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If compared between the beginning of the year and the current time point, the increase representing the price trend of U.S. crude oil is basically the same as that at the beginning of the year, but there is an increase of about %: reflecting the continued increase in funds in the oil and gas secondary market. Provide a sufficient premium to the stock prices of oil and gas companies based on the valuation after the oil price rebounds in the future.
What needs to be pointed out in particular is that compared to secondary market participants who are optimistic about the future prospects of a large number of zombie oil and gas companies, the core financing channels of the oil and gas capital market are tightening their control over zombie oil companies, which account for the largest share of the oil and gas market. The size of the borrowing base of a group of companies (highly leveraged oil and gas companies).
According to Haynes and Boone's large-scale survey statistics on a number of oil and gas producers and financial institutions: Oil and gas capital market participants (borrowing base lenders and loan base recipients) believe that % of oil and gas companies will be Reduce the borrowing base amount. Among them, the borrower base lender believes that % of oil and gas companies will have their quotas reduced, while the borrower base recipient (the oil and gas companies themselves) believes that % of companies will have their quotas reduced.
At the same time, current oil and gas capital market participants tend to believe that the borrowing base amount in the autumn of this year will be further reduced by % based on the amount in the spring of this year. Among them, the lender of the borrowing base believes that the quota will decrease by about %, while the recipient of the borrowing base (the oil and gas company itself) believes that the quota will decrease by %.
When faced with the choice of adjusting the latest borrowing base amount to be lower than the actual borrowed amount, a survey of oil and gas companies in the fall of 2019 showed that only about % of oil and gas companies were willing to restructure. % of the oil and gas companies surveyed have chosen to carry out large-scale asset reorganization including bankruptcy reorganization. In terms of percentage, this has almost doubled compared with last year.
Taken together, although the stock prices of oil and gas companies in the secondary market have fully reflected the valuations after the rebound in oil prices, the living environment of the oil and gas companies themselves is deteriorating, and more and more oil and gas companies have begun to divest assets in exchange for Cash and large-scale asset restructuring. Compared with the current serious overvaluation in the oil and gas secondary market, the golden age of investment and acquisition of oil and gas assets is approaching.
The Iranian Oil Minister was also quoted as saying: &The important issue is that first of all, the market is facing a surplus, and secondly, Iran will not ignore its own share. &r&Hunan Weide Commodity: Telephone: Weide Silver Agent, Weide Silver Personal Agent, Weide Silver Company Agent, Weide Silver Investment Promotion, Weide Silver Agent, Weide Silver Account Opening, Weide Silver Agent, Weide Silver Official Website , Weide Silver, Hunan Weide.
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