美国页岩油气公司应对油价暴跌经营策略  

Analysis on operation strategies of U.S.shale oil&gas companies under oil prices plunging

作　　者：齐黎明 荆克尧[1] 田雨露 胡燕[1] QI Liming;JING Keyao;TIAN Yulu;HU Yan(Sinopec Exploration&Production Research Institute)

机构地区：[1]中国石油化工股份有限公司石油勘探开发研究院

出　　处：《国际石油经济》2021年第7期92-99,共8页International Petroleum Economics

基　　金：中国石化科技项目"国内企业对标一流经济评价"(编号:P21085-27)资助。

摘　　要：2020年,受新冠肺炎疫情与"欧佩克+"价格谈判破裂影响,国际油价暴跌,油气公司生产经营均举步维艰.分析切萨皮克、桑德里奇、戴文能源、大陆资源和依欧格5家页岩油气公司2020年经营状况,总结各家公司在危机过程中的应对之策,包括结构优化维持产量稳定、优化调控投资提升效率、紧盯现金流压缩成本、及时施行资产减值、持续开展油气套期保值、不断加强资本运作、充分利用政策红利等措施,为中国石油公司在低油价下开展生产经营提供借鉴经验.建议中国的石油公司深化技术经济一体化研究,构建规模与效益动态调整机制;强化新井油藏与工程研究,制定灵活有针对性的投资策略;引导内部服务市场化竞争和甲乙方收益风险共享共担模式;加强资产减值风险研究与管控,合理安排资产减值;加快建设套期保值交易制度,降低油价波动对公司的影响.In 2020,due to the outbreak of the pandemic and the breakdown of OPEC+negotiations,the international oil prices plunged and the production and operations of various oil and gas companies have been struggling.This paper studies the performances of five U.S.shale oil and gas companies including Chesapeake,Sandridge,Devon Energy,Continental Energy,and EOG in 2020,and summarizes their such strategies as producing structure optimization,investment efficiency improvement,cashflow based cost compression,timely impairment,constant hedging,efficient capital operation and taking full advantage of policies to improve performances.It provides reference experiences for Chinese petroleum companies to carry out operations under the low oil price.It is suggested that Chinese oil companies should strengthen technological-economic integration research,build up the dynamic adjustment mechanism of scale and benefit,strengthen new well reservoir and engineering research,develop flexible and targeted investment strategies,guide the marketization competition of internal services and the mode of sharing benefits and risks among contractors,boost the research and control of asset impairment risk,arrange asset impairment reasonably,accelerate the construction of internal hedging trading system to reduce the impact of oil price fluctuations.

关 键 词：美国页岩油气公司 油价暴跌 经营策略 优化调整 

分 类 号：F416.22[经济管理—产业经济] F764.1F272.3F426.22