首頁 > 資料下載 > 儲備基礎(chǔ)貸款與頁巖油氣金融前景RESERVE BASE LENDING AND THE OUTLOOK FOR SHALE OIL AND GAS FINANCE

儲備基礎(chǔ)貸款與頁巖油氣金融前景RESERVE BASE LENDING AND THE OUTLOOK FOR SHALE OIL AND GAS FINANCE

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更新時間：2021-09-17
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美國石油產(chǎn)量增長74%，從2009年的540萬桶/日增至2015年的940萬桶/日，1頁巖油推動了超過92%的增長。2 2009年至2014年美國頁巖油氣產(chǎn)量的快速增長與歷史上低利率和持續(xù)高油價的時期有關(guān)。在這五年期間，低成本債務(wù)的輕易獲得幫助推動了頁巖革命；北美勘探和生產(chǎn)公司（E&Ps）用數(shù)十億的有擔(dān)保和無擔(dān)保債務(wù)為其現(xiàn)金流赤字提供資金。自2014年年中以來，油價大幅下跌，迫使企業(yè)進行調(diào)整。大量文獻研究了它們在面對石油和天然氣價格下跌時的彈性，以及它們通過節(jié)約成本和提高生產(chǎn)率來保護利潤率的聰明才智。3然而，利率在價格下跌的整個過程中一直相對較低，盡管它們最近開始緩慢上升。該行業(yè)在面對低價時學(xué)會了降低運營成本后，能否克服進一步大幅提高利率的額外挑戰(zhàn)，仍是一個未經(jīng)檢驗的問題。雖然評論員廣泛地注意到頁巖油勘探與生產(chǎn)公司借貸成本增加的風(fēng)險，但還沒有對加息對銀行業(yè)影響的具體方式進行了深入研究。頁巖油氣公司面臨的利率波動與其融資方式有關(guān)，與傳統(tǒng)的油氣公司不同，傳統(tǒng)的油氣公司資金雄厚，且大部分是自籌資金，頁巖公司往往杠桿率很高。許多中小型頁巖油氣勘探與生產(chǎn)公司（E&P）通常被評級機構(gòu)標(biāo)準(zhǔn)普爾（Standard&Poor's）和穆迪（Moody's）評為投資級以下，這使得它們進入債務(wù)市場的成本與投資級公司相比相對較高，特別是當(dāng)?shù)陀蛢r給利潤率帶來壓力時，在這種情況下，被稱為儲備基礎(chǔ)貸款（RBL）的融資結(jié)構(gòu)特別有助于該行業(yè)獲得低成本的銀行債務(wù)融資，從而允許頁巖中眾多中小企業(yè)的崛起和擴張。在保護貸款人抵押品的同時，RBL結(jié)構(gòu)為石油和天然氣儲量的開采和擴張?zhí)峁┵Y金。

US oil production rose 74 percent, from 5.4 million barrels per day in 2009 to 9.4 million barrels per day in 2015,1 with shale oil driving more than 92 percent of the growth.2 The rapid expansion of shale oil and gas production in the United States from 2009 to 2014 has been associated with a period of historically low interest rates and sustainedhighoilprices.Overthatfive-yearperiod,easyaccesstolow-costdebthelpedfueltheshalerevolution;NorthAmericanexplorationandproductioncompanies(E&Ps)fundedtheircash-flowdeficitswithbillionsinsecured and unsecured debt. Since mid-2014, oil prices have dramatically declined, forcing companies to adjust. An extensive body of literature has examined their resilience in the face of lower oil and gas prices and their ingenuity inprotectingprofitmarginsthroughcostsavingsandproductivitygains.3 Interest rates, however, have remained relatively depressed throughout the price decline, though they have recently started to creep up. Whether the industry, having learned to reduce operating costs in the face of low prices, could overcome the additional challenge of a significantfurtherincreaseininterestratesremainsanunexaminedquestion.Whilecommentatorshavenotedinbroad terms the risk of an increase in borrowing costs for shale E&P companies, there has not been any notable indepthstudyofthespecificwaysinwhichhigherinterestrateswouldimpactthesector.Suchaninvestigationisthepurpose of this paper. Theexposureofshaleoilandgascompaniestointerest-ratefluctuationsistiedtotheirformoffinancing.Unlikeconventionaloilandgascompanies,whicharetraditionallydeep-pocketedandlargelyself-financed,shalecompaniestend to be deeply leveraged. Many small and midsize shale oil and gas exploration and production companies (E&Ps) are typically rated below investment grade by the rating agencies, Standard & Poor’s (S&P) and Moody’s, which makes their access to debt markets relatively expensive compared with investment-grade companies, especially when low oilpricesputprofitmarginsunderpressure.Inthiscontext,thefinancingstructureknownasReserveBaseLending(RBL)hasbeenparticularlyinstrumentalinprovidingthesectorwithaccesstolow-costbankdebtfinancings,allowing the rise and expansion of numerous small and midsize players in shale. While protecting lenders’ collateral, RBL structure provides funds for the drilling and expansion of oil and gas reserves.

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