石油和天然氣生產(chǎn)商正在使其資金來源多樣化

能源資產(chǎn)證券化是一種新型的融資方式，正在迅速流行起來

律師事務(wù)所Sidley Austin LLP的能源金融合伙人Daniel Allison說，石油和天然氣證券化產(chǎn)品可能對(duì)投資者和生產(chǎn)商都有利

據(jù)油價(jià)網(wǎng)12月24日?qǐng)?bào)道，隨著銀行從資助石油和天然氣業(yè)務(wù)中撤出，其他傳統(tǒng)的融資渠道，如股權(quán)投資或基于儲(chǔ)備的貸款（RBL）工具正在枯竭，美國(guó)私人石油和天然氣生產(chǎn)商正在尋找一個(gè)蓬勃發(fā)展的替代資金市場(chǎng)。

這就是已探明及已開發(fā)產(chǎn)量（PDP）的證券化，即石油或天然氣生產(chǎn)商在資產(chǎn)支持證券化（ABS）交易中發(fā)行債券。換句話說，上游生產(chǎn)商用他們的石油和/或天然氣生產(chǎn)的現(xiàn)金作為抵押，向投資者發(fā)行票據(jù)。

能源資產(chǎn)證券化

首個(gè)能源資產(chǎn)的證券化發(fā)生在2019年，但在過去的一年里，隨著許多私人生產(chǎn)商尋求多元化資金來源，它已經(jīng)迅速得到了普及。

“由石油和天然氣資產(chǎn)支持的證券化有助于使公司的資金來源多樣化，這些公司通常會(huì)從更傳統(tǒng)的來源獲得資金，如基于儲(chǔ)備的貸款（RBL）工具、高收益?zhèn)陌l(fā)行或股權(quán)投資。”惠譽(yù)評(píng)級(jí)在2020年初表示，當(dāng)時(shí)這種類型的資金是全新的，疫情還沒有壓垮石油需求。

“新發(fā)行的交易提供了穩(wěn)定的現(xiàn)金流，因?yàn)楹膿p率是相當(dāng)可預(yù)測(cè)的，這取決于油井的年齡和整體資產(chǎn)的多樣化。”該評(píng)級(jí)機(jī)構(gòu)在2020年2月時(shí)指出。

信用評(píng)級(jí)公司DBRS晨星在2021年5月表示，即使在疫情引發(fā)的油價(jià)劇烈波動(dòng)期間，已探明油氣開發(fā)生產(chǎn)（PDP）的證券化顯示出的波動(dòng)性要小得多，主要是因?yàn)樯唐穬r(jià)格對(duì)沖和證券化的結(jié)構(gòu)特征。

惠譽(yù)評(píng)級(jí)公司在2021年9月的一份報(bào)告中說，盡管油氣價(jià)格波動(dòng)很大，而且疫情期間運(yùn)營(yíng)商破產(chǎn)，但PDP證券化的表現(xiàn)在疫情期間仍然很有彈性。

“大部分產(chǎn)量的必要對(duì)沖限制了碳?xì)浠衔飪r(jià)格波動(dòng)對(duì)預(yù)期收入的影響。此外，PDP生產(chǎn)的盈虧平衡成本很低，因?yàn)榇蟛糠值馁Y本支出成本已經(jīng)發(fā)生。”該信用評(píng)級(jí)機(jī)構(gòu)說。

蓬勃發(fā)展的能源ABS市場(chǎng)

根據(jù)路透社援引古根海姆證券的數(shù)據(jù)，在2022年，石油和天然氣資產(chǎn)證券化市場(chǎng)真正開花結(jié)果，能源ABS交易的價(jià)值比2021年增加了兩倍。今年到目前為止，私人公司已經(jīng)向投資者出售了39億美元的PDP證券化交易，而去年只有12億美元。

今年還出現(xiàn)了自三年前PDP證券化融資交易開始以來，美國(guó)能源生產(chǎn)商最大的一次證券化融資，由其生產(chǎn)資產(chǎn)的一部分作為支持。

這是10月份為天然氣生產(chǎn)商Jonah Energy LLC進(jìn)行的一筆7.5億美元證券化融資交易，該公司總部位于丹佛，在懷俄明州蘇布萊特縣的Jonah和Pinedale油田運(yùn)營(yíng)。該公司通過發(fā)行由其部分生產(chǎn)資產(chǎn)支持的7.5億美元全額攤銷票據(jù)，成功完成了其第一筆證券化融資交易。

Jonah Energy的資產(chǎn)和業(yè)務(wù)位于懷俄明州蘇布萊特縣的大綠河盆地內(nèi)，包括位于Jonah油田及周邊地區(qū)的2400多口生產(chǎn)井和13萬多英畝凈地。

該公司總裁兼首席執(zhí)行官湯姆-哈特說：“我很高興完成了一項(xiàng)長(zhǎng)期融資交易，完全償還了我們的抵押貸款，這使我們擁有了強(qiáng)大的資產(chǎn)負(fù)債表，以尋求我們的耕地上的重要鉆探機(jī)會(huì)和可能出現(xiàn)的戰(zhàn)略機(jī)會(huì)。”

古根海姆證券公司是此次發(fā)行的唯一結(jié)構(gòu)顧問、賬簿管理人和配售代理，該公司表示，Jonah Energy公司是迄今為止完成的最大的資產(chǎn)支持證券化項(xiàng)目。

古根海姆證券結(jié)構(gòu)性產(chǎn)品發(fā)起團(tuán)隊(duì)的高級(jí)常務(wù)董事Anuj Bhartiya說，這項(xiàng)ABS交易是迄今為止完成的最大的PDP證券化，也是古根海姆證券為能源行業(yè)構(gòu)建的第三筆“144A交易”（合格的機(jī)構(gòu)投資者私下交易“限制性證券”的權(quán)利，每筆交易的下限為50萬美元。同時(shí)，證券商不得向個(gè)人或不符合規(guī)定的投資者出售此類“限制性證券”），反映了行業(yè)領(lǐng)導(dǎo)者和市場(chǎng)參與者對(duì)能源相關(guān)ABS在市場(chǎng)上的適用性的信心。

懷俄明州最大的天然氣生產(chǎn)商PureWest Energy在8月成功完成了第二次資產(chǎn)支持證券化，提供3.65億美元的資產(chǎn)支持票據(jù)，該票據(jù)由PureWest的部分生產(chǎn)天然氣資產(chǎn)抵押。該交易是在PureWest于2021年11月進(jìn)行的首次6億美元的證券化之后進(jìn)行的。

PureWest能源公司預(yù)計(jì)在2022年第三季度將票據(jù)發(fā)行的收益，連同PureWest資產(chǎn)負(fù)債表上的多余現(xiàn)金，分配給其股權(quán)持有人。

律師事務(wù)所Sidley Austin LLP的能源金融合伙人Daniel Allison去年在Hart Energy雜志上寫道，石油和天然氣證券化產(chǎn)品對(duì)投資者和生產(chǎn)商都有好處。Allison說，投資者有一個(gè)相對(duì)可預(yù)測(cè)的石油和天然氣PDP的現(xiàn)金流狀況，所以他們——以及評(píng)級(jí)機(jī)構(gòu)——認(rèn)為生產(chǎn)風(fēng)險(xiǎn)是 "一個(gè)可容忍的變量"。Allison說，生產(chǎn)者可以利用能源資產(chǎn)證券化來分散他們的資本結(jié)構(gòu)，或者在其他市場(chǎng)不那么有利的情況下利用這一替代市場(chǎng)。

曹海斌 編譯自 油價(jià)網(wǎng)

A New Type Of Oil And Gas Funding Is Booming

Oil and gas producers are diversifying their funding sources.

Energy asset securitization is a new type of funding that is quicking gaining in popularity. 

Oil and gas securitization offerings could be beneficial to both investors and producers, Daniel Allison, energy finance partner with law firm Sidley Austin LLP, said. 

As banks have pulled back from funding oil and gas operations and other traditional sources of financing such as equity investment or reserve-based lending (RBL) facilities are drying up, private U.S. oil and gas producers are looking at a booming market for alternative fundin.    

That’s the proved developed producing (PDP) securitization, in which an oil or gas producer issues bonds in an asset-backed securitization (ABS) transaction. In other words, upstream producers use the cash from their oil and/or gas production as collateral for the notes placed with investors.  

Energy Assets Securitization 

The first such energy asset securitization took place in 2019, but it has quickly gained popularity over the past year as many private producers look to diversify their funding sources. 

“Securitizations backed by oil and gas assets help diversify funding sources for companies that would typically access capital from more traditional sources, such as reserve based lending (RBL) facilities, high-yield bond issuance or equity investment,” Fitch Rating said in early 2020 when this type of funding was brand-new and the pandemic hadn’t crushed oil demand yet.

“The newly issued transactions provide stable cash flow as depletion rates are fairly predictable depending on the age of the wells and the overall diversification,” the rating agency noted back in February 2020. 

Even during the pandemic and the volatile prices in 2020 and 2021, oil and gas proved developed producing (PDP) securitizations showed much less volatility, “l(fā)argely because of commodity price hedges and structural features of the securitizations,” credit ratings firm DBRS Morningstar said in May 2021. 

The performance of PDP securitization remained resilient during Covid, despite high volatility in oil and gas prices and operator bankruptcies during the pandemic, Fitch Ratings said in a report in September 2021. 

“Required hedges on a majority of production volumes limit the effects hydrocarbon price fluctuations have on expected revenues. Additionally, PDP production has low breakeven costs, as the majority of capex costs have been incurred,” the credit rating agency said. 

Booming Energy ABS Market 

In 2022, the oil and gas asset securitization market has really blossomed, with energy ABS deals tripling in value from 2021, according to data from Guggenheim Securities cited by Reuters. So far this year, private firms have sold to investors $3.9 billion in PDP securitizations, up from just $1.2 billion last year. 

This year also saw the single-largest securitized financing for a U.S. energy producer, backed by a portion of its producing assets, since the PDP securitization funding deals began three years ago. 

That was a transaction in October for $750 million securitized financing for natural gas producer Jonah Energy LLC, a Denver-headquartered firm operating in the Jonah and Pinedale Fields in Sublette County, Wyoming. Jonah Energy successfully closed its first securitized financing transaction by offering $750 million fully amortizing notes backed by a portion of its producing assets. 

Jonah Energy’s assets and operations are located within the Greater Green River Basin in Sublette County, Wyoming, and consist of over 2,400 producing wells and over 130,000 net acres located in the Jonah Field and surrounding area.   

“I’m pleased to have completed a long-term financing transaction that completely pays down our RBL, which positions us with a strong balance sheet to pursue the significant drilling opportunities that we have on our acreage and strategic opportunities that may come our way,” Jonah Energy’s President and chief executive Tom Hart said. 

Guggenheim Securities, which was the sole structuring advisor, book-running manager, and placement agent of the offering, said that Jonah Energy’s was the biggest asset-backed securitization completed to date.  

“This ABS transaction, which represents the largest PDP securitization completed to-date and the third 144A that Guggenheim Securities has structured for the energy sector, reflects the confidence of industry leaders and market participants in the suitability of energy-related ABS in the market,” said Anuj Bhartiya, Senior Managing Director in Guggenheim’s Structured Products Origination team.  

PureWest Energy, Wyoming’s largest natural gas producer, successfully closed in August a second asset-backed securitization—after one last year—offering $365 million of asset-backed notes collateralized by a portion of PureWest’s producing natural gas assets. The transaction followed PureWest’s initial $600 million securitization in November 2021. 

PureWest Energy expected to distribute the proceeds from the notes offering, together with excess cash on PureWest’s balance sheet, to its equity holders in the third quarter of 2022. 

Oil and gas securitization offerings could be beneficial to both investors and producers, Daniel Allison, energy finance partner with law firm Sidley Austin LLP, wrote last year in Hart Energy. Investors have a relatively predictable cash flow profile of an oil and gas PDP, so they—and rating agencies—see production risk as “a tolerable variable,” Allison says. Producers, for their part, can use energy asset securitization to either diversify their capital structure or tap this alternative market when others are less favorable, according to Allison.