Research background: This paper studies the impact of a new so-called green factor on the capitalization of petroleum companies, which is becoming highly relevant in view of the signing of the Paris agreements in 2015 and the support for clean energy. Although society, international organizations, and government authorities encourage companies to reduce their environmental impact, one of the main reasons for responsible behavior is still economic efficiency. The oil industry, on the one hand, faces one of the most volatile markets and, on the other hand, has one of the largest environmental impacts of any industry. That requires a detailed study of interconnections between market capitalization and the green factor. Purpose of the article: A comprehensive study of factors affecting the level of capitalization of oil and gas companies in Russia and identification of the most significant among them with a special focus on the green factor. Methods: Econometric analysis of panel data for Russian petroleum companies. The database includes indicators for six major Russian oil companies from 2011 to 2018. The following groups of factors are analyzed to explain the change in the companies’ capitalization: macroeconomic (GDP and inflation in Russia), microeconomic (companies’ revenue, net profit, tax payment, return on assets, return on equity, ratio of borrowed capital to equity), industrial (oil export, refining, production and proven reserves of the companies), and the green factor. Findings & Value added: The selection of factors showed that the size of capitalization has been influenced most significantly by the following: the volume of the company's proven reserves, net profit, tax burden, and the green factor based on the policy of minimizing environmental damage. This result shows that investors consider companies with high environmental performance to be more valuable than companies with similar financial results but lower environmental ratings.

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We analyze the history of oil discoveries of different sizes in two centers of the Volga–Ural petroleum province, the Republics of Bashkortostan and Tatarstan, and demonstrate the important role played by Academicians I.M. Gubkin and A.A. Trofimuk in these discoveries. Special focus is placed on the analysis of small and smallest oil fields and the sequence of their discovery. It was shown that all discoveries in Tatarstan and Bashkortostan were the result of the exploration filter. It was also shown that the establishment and support of small oil businesses in Bashkortostan and Tatarstan can be an importance means of the facilitating development of small and smallest fields. The study discusses the role of small independent oil companies in the regional oil production, considers priority areas of state and regional and legal support of small and medium oil enterprises, and presents oil production forecast for Bashkortostan and Tatarstan.

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