Análisis del desempeño financiero y operativo de empresas de servicios petroleros vinculadas a contratos de servicios específicos en Ecuador

Abstract

The objective of this research was to evaluate the financial and operational performance of oilfield service companies linked to specific service contracts in Ecuador during the 2022–2024 period, using Shaya and Shushufindi Join Ventures as case studies. A quantitative research approach was applied, based on the horizontal analysis of financial statements, the calculation of liquidity, leverage, profitability, efficiency, and operational performance indicators, complemented by the DuPont model. The results show that both companies operate within a highly profitable sector; however, they face a progressive contraction in revenues and assets, accompanied by liquidity pressures and an increased reliance on external financing. While Shaya maintains a conservative financial structure dominated by equity, Shushufindi relies significantly on long-term debt to sustain its operations. The operational performance analysis indicates that, despite differences in capital structure, both companies achieve similar levels of financial and economic profitability, confirming that managerial efficiency and sector conditions play a decisive role in value generation. Finally, financial strategies are proposed aimed at optimizing the cost of capital, improving cash flow, and controlling operating costs, with the purpose of strengthening the financial and operational sustainability of oilfield service companies in Ecuador. Keywords: organizational performance, oil activity, service contracts, operational efficiency, productivity, operations management.