In this dissertation we compare three major companies which all belong to the energy industry (two refineries and a trading company). The said companies are Motor Oil Hellas (MOH), Hellenic Energy Holdings (HEH), and Elinoil and they are examined for their financial health and strategic adaptability in the tumultuous era of the covid pandemic. The selected time span expands for two years before and after the outbreak in 2020 (i.e., 2018-2022). The goal of the study is to examine how the financial performance of these companies changed and what recovery was made (if any). This will also show what the effect was of the strategic financial decisions made.

To achieve this goal a combination of financial ratios is used alongside a general common size analysis of the financial statements. The ratios used are widespread and known for their efficiency and accuracy (especially when combined) and include ratios that measure leverage, profitability, liquidity, and operating efficiency. Also, the common size analysis enables comparisons of firms of variable sizes.

Some important findings suggest that two of the companies (the refineries MOH and HEH) were more leveraged during the pandemic outbreak. This is consistent with the industry trend leading companies to borrow more in the face of less product (hydrocarbons) demand. The third (a trading) company Elinoil had a different financial behavior as it was in fact less impacted.

The study shows that a significant trend for deleveraging is achieved for the year 2021 and after, which indicates an “return to normality” as companies aim to be less exposed to financial risk. It is noteworthy that the companies not only recover but achieve better profitability and other financial metrics than before the pandemic by 2022. This proves something expected. The energy sector is very resilient and will continue to be for the next few years.

The target of this dissertation is to let academics, industry analysts and stakeholders discuss upon the subject of financial analysis and of the importance of financial strategy in tumultuous and unprecedented times (at least in our generation). The global political and economic instability guarantees that such times will be more common, and only those that take these economic lessons at heart will survive (and even rise above their previous status)