Value Evaluation Of Oil And Gas Pipeline Company

Value assessment has always been the focus of economists.Chinese oil and gas pipeline industry is undergoing market-oriented reforms.The issue of divestiture and restructuring involved in the reform will inevitably assess the value of enterprises.The United States is at the forefront of the market-oriented reform of oil and gas pipelines.It has split the pipeline and sales business and introduced third-party access principles to achieve complete marketization.Kinder Morgan has a leading position in the US oil and gas pipeline industry.It is necessary to evaluate the value of Kinder MorganThis paper takes the American Kinder Morgan as the research object,selects the PEST and life cycle method to analyze the macro environment,and focuses on the impact of the US fiscal and taxation system and the Trump fossil energy policy on the oil and gas pipeline industry.According to the limitations and scope of the enterprise value assessment method,the income method and the market method were used to evaluate the value of Kinder Morgan.The results show that the US oil and gas pipeline industry has a good market prospect.Kinder Morgan has a large number of strategic assets,which are highly competitive in the industry,the value of the enterprise is underestimated.In the sensitivity analysis of the evaluation value,the operating cost ratio and the discount rate sensitivity are stronger and the proportion of capital expenditure,sustainable growth rate and operating income growth rate is relatively weak.Based on this,this paper believes that investors should be cautious,Kinder Morgan managers should strictly control costs,appropriately reduce asset-liability ratio and maintain large capital investment in the next few years.Chinese oil and gas pipeline companies should select different evaluation models and influencing factors for value evaluation according to the different operating modes of oil and gas pipeline companies.