  Still others identify risks, such as increases in certain costs that exceed natural inflation, volatility and instability of market conditions.  Fortune 500 oil and gas companies included in this analysis are ExxonMobil, Chevron, ConocoPhillips, Baker Hughes, Valero Energy, and Frontier Oil Corporation. An analysis revealed a sophisticated understanding and reporting of many types of risks, including those associated with increasing production capacity.  Specific risks identified by companies included start-up timing, operational outages, weather events, regulatory changes, geo-political and cyber security risks, among others.  Mitigation efforts included portfolio management and financial strength.  There is evidence that companies in later reports (2013) are more comprehensive in their risk management and reports as evidenced by their 10-K and Proxy Statements (Marathon Oil Corporation, 2013).

scholarly journals Enterprise Risk Management Implementation and Firm Performance: Evidence from the Malaysian Oil and Gas Industry

2019 ◽  
Vol 14 (9) ◽  
pp. 47
Author(s):  
Muhammad Kashif Shad ◽  
Fong-Woon Lai
Keyword(s):  
Risk Management ◽  
Firm Performance ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Study Data ◽  
Enterprise Risk Management ◽  
Return On Assets ◽  
Gas Industry ◽  
Firm Financial Performance ◽  
Enterprise Risk

This paper intends to vindicate the influence of Enterprise Risk Management (ERM) implementation on firm performance. A sample of 11 oil and gas Public Listed Companies (PLC’s) were selected in this study. Data were collected using content analysis with regard to the companies’ ERM practices and their financial performances. ERM implementation was measured using COSO’s ERM integrated framework while the firm financial performance was assessed through return on assets (ROA) measurement. Multiple regression analysis was performed to test eight developed hypotheses. Results indicate that four components of the ERM framework, i.e. supportive internal environment, objective setting, control and monitoring activities, are found to be positive and significant predictors for the firm’s performance. The findings support the efficacy and potential strengths of ERM implementation in the oil and gas companies.

scholarly journals Risk management system model to improve the reputation of oil and gas companies in the Java island - Indonesia

2019 ◽  
Vol 276 ◽  
pp. 02014
Author(s):  
Nevila Rodhi Nova ◽  
I Putu Artama Wiguna ◽  
Anwar Nadjadji
Keyword(s):  
Sustainable Development ◽  
Risk Management ◽  
Management System ◽  
Oil And Gas ◽  
Negative Impact ◽  
Risk Management System ◽  
Preventive Method ◽  
Iso 31000 ◽  
Social Environmental ◽  
Oil And Gas Companies

Risk management has been widely studied and applied in oil and gas pipeline projects, but the reality is that the impacts still occur. This is due to the ineffectiveness of existing risk management applications, so of course in this case an effective risk management system is needed, in which risk management must pay attention to all aspects that exist, both internal aspects, external aspects, and other aspects that can affect and influenced by existing risks and risk management not only can be used as a preventive method. But it can also support sustainable development targets. This paper presents the application of risk management by oil and gas companies in Indonesia that has been adapted to ISO 31000:2009 as a framework that can integrate various other management processes, including the management of HSE (Health, Safety, and Environment) risk in the hope of that sustainable development can be achieved . But in the reality it can not be denied that the activities that continue to this day still cause negative impact, especially for the environment. International oil and gas companies nowadays place more emphasis on preventive measures than the methods of mitigation. Thus it shows that the concept of sustainable development has not been fully considered in risk management applications. The existence of a continuous negative impact would greatly affect the credibility of oil and gas companies. Based on the results of research conducted with the hybrid method and analyzed with the help of System Dynamics it can be concluded that there are 3 (three) factors that can affect reputation risk, these factors are social, environmental, and economic and the model built in this study shows that it will can help the oil and gas company players to predict and improve the company’s reputation.

Research on the Design and Realization of Management Information System of Enterprise Risk Assessment

2014 ◽  
Vol 998-999 ◽  
pp. 1666-1669
Author(s):  
Yong Zhi Li
Keyword(s):  
Risk Management ◽  
Management System ◽  
Virtual Enterprise ◽  
Enterprise Risk Management ◽  
Operating Environment ◽  
Management Information ◽  
Dynamic Complexity ◽  
Risk Management System ◽  
Enterprise Risk ◽  
Multi Agent

The smooth operation of virtual enterprise to obtain the expected profits, they must avoid the risks successfully, and virtual enterprise risk management system is an important guarantee of risk aversion. In view of its characteristics of distribution, dynamic complexity, the virtual enterprise risk management system is developed based on Web and multi-agent technology. Not only to meet the Distributed and heterogeneous of virtual enterprise operating environment, reflect the Independence of partner, and the complex relationship between the partners, but also provide decision support for decision-maker, and the system has strong robustness and reliability.

scholarly journals Ethical And Environmental Disclosures: An Analysis Of The Oil And Gas Industry

2012 ◽  
Vol 1 (2) ◽  
pp. 43-50
Author(s):  
Violet C. Rogers ◽  
Jack R. Ethridge ◽  
Treba A. Marsh ◽  
Jessica Lott
Keyword(s):  
Risk Factors ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Fortune 500 ◽  
The Other ◽  
Annual Reports ◽  
Gas Industry ◽  
Other Hand ◽  
Environmental Disclosures ◽  
Oil And Gas Companies

This study investigates the similarities of ethical and environmental disclosures, as well as risk factors contained within annual reports for the reporting year 2009. The data were collected from Fortune 500 oil and gas company annual reports. Findings include: 1) an emphasis on environmental, financial, nonfinancial and ethical disclosures and 2) similar reported risks for all companies investigated. The findings illustrate that many of the studied oil and gas companies have similar disclosures but, on the other hand, are situation specific to particular company and location.

Sign in / Sign up

Export Citation Format

Share Document