石油价格

标准普尔全球评级和标准普尔全球商品洞察在一份新报告中表示，全球脱碳的推动并未影响石油和天然气公司获得外部资本的机会或资本成本 。

资料来源：石油价格

该报告的作者写道，欧洲和北美的大多数中型和大型石油和天然气公司“在资本准入方面仍然有相对较长的跑道”。

标准普尔全球公司表示，2030年后，这些公司可能会在资金准入和成本方面面临更大的压力，届时石油需求预计将开始趋于平稳并最终开始下降。

此外，尽管该行业存在波动，但“与广泛的企业工业领域相比，石油和天然气债券定价（大宗商品周期低谷之外）的风险溢价几乎没有可辨别的风险溢价，”标普全球指出。

总体而言，资本市场继续向化石燃料公司开放。但近年来，由于创纪录的盈利和现金流，这些公司的借贷需求有所下降。去年，俄罗斯入侵乌克兰后，能源大宗商品价格飙升，大型石油公司和独立的中大型北美生产商凭借更强劲的资产负债表摆脱了疫情引发的行业低迷，并获得了创纪录的高利润。

标准普尔全球表示，“环境问题似乎远不是石油和天然气公司融资的最重要因素。”

标准普尔全球补充说，在某些情况下，一些公司遇到了借贷困难，但这可能与资产质量有关，而不是与气候问题有关。

虽然这一分析表明大型石油公司不必担心中短期内的资本获取问题，但一些投资者已开始更加关注其投资组合中公司的 ESG 资质。

上个月新推出的“排除追踪器”显示，气候变化是  投资机构决定将公司排除在投资组合之外的最大动机。

作者：Oilprice.com 的 Tsvetana Paraskova

Oil Price

The global push for decarbonization hasn’t impacted either the access to external capital or the cost of capital for oil and gas companies, S&P Global Ratings and S&P Global Commodity Insights said in a new report.

Source: Oil Price

Most mid-sized and large oil and gas companies in Europe and North America “still have a relatively long runway in terms of capital access,” the authors of the report wrote.

Those firms could see intensified pressures in terms of access and cost of capital after 2030 when oil demand is expected to begin to flatline and eventually start to drop, according to S&P Global.

Moreover, despite the volatility in the industry, “there have been little discernable risk premiums attributed to oil and gas bond pricing (outside of commodity cycle troughs) compared with those of the broad corporate industrial universe,” S&P Global noted.

Overall, capital markets continue to be open to funding fossil fuel companies. But those firms have seen lower needs to borrow money in recent years amid record earnings and cash flows. Big Oil and independent mid and large-scale North American producers emerged from the pandemic-driven industry slump with stronger balance sheets and raked in record-high profits last year when energy commodity prices shot up in the wake of the Russian invasion of Ukraine.

“Environmental concerns seem to be far from the most important factor for funding of oil and gas companies,” S&P Global said.

In some cases, some firms have seen difficulties in borrowing, but this has likely been related to the quality of the assets instead of climate concerns, S&P Global added.

While this analysis shows that Big Oil doesn’t have to worry about access to capital in the near to medium term, some investors have started to pay more attention to the ESG credentials of the companies in their portfolios.

Climate change is the single largest motivation of investment institutions to decide to exclude companies from their portfolios, a newly launched ‘exclusion tracker’ showed last month.

By Tsvetana Paraskova for Oilprice.com