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Investing in Energy: A Primer on the Economics of the Energy Industry by Gianna Bern

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Hybrid-Capital Companies

The other form of NOCs that warrants attention is those with hybrid-capital structures. This business model is the NOC that is jointly owned by the sovereign and outside investors.

Some of the best examples are Petrobras and Colombia's Ecopetrol. Both companies have a mixture of investors that own the public portions of each company. The sovereign government generally owns the majority of its NOC's publicly issued common stock. Refer to Table 14.2 for financial metrics of three unique mixed-capital companies. Petrobras has common stock that trades on the Brazilian Bovespa and American Depository Receipts (ADRs) that trade on the New York Stock Exchange (NYSE). Petrobras's investors are primarily large global institutional ...

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