SUMMARY OUTPUT

Regression Statistics
Multiple R
0.69723824
R Square
0.48614117
Adjusted R Square
0.4616717
Standard Error 1.00746737
Observations
23
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

1
21
22

SS
20.1650751
21.3148004
41.4798756

MS
20.1650751
1.0149905

Coefficients Standard Error

t Stat
1.04282032 0.35084592 2.97230281
10.2411631 2.29763135 4.45726992

F
Significance F
19.8672551 0.00021774

P-value
Lower 95% Upper 95% Lower 95.0%
0.00726704 0.31319616 1.77244449 0.31319616
0.00021774 5.46297632 15.0193499 5.46297632

Upper 95.0%
1.77244449
15.0193499

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.72190589
R Square
0.52114811
Adjusted R Square
0.47326293
Standard Error 0.99656201
Observations
23
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2

2
20
22

SS
21.617159
19.8627166
41.4798756

MS
10.8085795
0.99313583

Coefficients Standard Error

t Stat
2.20489659 1.02178635 2.15788417
8.22445203 2.81906057 2.91744425
-2.62752556 2.17297852 -1.20918156

F
Significance F
10.8832842 0.00063389

P-value
Lower 95% Upper 95% Lower 95.0%
0.04327456
0.0734886 4.33630458
0.0734886
0.00851562 2.34399746 14.1049066 2.34399746
0.24069393 -7.16027722 1.90522609 -7.16027722

Upper 95.0%
4.33630458
14.1049066
1.90522609

Company Name
Crown Cent. Petr.'A'
Giant Industries
Harken Energy Corp.
Getty Petroleum Mktg.
Pennzoil-Quaker State
Ashland Inc.
Shell Transport
USX-Marathon Group
Lakehead Pipe Line
Amerada Hess
Tosco Corp.
Occidental Petroleum
Royal Dutch Petr.
Murphy Oil Corp.
Texaco Inc.
Phillips Petroleum
Chevron Corp.
Repsol-YPF ADR
Unocal Corp.
Kerr-McGee Corp.
Exxon Mobil Corp.
BP Amoco ADR
Clayton Williams Energy
Average

Ticker SymbolPBV
CNPA
GI
HEC
GPM
PZL
ASH
SC
MRO
LHP
AHC
TOS
OXY
RD
MUR
TX
P
CHV
REP
UCL
KMG
XOM
BPA
CWEI

ROE
0.29
0.54
0.64
0.95
0.95
1.13
1.45
1.59
1.72
1.77
1.95
2.15
2.33
2.40
2.44
2.64
3.03
3.24
3.53
3.59
4.22
4.66
5.57
2.30

-14.60%
7.47%
-5.83%
6.26%
3.99%
10.27%
13.41%
13.42%
13.28%
16.69%
15.44%
16.68%
13.41%
14.49%
13.77%
17.92%
15.69%
13.43%
10.67%
28.88%
11.20%
14.34%
31.02%
12.23%

Std Deviation Predicted PBVUnder/Over Valued

59.36%
-0.56 NMF
38.87%
1.80
-69.74%
56.51%
0.24
166.59%
58.34%
1.19
-19.67%
51.06%
1.19
-19.93%
21.77%
2.48
-54.28%
31.61%
2.48
-41.56%
45.31%
2.12
-25.11%
19.56%
2.78
-38.03%
26.89%
2.87
-38.33%
34.51%
2.57
-24.09%
39.47%
2.54
-15.27%
29.81%
2.52
-7.66%
27.80%
2.67
-10.07%
27.78%
2.61
-6.47%
29.51%
2.90
-9.17%
26.44%
2.80
8.20%
26.82%
2.60
24.53%
34.90%
2.17
63.05%
42.47%
3.46
3.70%
19.22%
2.62
60.99%
27.00%
2.67
74.03%
26.31%
4.06
36.92%

Market Cap
$
44.00
$
72.10
$
112.30
$
59.40
$
906.20
$ 2,492.20
$ 81,309.80
$ 7,612.60
$ 1,001.20
$ 5,379.40
$ 4,109.90
$ 7,580.00
#########
$ 2,534.80
$ 28,637.10
$ 11,994.70
$ 53,787.50
$ 22,943.80
$ 7,710.80
$ 5,359.90
#########
#########
$
312.20

Firm Value
$
173.80
$
330.70
$
218.70
$
59.40
$ 1,933.50
$ 4,338.20
$ 88,986.80
$ 10,980.60
$ 1,785.70
$ 7,689.10
$ 5,570.20
$ 11,982.00
#########
$ 2,928.10
$ 36,284.10
$ 16,296.70
$ 62,706.50
$ 28,701.80
$ 10,563.80
$ 7,884.90
#########
#########
$
342.70

Enterprise Value
Current PE
$
161.40
$
297.70
5.86
$
193.10
$
48.60
28.29
$ 1,913.30
23.72
$ 4,228.20
11.54
$ 84,935.80
10.80
$ 10,869.60
17.54
$ 1,745.70
12.72
$ 7,648.20
17.55
$ 5,488.10
14.62
$ 11,768.00
29.60
#########
17.39
$ 2,894.00
25.37
$ 35,836.10
23.59
$ 16,158.70
21.89
$ 60,674.50
25.98
$ 27,458.80
22.41
$ 10,231.80
68.24
$ 7,617.90
36.71
#########
31.96
#########
32.46
$
341.10
28.91

Trailing PE

Relative PE

Forward PE

PEG Ratio

7.28

0.14

7.50
13.76

1.30

15.23
23.91
11.03
10.80
11.82
12.99
10.61
12.63
12.90
17.39
16.55
17.71
14.72
19.31
24.15
33.09
12.44
37.67
32.46
17.94

0.30
0.46
0.21
0.21
0.23
0.25
0.21
0.25
0.25
0.34
0.32
0.34
0.29
0.37
0.47
0.64
0.24
0.73
0.63
0.35

14.11

9.97

1.36
0.77
1.46
1.80
0.33
0.86
1.18
1.45
1.49
3.15
1.18
2.17
1.79
4.71
2.10
2.78
2.60
0.96

PBV Ratio
0.29
0.54
0.64
0.95
0.95
1.13
1.45
1.59
1.72
1.77
1.95
2.15
2.33
2.40
2.44
2.64
3.03
3.24
3.53
3.59
4.22
4.66
5.57

PS Ratio
0.03
0.08
3.81
0.06
0.30
0.34
0.68
0.28
3.15
0.65
0.25
0.86
1.10
1.04
0.73
0.76
1.34
0.74
1.15
1.74
1.53
2.08
5.20

EV/EBIT
35.09
4.20
55.17
2.24
7.71
10.57
4.81
5.15
9.28
6.30
6.03
6.17
7.61
7.52
11.03
7.32
3.53
8.65
8.14
7.51
15.91
16.04
14.83

EV/FCFF
10.24
11.11
3.27
9.85
27.37
8.23
12.16
10.84
13.46
16.70
8.51
13.04
59.09
54.16
31.36
6.99
23.17
24.08
11.39
28.28
28.88
14.80

EV/EBITDA
Value/BV of CapitalEV/Sales
Expected Growth in EPS: next 5 years
3.88
0.62
0.11
2.92
0.85
0.35
4.50%
18.93
0.78
6.55
1.26
0.95
0.05
5.15
0.98
0.63
6.73
1.07
0.57
8.50%
3.51
1.39
0.71
14.00%
3.55
1.34
0.40
12.00%
7.10
1.31
5.50
7.08%
4.10
1.44
0.92
54.00%
4.50
1.56
0.34
17.00%
4.34
1.51
1.34
25.00%
5.56
2.17
1.13
12.00%
4.91
2.02
1.18
17.00%
7.48
1.87
0.92
7.50%
5.20
1.84
1.02
18.50%
3.02
2.35
1.51
12.00%
6.19
2.24
0.89
12.50%
4.93
2.10
1.53
14.50%
4.70
1.96
2.47
17.50%
10.87
3.48
1.63
11.50%
11.69
3.74
2.22
12.50%
7.79
3.96
5.69
30.00%

Growth in Revenue- last year

Beta
0.29%
0.65
28.15%
0.95
3.93%
1.15
25.59%
0.75
9.87%
12.46%
9.03%
6.44%
26.31%
9.04%
12.46%
18.82%
9.37%
16.80%
19.13%
5.58%
10.06%
5.33%
11.57%
21.62%

0.85
0.80
0.75
0.65
0.75
1.00
0.85
0.75
0.70
0.75
0.80
0.75
0.70
0.80
0.80
0.80
0.70
0.90

Standard DeviationCorrelation
59.36%
26.62%
38.87%
18.52%
56.51%
15.22%
58.34%
19.54%
21.77%
31.61%
45.31%
19.56%
26.89%
34.51%
39.47%
29.81%
27.80%
27.78%
29.51%
26.44%
26.82%
34.90%
42.47%
19.22%
27.00%
103.69%

67.06%
63.27%
48.55%
3.07%
40.16%
54.48%
44.59%
63.74%
48.92%
30.96%
36.60%
59.00%
70.84%
31.52%
56.04%
48.91%
53.33%
-0.58%

Payout Ratio
Reinvestment rate
-242.78%
0.00%
42.22%
1198.74%
0.00%
-14.24%
152.94%
-30.43%
37.50%
36.90%
72.31%
2.70%
59.22%
35.84%
136.34%
13.44%
17.70%
22.03%
14.23%
39.85%
141.74%
-20.99%
72.31%
2.70%
63.02%
79.79%
81.71%
69.23%
62.77%
61.09%
78.50%
15.90%
59.08%
39.80%
171.68%
43.67%
94.52%
-9.88%
70.07%
20.97%
66.65%
22.51%
0.00%
-0.18%

ROE
-14.60%
7.47%
-5.83%
6.26%
3.99%
10.27%
13.41%
13.42%
13.28%
16.69%
15.44%
16.68%
13.41%
14.49%
13.77%
17.92%
15.69%
13.43%
10.67%
28.88%
11.20%
14.34%
31.02%

ROC
1.65%
11.86%
1.24%
20.90%
7.53%
6.05%
16.61%
17.05%
13.62%
13.63%
15.31%
14.43%
16.61%
16.70%
11.09%
14.96%
38.70%
15.34%
14.97%
15.15%
15.47%
16.57%
26.56%

Net MarginOperating MarginBV of Capital

-2.36%
0.36%
$
279.10
1.57%
9.06%
$
391.10
-47.23%
14.89%
$
281.40
0.25%
2.61%
$
62.30
1.29%
8.41%
$ 1,977.20
3.18%
5.88%
$ 4,046.00
7.15%
16.78%
$ 63,848.00
1.78%
8.68%
$ 8,168.00
25.18%
60.17%
$ 1,365.00
4.35%
17.25%
$ 5,347.90
1.96%
6.34%
$ 3,568.60
3.37%
25.05%
$ 7,925.00
7.15%
16.78%
$ 63,848.00
4.94%
19.04%
$ 1,450.50
3.47%
9.29%
$ 19,389.00
4.04%
16.26%
$ 8,851.00
5.66%
47.01%
$ 26,668.00
4.61%
14.29%
$ 12,831.00
1.87%
20.75%
$ 5,037.00
5.42%
37.61%
$ 4,017.00
5.21%
11.14%
$ 82,438.00
7.42%
16.00%
$ 57,804.00
22.50%
47.92%
$
86.60

BV of Assets
$
523.10
$
546.80
$
298.90
$
170.90
$ 2,733.20
$ 6,424.00
#########
$ 15,705.00
$ 1,413.70
$ 7,727.70
$ 6,212.40
$ 14,125.00
#########
$ 2,445.50
$ 28,972.00
$ 15,201.00
$ 40,668.00
$ 20,112.00
$ 8,967.00
$ 5,899.00
#########
$ 89,561.00
$
109.20

EBIT
EBITDA
FCFF
Eff. Tax Rate
$
4.60 $
41.60 $
15.77
0.00%
$
70.90 $
102.00 $
26.80
34.57%
$
3.50 $
10.20 $
(38.46)
0.00%
$
21.70 $
38.60 $
14.87
44.74%
$
248.10 $
371.50 $
194.16
40.96%
$
400.00 $
628.00 $
154.46
38.81%
$ 17,676.00 $ 24,196.00 $ 10,319.01
41.01%
$ 2,112.00 $ 3,062.00 $
893.76
34.04%
$
188.10 $
245.90 $
160.98
1.13%
$ 1,214.50 $ 1,863.20 $
568.14
44.91%
$
910.50 $ 1,218.90 $
328.60
41.84%
$ 1,906.00 $ 2,711.00 $ 1,383.59
50.08%
$ 17,676.00 $ 24,196.00 $ 10,319.01
41.01%
$
384.90 $
589.30 $
48.98
37.05%
$ 3,248.00 $ 4,791.00 $
661.65
33.81%
$ 2,207.00 $ 3,109.00 $
515.25
51.72%
$ 17,200.00 $ 20,066.00 $ 8,679.25
43.26%
$ 3,176.00 $ 4,438.00 $ 1,185.19
38.01%
$ 1,257.00 $ 2,075.00 $
424.82
54.80%
$ 1,014.00 $ 1,621.00 $
668.53
43.19%
$ 17,921.00 $ 26,225.00 $ 10,079.66
28.83%
$ 13,367.00 $ 18,332.00 $ 7,422.40
28.34%
$
23.00 $
43.80 $
23.04
0.00%

Non-cash WC as %
Cash
of Revenues
as % of Firm Value
Cap Expenditures
Depreciation S,G & AFixed
Expense
Assets/Total Assets
Market D/E Market Debt to Cap
-1.84%
7.13%
$
25.90 $
37.00 $
101.30
60.03%
295.00%
74.68%
1.94%
9.98%
$
46.40 $
31.10 $
144.20
59.11%
358.67%
78.20%
-15.59%
11.71%
$
48.80 $
6.70 $
11.00
85.75%
94.75%
48.65%
-2.23%
18.18%
$
19.80 $
16.90 $
23.20
65.83%
0.00%
0.00%
9.88%
1.04%
$
78.10 $
123.40 $
520.70
18.37%
113.36%
53.13%
10.47%
2.54%
$
248.00 $
228.00 $ 1,055.00
20.11%
74.07%
42.55%
-4.59%
4.55%
$ 7,409.00 $ 6,520.00 $ 10,616.00
52.02%
9.44%
8.63%
3.24%
1.01%
$ 1,378.00 $
950.00 $
724.00
65.54%
44.24%
30.67%
2.17%
2.24%
$
82.90 $
57.80 $
71.50
93.46%
78.36%
43.93%
2.77%
0.53%
$
796.70 $
648.70 $
835.50
52.43%
42.94%
30.04%
-0.26%
1.47%
$
536.10 $
308.40 $
305.20
59.16%
35.53%
26.22%
-5.23%
1.79%
$
601.00 $
805.00 $
645.00
71.00%
58.07%
36.74%
-4.59%
2.92%
$ 7,409.00 $ 6,520.00 $ 10,616.00
52.02%
5.86%
5.54%
2.92%
1.16%
$
386.60 $
204.40 $
152.40
72.90%
15.52%
13.43%
2.27%
1.23%
$ 2,957.00 $ 1,543.00 $ 1,186.00
53.71%
26.70%
21.08%
0.92%
0.85%
$ 1,690.00 $
902.00 $
855.00
72.93%
35.87%
26.40%
2.01%
3.24%
$ 4,366.00 $ 2,866.00 $ 1,404.00
62.25%
16.58%
14.22%
2.30%
4.33%
$ 2,017.00 $ 1,262.00 $ 4,127.00
59.97%
25.10%
20.06%
-3.88%
3.14%
$ 1,171.00 $
818.00 $
135.00
66.69%
37.00%
27.01%
2.69%
3.39%
$
543.00 $
607.00 $
238.00
69.25%
47.11%
32.02%
0.69%
0.61%
$ 10,849.00 $ 8,304.00 $ 14,380.00
65.07%
7.08%
6.61%
3.67%
0.72%
$ 6,457.00 $ 4,965.00 $ 6,612.00
58.77%
7.22%
6.74%
-13.83%
0.47%
$
19.70 $
20.80 $
3.90
85.16%
9.77%
8.90%

Book Debt to Cap

Dividend Yield
Insider Holdings
Institutiol Holdings
46.51%
0.00%
7.37%
66.12%
0.00%
26.00%
42.99%
37.81%
0.00%
14.78%
0.00%
0.00%
16.04%
51.96%
6.45%
58.10%
45.63%
3.25%
3.00%
62.77%
12.02%
6.70%
2.04%
41.23%
3.38%
1.00%
75.73%
57.47%
10.72%
13.01%
43.19%
1.01%
15.00%
74.42%
40.92%
0.97%
90.79%
55.55%
4.79%
68.18%
12.02%
4.16%
27.43%
27.11%
2.48%
23.00%
64.51%
39.44%
3.46%
62.89%
48.60%
2.87%
23.00%
60.09%
33.44%
3.02%
53.10%
44.88%
2.64%
5.00%
5.78%
56.64%
2.52%
74.98%
62.86%
2.57%
80.90%
23.01%
2.19%
48.41%
25.16%
2.05%
11.26%
35.22%
0.00%
47.00%
29.04%