The purpose of this study was to analyze the influence of the competitive strategies implemented by oil companies in the value perception of their shareholders. For that, an investigation line was adopted where a group of variables, measurable through accounting data, was associated to important strategic positionings seeking to the identification of strategic groups in the oil industry. This work adopted the typology developed by Chrisman et al. in the identification of the strategic groups. The concept of value perception of the shareholders was portrayed by Q of Tobin, the reason between the market value of the companies and the replacement value of their assets. Perform indicators widespread used in the studies of corporate finances, such as return on employed capital, revenue and net profit, were adopted to complement Tobins q analysis. The analysis method used was a bibliographical revision for identification of strategic variables and the prospection of a database obtained from reports of activities and other important information published by the companies. Basically, three statistical methods were used: cluster analysis, Wilcoxon Sign Test and Kruskal-Wallis Test, respectively, in the identification of the composition of the strategic groups, in the verification of the coherence of the same ones with expected characteristics for the adopted typology and in the comparison of companies s perform in each group. Annual analyses of the strategic positionings of the companies were developed, as well as long period analysis considering the formation of strategic groups based on the most frequent positioning in the whole studied period. Once identified the strategic groups, was verified if the investors perception was affected by the strategic positioning of the companies through the comparison of the values of Q of Tobin of the different strategic groups and in the observation of the other performance variables. The obtained results suggest that, in a perspective of long period, it is possible to affirm that the shareholders notice value in the strategies adopted by the oil companies, while, in an annual base, it is not possible to confirm, with statistical reliability, this same statement.