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A Note on Vertical Integration and Stock Ratings of Oil Companies in the U.S

Author

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  • Kenneth Edwards
  • John D. Jackson
  • Henry L. Thompson

Abstract

This note examines some evidence for a link between profitability of oil companies and operational vertical integration into pipelines and crude oil. An empirical specification is estimated using ordered probit. Levels of integration into pipeline and crude that maximize stock ratings are derived using recent oil company data. Integration into pipelines has a weak positive effect on the stock ratings of oil companies, and integration into crude oil has a stronger positive effect.

Suggested Citation

  • Kenneth Edwards & John D. Jackson & Henry L. Thompson, 2000. "A Note on Vertical Integration and Stock Ratings of Oil Companies in the U.S," The Energy Journal, , vol. 21(2), pages 145-151, April.
    • Handle: RePEc:sae:enejou:v:21:y:2000:i:2:p:145-151
    DOI: 10.5547/ISSN0195-6574-EJ-Vol21-No2-7
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    References listed on IDEAS

    as
    1. Edward J. Mitchell, 1976. "Vertical Integration in the Oil Industry," Books, American Enterprise Institute, number 919919, September.
    2. Jean Tirole, 1988. "The Theory of Industrial Organization," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262200716, December.
    Full references (including those not matched with items on IDEAS)

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