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With oil and gas capital Market financing channels have tightened, and most highly leveraged companies have felt the chill. However, there are always such a group of weirdos who can not only easily obtain equity financing in the secondary market, but their shareholders' half-year income has more than doubled the S&P index in the same period.
Since the beginning of this year, as debt financing channels in the oil and gas capital market have tightened, more and more highly leveraged oil and gas companies have felt the chill. However, in the harsh winter of the oil and gas capital market, there are such a group of weirdos. Not only do they not have to worry about financing channels, but they can also easily raise funds through equity in the secondary market. What’s even more impressive is that their shareholders’ half-year income has exceeded that of the same period. The S&P more than doubled.
As of the end of the month, according to statistics from a consulting firm, an American oil and gas company had successfully raised equity through the secondary market. The vast majority of these companies come from one place, the Permian Basin. However, the two major shale oil basins, Bakken and Eagle Ford, which occupied the main position in debt financing in the North American oil and gas market from 2000 to 2015, are facing extremely difficult times. financing situation.
This is mainly because the capital market only recognizes returns, and Permian shale oil has become the preferred outlet for funds under low oil prices. The Permian shale oil mentioned here mainly refers to the shale oil blocks with the highest return rate in the core area of the Permian Basin, including Midland. This is mainly because for oil companies, it is a top priority that the current operational disposable cash flow (earnings before interest, taxes, depreciation and amortization (net of interest and dividend expenses)) can cover cash expenditures.
However, it should be noted that the interest mentioned above consists of two parts. One part is the capitalized interest included in the balance sheet, and the other part is the interest expense included in the profit and loss statement. Since oil and gas exploration and development companies can choose to capitalize part of the interest generated from funds directly related to exploration and development activities and include it on the balance sheet, the scale of the relevant capitalized interest is sometimes announced in the company's annual report. However, since exploration and development have many links , it is difficult to calculate all capitalized interest in detail.
For oil companies, investing limited funds into assets with the highest capital efficiency is the only option under low oil prices. The high returns of shale oil in the core area of the Permian have therefore become the preferred outlet for market funds, thus creating a situation where the Permian Basin alone is fighting against the decline in land oil production in the United States. Precisely because of the overwhelming favor from funds in the oil and gas capital market, shareholders of these Permian shale oil companies have received returns that far exceed the S&P and significantly exceed the energy sector index. Since the beginning of this year, the return rate of these oil and gas companies that have successfully entered equity financing has been approximately twice the return rate of energy sector index funds and more than times the S&P index during the same period.
It should be noted that the current preference of funds on the market for Permian companies is not only that its assets have the lowest cost in the United States, but more importantly, what is reflected behind this cost is that it can survive the oil price trough without any suspense. ability. It is precisely the existence of this ability that allows funds on the market to have optimistic expectations for excess returns after the rebound in oil prices. This optimistic expectation is the essential reason why shareholders of these companies obtain excess returns.
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