The article present the results of use of the proposed economic and mathematical apparatus to develop scenarios that provide for the partial or complete elimination of contradictions associated with the pricing policy between oil and gas production and the production of refined products. In the output we noted changes in the material consumption of products of the oil and gas sector of Ukraine. We corrected a certain contradiction between the extractive and processing enterprises of the oil and gas sector. This is related to the uneven distribution of value added between them, which allows extractive enterprises to make a profit, while processing enterprises are at a breakeven point. This situation, as we have seen, also distorts the results of the real assessment of resource efficiency in this sector of the economy. Thus, the research is aimed at developing scenarios that provide for a gradual decrease in the price of extractive products and its simultaneous growth in processing so that the corresponding impact on the economy was minimal. The first scenario envisaged a reduction in the price by –10% for the products of oil and gas companies with a simultaneous increase in the price of refining so that the average share of value added in the country as a whole was not decreased, taking appropriate adjustments of resource efficiency indicators into account. The second scenario was based on the need for deeper price adjustments in the oil and gas sector. Thus, the reduction of the price of products at the extractive enterprises at the level of –20% and its increase it in processing while maintaining the national average share of value added was envisioned. The third scenario provided for the equalization of material consumption in production and processing due to the price factor.

The distribution of net profit is one of the basic problems of the financial strategy of companies. The amount of retained earnings affects the level of investment and the pace of their development, whereas the level of dividends translates into stock prices. Therefore, it is assumed that maintaining the right proportions in the distribution of net profit into the retained part and the part transferred to the shareholders will translate into the company’s value. The first part of the paper contains theoretical considerations on macroeconomic, microeconomic and the capital market determinants influencing companies’ distribution of net profit. A large group of microeconomic factors – long-term trends in changes of net profit, shareholder structure, the company’s life cycle and its investment opportunities – as well as a selection of financing sources facilitating the attainment of the optimal capital structure are discussed. The most important macroeconomic factors include the economic situation, the level of inflation, sector specifics and the situation on the stock market. The authors present the results of empirical research in which they assume that the dividend yield of companies from the oil and gas sector influences the value of the company depending on the level of investments shaping the book value of shares, and that the dividend yield affects the duration of the return on capital expressed as the price to net profit ratio, and thus the level of company risk. The calculated Pearson linear correlation coefficients show an insignificant influence of the dividend yield on the value of companies from the oil and gas sector. This value is determined by a number of other factors. The study is based on statistical data for 2010–2020 derived from Warsaw Stock Exchange Yearbooks.