从近年页岩油气资产交易谈油气资产并购  

Discussion on Oil and Gas Asset M&A Derived from Recent Transactions of Shale Oil and Gas Assets

作　　者：王勇 张礼貌[2] 冯国莉 Wang Yong;Zhang Limao;Feng Guoli(CNOOC Energy Economics Institute,Beijing 100013;Petroleum Exploration and Production Research Institute of SINOPEC,Beijing 100083)

机构地区：[1]中国海油集团能源经济研究院,北京100013 [2]中国石油化工股份有限公司石油勘探开发研究院,北京100083

出　　处：《中外能源》2024年第6期15-19,共5页Sino-Global Energy

摘　　要：近年来页岩油气资产交易活跃,页岩油气公司正追求更大的规模以提升市场地位,增加其对投资者的吸引力。页岩油气资产交易表现出的特点是:灵活优质的油气资产越来越受到青睐;油气资产交易活跃度及交易方式与油价密切相关,油价越高,油气资产交易总体越活跃,而且交易金额越大,采用换股交易的占比越大;换股交易的比例和油价在一定时期内呈反向走势,但近三年高油价下换股交易的比例也相应增高;油气资产并购非常重视协同效益,成为并购成功的关键。分析认为,大型油气公司应重视灵活优质油气资产的配置,可选择在高油价时期进行资产优化与处置,高油价是资产优化配置的有利时期,也是处置劣后资产的好时期;大型油气资产并购交易应优先采用换股交易,可合理回避油价涨跌对目标公司价值的影响,有效减轻并购企业的经营、融资压力,同时有利于并购案的推进;应选择有协同效益的油气资产进行并购。中国石油企业应摸清家底,依靠核心技术占领未来制高点;同时在高油价时期可通过换股交易或资产置换等方式优化资产配置,特别是加速劣后和不友好地区油气资产的处置。Shale oil and gas assets have been actively traded in recent years,and shale oil and gas companies are pursuing greater scale to enhance their market position and increase their appeal to investors.The characteristics of shale oil and gas asset transactions are as follows:flexible and high-quality oil and gas assets are increasingly favored.The trading activity and trading methods of oil and gas assets are closely related to oil prices.The higher the oil price,the more active the trading of oil and gas assets in general,and the larger the transaction amount,the greater the proportion of stock-for-stock transactions.In a certain period,the proportion of stock-for-stock transactions and oil prices showed a reverse trend,but the proportion of stockfor-stock transactions also increased under the high oil prices in the past three years.The oil and gas assets M&A attaches great importance to synergistic benefits,which become the key to the success of M&A.The analysis shows that large oil and gas companies should attach importance to the allocation of flexible and high-quality oil and gas assets,and can choose to optimize and dispose of assets in the period of high oil prices.High oil prices are a favorable period for optimizing asset allocation and disposing of inferior assets.Stock-for-stock transactions should be preferred in large oil and gas asset M&A transactions,which can reasonably avoid the impact of oil price fluctuations on the value of the target companies,effectively reduce the operating and financing pressure of the M&A companies,and facilitate the advancement of the M&A cases.Oil and gas assets with synergistic benefits should be selected for M&A.Chinese oil companies should take stock of their resources and occupy commanding heights in the future by core technology.At the same time,asset allocation can be optimized through stock-for-stock transactions or asset replacement during the period of high oil prices,especially to accelerate the disposal of oil and gas assets in inferior and unfriendly areas.

关 键 词：页岩油气 资产交易 灵活优质资产 协同效益 换股交易 优化资产配置 

分 类 号：F27[经济管理—企业管理]