The low oil price caused the halo to fade away from the dream of shale oil.

Recently, according to the analysis of a number of refined oil companies, due to the sharp rise in international crude oil prices during the pricing period, at 12 o'clock in the evening (February 9), domestic refined oil prices may rise for the first time in eight months. For the recent rise in international oil prices, most analysts believe that it is related to the strike of the US oil industry workers and the good employment situation in the United States. However, in fact, the supply and demand pattern of the entire market has not been broken, and international crude oil prices will fluctuate.

The “supply” in this unbroken supply and demand pattern is closely related to the state of shale oil mining in the United States. A few years ago, the success of the shale gas revolution allowed the shale oil revolution to unfold. In the domestic market, a large number of shale companies also responded. However, compared to shale gas, the development of shale oil has always been constrained by its own mining costs. Nowadays, the oil price is sluggish. With the bankruptcy of the US WBH energy company and the profit warning of the shale project in Liaoning, Chengdu, the shale oil with the aura has become the focus of industry and society.

Business status

The risk of shale oil enterprise highlights the high attenuation rate into a "fatal injury"

A few years ago, there was a wave of energy substitution. In the era of high oil prices, companies have shifted their focus to shale oil mining, making shale oil extremely prosperous in the United States. However, problems such as the high attenuation rate of shale oil mining have always plagued companies. Therefore, the industry has been skeptical about whether the shale oil boom can continue and whether it can replace ordinary oil fields.

Nowadays, with the bankruptcy of overseas shale oil companies and the performance of the Liaoning Liaoning Evergrande Early Warning Shale Oil Project, the real situation of the shale oil industry and the factors affecting the development of the industry have attracted great attention. In response, the "Daily Economic News" reporter launched an investigation.

Some companies have operational risks

On January 15, 2015, Liaoning Chengda's oil shale comprehensive development and utilization (Phase I) project progress and risk announcements caused the market to pay close attention.

Liaoning Chengda said in the announcement that the company's 2014 non-public offering of raised funds investment project - Xinjiang Baoming Mining Co., Ltd. oil shale comprehensive development and utilization (Phase I), the product's product shale oil sales price by international crude oil prices Impact. The company said that although there is no direct linear relationship, according to the analysis of historical historical price trends, there is a direct corresponding relationship between the two, and generally the domestic shale oil sales price is higher than the international crude oil price. For example, the average bidding price of the latest Fushun shale oil is about 2,804 yuan / ton (including tax), about $ 55 / barrel after conversion (the exchange rate refers to the current exchange rate of the renminbi and the US dollar), while the NYMEX oil price is 45.22 US dollars / barrel. According to the current estimated production cost of shale oil after the project is put into production, if the NYMEX oil price falls further and remains low for a long time, the fundraising project will be in a small profit or even a loss. The investment project has an adverse impact.

The drop in international crude oil prices has made Liaoning Chengda somewhat unprepared, facing the oil price “falling down”, the company has no good response for the time being.

Liaoning Chengda said that the company has no plans to change the investment of funds. Xinjiang Baoming may reduce the adverse effects of falling oil prices by adopting measures such as adjusting production plans, increasing local inventory of Xinjiang leased oil storage, and adjusting sales rhythm.

"Daily Economic News" reporter learned that the risk of Liaoning Chengda early warning shale oil project is not accidental. In the United States, where the market is relatively mature, some enterprises have been unable to hold back the price of oil and have experienced operational difficulties.

The shale oil and gas revolution in the United States undoubtedly reshaped the global oil market. At that time, under the encouragement of high oil prices and the encouragement of the US government policy, a large number of small and medium-sized enterprises entered the shale oil mining industry with the "American Dream." Nowadays, the international oil price has plummeted, the shale oil boom has subsided, and many shortcomings such as the high cost of small and medium-sized enterprises have gradually emerged. It seems to confirm Buffett’s famous saying: “I know who is swimming naked after the tide.”

In early January 2015, WBH Energy, the first shale oil mining company in the United States, filed for bankruptcy. The private company in Austin, Texas, said that the current total debt is between $10 million and $50 million, and the lender refuses to Give the loan.

On January 21st, world mining giant BHP Billiton announced that it will suspend production of 40% of US shale oil drilling by June 2015. Coincidentally, the oil giant France Total also announced that it will shut down shale oil and gas wells located in the United States.

It is worth noting that the Standard & Poor's study found that three-quarters of the 100 small and medium-sized shale oil companies in the United States are at risk of bankruptcy due to high debt. If nothing else, most US shale oil companies in the first quarter of 2015 will face a reduction in bank credit lines, coupled with a decline in income and earnings, will be forced to cut capital expenditures. Since the output rate of shale oil wells will drop sharply after half a year, a large amount of investment is required to maintain the output level, so the decline in capital expenditure will lead to a reduction in production of shale oil companies.

According to S&PCapitalIQ data, in 2010, US oil and gas production companies had a total debt of $128 billion, and the latest quarterly data showed that their total liabilities totaled $19 billion, a 55% increase. These shale oil companies are heavily in debt, so even if the oil price plunges below $50/barrel, they have to choose to continue production. However, low oil prices have made the capital chain of oil companies more tense. Some medium and small shale oil mining companies have come across the negative news such as the bankruptcy protection of the capital chain.

Some insiders pointed out to the "Daily Economic News" reporter that the shale oil field has high attenuation, requires sustained capital expenditure, and has no own cash flow. Oilfield development relies heavily on external financing. Generally speaking, after a shale oil and gas well is blown down, after continuous fracturing, gas output or oil discharge, the continuous output will decrease month by month, and the annual decay rate will reach 60%~70%, so it must be fractured once again, or by adding more The wellhead can maintain production and lead to high shale oil mining costs.

High mining costs and high attenuation determine that shale oil mining is only valuable during periods of high oil prices. The ability of shale oil companies to resist the risk of oil price fluctuations is very low. Once the oil price runs for a long time, enterprises generally can only choose to shut down the well.

What is happening in the US shale oil industry, which has a mature market, and what about the domestic shale oil industry?

A reluctant staff member of PetroChina told the Daily Economic News reporter: “The shale oil has a decay rate of more than 40% in the US production process, which requires dense drilling to maintain stable production and high cost. Some large energy sources are currently available. The company adopts a conservative attitude towards the shale oil industry, mostly in the shale oil field by selling technology and purchasing reserve quality strategic resources, compared to the US market with advanced technology, low capital cost and relatively open operating environment. At present, domestic companies engaged in shale oil mining face many problems such as relatively backward technology, high capital cost, scarce quality resources and environmental pressure. Also in the low oil price environment, domestic shale oil mining enterprises need to bear more serious challenge."

High attenuation rate into fatal injury in the industry

The bankruptcy of the US shale oil company is not an accident, reflecting the dilemma faced by domestic and foreign shale oil-related companies in the context of falling oil prices. Through the comparison of shale oil exploration and mining with traditional oil, "Daily Economic News" reporter found that the high attenuation rate after shale oil mining has become a fatal injury in the industry.

Guo Jingwei, deputy general manager of Cinda Securities R&D Center, said: “Traditional oil exploitation belongs to the underground cavity with oil. After natural drilling, after a period of natural eruption, it can maintain oil by simple electric operation. After the well is drilled, the maintenance cost is low. However, after the well is drilled, the shale oil needs to rely on the fracturing technology to produce oil, and the oil yield will be greatly reduced after one year. According to the geological conditions, the decay rate is one year later. 40%~70%, and then decay 30%~40% in the second year. After 3~5 years, it will not even produce oil, or only maintain low output."

According to research data from Galaxy Securities, the shale oil decay curve of the American shale oil company Bakken three years ago, the output in the first month generally reached 400~500 barrels/day, and the peak value was 500~600 barrels/day; considering the shale The attenuation of oil, after a year, the single well production generally decays by 60%~70% to 150 barrels/day, and then decays by 30%~40% to 100 barrels/day in the second year, and then decays by 25% every year for 3~5 years~ 30%, after three years to 60~70 barrels/day, five years later to 30~40 barrels/day, and then can be produced for about 20 years.

Guo Jingyu further pointed out that “high attenuation rate means that enterprises must rely on secondary fracturing to maintain high yield, and fracturing itself is very expensive, which means that enterprises must invest high in long-term, capital expenditures remain high, which makes shale oil The money-making effect is greatly reduced."

It is worth noting that although the mining technology of shale oil is more and more mature, it can not completely solve the problem of high attenuation rate in the industry. According to the data, from 2012 to 2013, the output of the newly-produced shale oil wells in the first month generally reached 500-600 barrels/day. By 2014, some of the newly produced high-yield shale oil wells in the first month generally exceeded 900 barrels per day. However, the industry's decay rate has not decreased, but with the advancement of technology, the oil production has increased at the same decay rate.

Guo Jingyu said, “Technology can increase oil production to a certain extent, but high attenuation rate is difficult to change. Because the attenuation rate is determined by geological conditions, such as permeability and underground pressure.”

The oil price is higher than 55 dollars to break even

Due to its unique mining conditions and technical requirements, shale oil is much more expensive to produce than conventional oil. According to the comparison of production costs and production tax of major companies, the daily shale oil companies' breakeven calculations range from $55 to $65/barrel. Under this breakeven price, most companies choose Reduce production or stop the project.

Galaxy Securities pointed out in the research report that once the US shale oil is mass-produced, the cost of pure production is not high, generally 6~8 US dollars/barrel; the tax on production is mainly the production tax, which is levied at 10% of realized income. A while ago, the price was generally 8~10 USD/barrel. After the oil price fell, the corresponding cost was reduced. The most important cost was the depreciation cost, which was generally 25~30 USD/barrel. In addition, the sales management fee and the management cost were generally around 5 USD/barrel. . Taken together, the mainstream breakeven point of US shale oil is around $50/barrel.

According to Galaxy Securities, the profit and loss lines of the four production areas of Willistan Basin, Powder River, Mid-Continent and Permian are 45~60 USD/barrel, 60~70 USD/barrel, 45~70 USD/barrel, 45. ~61 US dollars / barrel.

Guo Jingyu told the reporter of "Daily Economic News": "When the international oil price breaks through the break-even line of shale oil companies, the profitability of enterprises will be hit hard and face financing difficulties. Specifically, under high oil prices, shale oil Cash returns are particularly fast, and investment returns are high. Under the high returns, many shale oil companies have maintained high debt operations in the past few years. After the oil price fell, corporate profit indicators also deteriorated rapidly, and enterprises will have difficulty maintaining their operations through financing. Some shale oil companies will be forced to cut production, stop projects, and even bankruptcy liquidation."

It is also worth noting that the fall in oil prices will directly affect the capital expenditure of shale oil companies. At high oil prices, a very high single-well investment return has spurred shale oil companies to further increase leverage and operate in high debt. In the case of KOG and Carrizo, for example, in the years since the large-scale development of shale oil, capital expenditures were mostly 1.5 to 2 times the operating cash flow. As oil prices fall, the company's operating cash flow is reduced, making it difficult to support high capital expenditures. At high attenuation rates, shale oil companies cannot guarantee the past production and fall into the dilemma of falling prices.

Industry development

Environmental pressure to increase domestic shale oil "to add to the snow"

International crude oil prices once fell below $45 a barrel, and the depressed oil prices have caused the fast-growing US shale oil industry to fall into pain.

According to estimates by the Morgan Stanley Securities research team, in only four of the 18 shale oil producing regions in the United States, the West German crude oil profit and loss price is below US$52/barrel, and the remaining 14 shale oils. The average profit and loss of the production area is at least $61/barrel.

This means that although some North American shale oil companies can withstand lower oil prices, if oil prices are at a level of $60 a barrel or less for a long time, they will still hurt many high-cost shale oil companies. The impact of low oil prices makes the whole The shale oil industry faces extremely severe challenges. At the same time, what problems have the domestic industries and enterprises encountered in addition to the difficulties faced by their foreign counterparts?

The fall in oil prices has made shale oil companies miserable, and the new "Environmental Protection Law" implemented by China on January 1, 2015 has made domestic shale oil companies face new challenges.

The new "Environmental Protection Law", which is known as the "hard fist" in the industry, will have a huge impact on some highly polluting industries, and shale oil mining companies will naturally bring about such things as air pollution, water pollution, and waste disposal due to the special nature of current technology. And other environmental issues.

In recent years, venting in the process of oil exploitation is a recognized environmental problem. The flaming fire in the oil fields of the Niger Delta and Iraq also symbolizes the environmental costs of oil production in developing countries.

Andrew Logan of Ceres, a large investor union that studies environmental issues, has said that the surge in short-selling combustion threatens the growth of the shale oil industry. Excessive venting is not only harmful to the environment, but also wastes valuable resources.

On the other hand, shale oil also faces environmental problems such as water pollution and waste disposal during the mining process. According to the World Energy Research Institute (WRI), more than three-fifths of China's shale oil and gas resources are located in areas where water resources are scarce, and shale resources are inseparable from water. Existing mining technologies, at the expense of millions of liters of water, sand and chemicals, are injected into the shale wells to fracture the rock formations and allow shale gas to escape. As a non-governmental research organization that studies sustainable resource management, WRI says that in the United States, drilling requires 200,000 to 2.5 million liters of water, and hydraulic fracturing requires water to reach 7 to 23 million liters.

A professional who is engaged in petroleum engineering abroad told the reporter of "Daily Economic News" that "the current environmental impact on the exploitation of shale oil in the industry is still inconsistent. There is no unified conclusion. Mining shale The main effect of oil is the need to use a large amount of water containing chemicals for fracturing, one is the problem of water resources, and the other is the problem of polluting groundwater. In some areas with abundant water resources, the water after returning can be treated immediately and then The use of (recycling) will have a smaller impact; the problem of polluting groundwater will have to be evaluated in a specific mining area for comprehensive factors such as topography, and cannot be generalized."

It can be seen that today, in the official implementation of the new "Environmental Protection Law", if enterprises need to effectively utilize shale resources, the investment in environmental protection is a new test for related enterprises.

development trend

The industry is nurturing a new round of integration and restructuring opportunities

There are always new opportunities under risk. After a wave of trade-offs in the inferior industry, shale oil is expected to be “rebirth”.

Technological innovation is the key

At present, the main technologies and equipment of the shale revolution are in the hands of American companies such as Schlumberger and ExxonMobil, among which Schlumberger is the world's largest oilfield technology service company, the two companies in the global shale revolution. The tide has benefited a lot.

Compared to the United States, the domestic shale oil and gas technology system has not been fully completed.

According to industry insiders, at present, the research and development system around China's shale oil and gas development has not yet been established, and technical systems such as processes, equipment, technical standards and production specifications that are suitable for China's characteristics are still being formed. On the other hand, the main technologies for oil and gas development accumulated in China's traditional energy system are in the hands of the three major oil companies. It is difficult for other companies entering the shale oil and gas development field to obtain specialized technical services.

A staff member of PetroChina who did not want to be named told the reporter of "Daily Economic News": "Compared with foreign advanced technology and equipment with high input, high output and high attenuation, the current domestic shale oil (gas) equipment There is a medium input and low output. Although medium investment can reduce production costs, but because of the small output of shale oil and low work efficiency, it is impossible to form a scale advantage. It is necessary to obtain shale oil for oil in a short time. That position is still quite difficult."

"Comprehensively, the competition of resource-based enterprises is mostly around the break-even point. Domestic enterprises should focus on the future shale oil industry, overcome technical barriers, reduce production costs, and improve development efficiency." The above person added.

Mergers and acquisitions bring opportunities

Aside from technological innovation, oil prices continue to fall, and a new wave of industrial consolidation will emerge in the shale oil industry.

In the second half of 2014, when the downward trend of oil prices appeared, the United States launched a wave of mergers and acquisitions of shale oil and gas.

According to Wood Mackenzie's data, the climax of oil and gas mergers and acquisitions since the beginning of 2014 has been concentrated in the US-centric North America, and the trading objects are mainly shale oil and gas. In October 2014, shale oil and gas trading played a major role in the global oil and gas trading peak, largely indicating that the US shale oil and gas industry has a strong self-rescue ability in the downturn.

Insiders pointed out that if oil prices continue to decline in the future, the North American market will set off a new wave of mergers and acquisitions, and the trading structure will change. Tens of thousands of companies will participate in the shale oil and gas industry operations, objectively providing conditions for the “tidal rise” of mergers and acquisitions. The participation of many companies can produce synergies on the one hand, but also produce competitive effects.

Similarly, in the face of the test of falling oil prices, China's Midea Energy has taken the lead.

Recently, the US Metropolitan Energy announced that the company plans to issue no more than 1.432 billion shares, the issue price of 5.55 yuan / share, raised funds of no more than 7.9 billion yuan, strategic bargain-hunting US shale oil.

Galaxy Securities pointed out that the US shale oil mining and development technology is at the global leading level. Midea Energy currently has a complete set of oil and gas development systems and technical teams that have been operating for many years in the United States; in addition to the planned Woodbine layer reservoirs, the company The owned oil and gas resources also have three potential layers that have been proven by surrounding oil mining companies: the EagleFord layer, the Buda layer and the Georgetown layer. The EagleFord layer has been mined in the Manti block, and the daily output per well is high; the Buda layer and the Georgetown layer have also achieved good development results in the surrounding well areas.

Some market participants pointed out that the international crude oil market of $60 per barrel and below will remain for a long time. It seems that other shale oil companies will be closed down or merged and restructured in the future. Therefore, this round of oil price decline cycle will also be a new opportunity for mergers and acquisitions in the shale oil industry.

Market impact

The stock price has been “overdrawn” in advance, and the shale sector’s attention has gradually declined.

The shale revolution in the United States has not only set off a wave of speculation in the United States. In the A-share market, a number of listed companies have become darlings of funds for their involvement in shale gas and shale oil. Although domestically, the development of shale oil and gas is far less than that of the United States, the speculation of funds has made this concept once a beautiful landscape in the stock market.

A number of listed companies are involved in shale oil and gas

From 2011 to 2013, the development of shale oil in the United States has developed rapidly, causing worldwide attention to shale oil. In June 2011, the National Development and Reform Commission of China issued and implemented the “Guidance Catalogue for Industrial Structure Adjustment (2011)”, which clearly stated that it encourages exploration of unconventional resources such as shale gas, oil shale, oil sands, and natural gas hydrates. The adjustment of this catalog has made shale oil and gas more and more attention in the market.

It is widely believed that oil shale refining is profitable only if international crude oil prices remain above $50/barrel. At the time of the oil price of about 100 US dollars / barrel, the profit was very rich. For this reason, energy giants have laid out this field. The hype of the shale oil and gas sector was officially kicked off. Under the repeated stimulation of various listed companies involved in shale oil and gas projects, during the 2012 period, the A-share shale oil and gas concept sector has embarked on a wave of independent and independent market conditions. Bull market.

In April 2011, Shenwu Environmental Disclosure intends to use 100 million to 140 million yuan of self-owned funds to acquire 100% equity of Jilin Sanming Shale Technology and Changling Permanent Sanming Shale Technology. Both target companies are planning to develop small-particle high-quality shale pottery sand and high-efficiency thermal insulation ceramsite sand cutting block technology, and use the shale resources they master to carry out new building materials production and processing. In October of that year, Guanhao Gaoxin disclosed the progress of the company's acquisition of mining rights in Jintang District of Maoming Oil Shale Mine.

With the acquisition of industrial capital, Shenwu Environmental Protection and Guanhao Gaoxin received financial attention, with a short-term increase of more than 10%, far superior to the same period of the broader market index. Subsequently, capital also began to really explore related concept stocks.

In 2012, the entire shale oil and gas sector strengthened independently. Driven by the rotation of Shandong Molong, Baomo, Liaoning Chengda and Haimo Technology, the shale oil and gas concept continued to rise and continued throughout 2012.

"Daily Economic News" reporter noted that in 2012, the Shanghai and Shenzhen stock markets rose by 3.17% and 2.22% respectively, while Shandong Molong rose as much as 126.35%, far outperforming the index, Haimo Technology, Baomo shares, Tongyuan The annual increase in oil is also around 50%, which is not bad.

2012 stocks rose

The "Daily Economic News" reporter noted that the shale oil and gas sector collectively rose from mid-August to early September 2012. At the time, the market rumored that the second round of bidding for shale gas exploration rights is expected to start in September of that year. After the market had a deeper understanding of shale gas and shale oil, on August 15, 2012, the entire shale oil and gas sector collectively soared, becoming a beautiful landscape of A shares in the stock market downturn.

In August 2012, the industry leader Shandong Molong took the lead. After hitting a new low of 6.26 yuan on August 1, the stock price began to rebound. With the favorable policies, the stock was blocked on the daily limit for 7 times in August. The monthly cumulative increase reached 85.49%, with the largest increase exceeding 100%.

In this regard, market participants have previously said that Shandong Molong is one of the major oil drilling equipment manufacturers in China. The bidding for China Petroleum Purchasing has reached 11.50% and the tubing sales ranked second. Once the domestic shale gas development technology breaks through and the industrialization progress is accelerated, it will have a huge demand for domestic oil and gas special equipment. Therefore, Shandong Molong became the popular leader of the sector.

Although the business did not involve the shale field, but because the product involved in the oil production, Baomo shares were also particularly concerned about the funds at the time, the stock price was arrogant from the lowest of 2.99 yuan in early August 2012, and the cumulative increase in August reached 84.11%. In addition, related concept stocks such as Haimo Technology and Liaoning Chengda all rose in different degrees in August 2012, setting off a general wave of shale oil and gas concepts.

The plate has been forgotten by the market?

"Daily Economic News" reporter noted that although the shale oil and gas concept emerged from the independent bull market in 2012 under the stimulation of good expectations, after the madness, market research found that the shale revolution is basically a blank piece of paper in China. It has not brought substantial changes in earnings to the company.

Some insiders pointed out that both shale gas and shale oil exist in the shale formation, and there is no revolutionary new technology in China. The mining revenue is closely related to the oil price. Under the current short-term fluctuation of oil prices, the positive for listed companies is not obvious. After experiencing the madness of 2012, the shale oil and gas sector was in a state of silence and the collective performance was poor. The leading Shandong Molong fell 3.21% in 2013, and the stock price fell to 6.42 yuan at the lowest.

After experiencing the irrational speculation, even if the listed company releases favorable, it is difficult to ignite the enthusiasm for the shale oil and gas sector.

For example, Haimo Technology announced on October 25, 2012 that its wholly-owned subsidiary, HaimoOil & Gas, successfully acquired 14.2857% of the Niobrara shale oil development project owned by CarrizoOil & Gas for US$27.5 million. HaimoOil&Gas will purchase approximately 6,000 acres of shale oil and gas blocks through this transaction.

Before and after October 25 of that year (1.99% increase on the same day), the stock price of Haimo Technology did not rise so much, and the performance was more general. The funds did not show much enthusiasm for it. On January 4, 2013, Doum Jianwen, Chairman and President of Haimo Technology, stated at the “Haimo/Carrizo Company US Shale Oil Project Delivery Ceremony and Press Conference” that the completion of the project marks the entry of Haimo Technology into the US page. The first Chinese private listed company in the rock oil and gas exploration and development market. Under such a favorable stimulus, the stock price of Haimo Technology still failed to achieve a big increase, and the short-term one-day increase was below 5%.

In the past year, with the reform of the media, sports, and state-owned enterprises becoming a new market hotspot, while the funds have been chasing new standards, the once hot shale oil and gas sector seems to have been gradually forgotten by the market.

Company scan

Shandong Molong: A more direct impact than oil prices is demand fluctuations

With its leading position in the oil casing industry and its upstream industry advantage in oil extraction, Shandong Molong has become the leading shale oil and gas concept in 2012. In January of that year, the company's share price rose from the lowest of 4.22 yuan, and reached an all-time high of 14.55 yuan after more than 8 months of speculation.

As a leading stock, the actual operating conditions of Shandong Molong have naturally received special attention from the capital market. The 2013 annual report disclosed by the company in March 2014 showed that Shandong Molong had a huge loss of 176 million yuan in 2013, and the net operating cash flow was -155 million yuan. Although there are still 598 million yuan of monetary funds on the books, only short-term loans amounted to 1.367 billion yuan. Due to huge losses and negative cash flow, its AA credit rating was lowered to AA-.

The performance is not sustainable, and now it faces the fall of international oil prices. What impact will this have on Shandong Molong?

The reporter of "Daily Economic News" recently interviewed the employees of the representative office of Shandong Molong Securities as an investor. The employees of the company's securities department said that "the impact of oil price fluctuations on the company is only secondary and directly affects the company. The impact is also the fluctuation of crude oil demand. (However, in the recent economic downturn and the decline in market demand, the company has continued to develop new products and market development, X65Q line pipe, X52NS large-diameter acid-resistant Pipeline tubes and other successful completion of trial production and sales to domestic and foreign markets, new development of Uzbekistan, Nigeria, South America and other markets and customers, the new acquisition of Egypt, Amazon [microblogging] and other oil companies certification, further expand the domestic The scope of the external market and market share."

It is worth noting that in October 2014, Shandong Molong said on the interactive platform that shale gas is currently an emerging field in the energy industry. Some products are currently used for shale gas mining, but domestic shale gas. Still in the experimental mining stage, although some products have been applied to the field, the number is small.

Haimo Technology: The company's overseas shale oil development slows down

As a pioneer in the overseas development of domestic shale oil, Haimo Technology (300084, closing price of 24.97 yuan) is deeply affected by the decline in international oil prices. The drop in oil prices directly affected the development and production of the company's three overseas shale oil blocks, especially the company's performance "speed increaser" Niobrara project.

According to the data, in October 2012, Haimo Technology invested in the overseas shale oil block for the first time. The company's wholly-owned Sun Company Haimo Oil & Gas Co., Ltd. (hereinafter referred to as Haimo Oil & Gas) has acquired Cariizo's Niobrara shale oil and gas development in Weld, Morgan and Adam County, Denver Basin, Colorado, USA for US$27.5 million. 14.2857% of the project's equity; Hammer Oil and Gas will actually purchase approximately 6,000 acres of oil and gas tenements. In September 2013, Haimo Technology's wholly-owned Sun Company Haimer Oil and Gas purchased a 1,112-acre (4.5-square-kilometer) oil and gas area in Irion County, Permian Basin, Texas, USA for US$100,800. Block 100% work interest. In August 2014, Haimo Technology's wholly-owned Sun Company Haimer Oil and Gas again purchased a coal mine block lease of 10012.56 acres (about 23.1 square kilometers) in Howard County, Permian Basin, Texas, USA for US$7.14 million. % of work rights.

It is worth noting that after cooperating with Carrizo to develop accumulated experience and technology, Haimo Technology will be the first shale oil and gas block operator to develop design, production management and some oilfield field service work. The shale oil block in the Irion County of the Permian Basin has become an experimental field for the independent development of unconventional oil and gas.

It is worth mentioning that the operation of overseas shale oil resources has contributed to the rapid growth of Haimo Technology. In 2013, the company achieved operating income of 234 million yuan, a year-on-year increase of 34.98%; the net profit attributable to the company was 22.530 million yuan, an increase of 605.114%. In this regard, Haimo Technology said: "One of the main reasons for the growth of business performance is that the company's investment in the development of the Niobrara shale oil and gas block in the Denver Basin in the United States is progressing well."

So, now that international crude oil prices are going down all the way, how does this affect the company's performance?

"Daily Economic News" reporter recently interviewed the company as an investor. The staff of the company's securities department told reporters: "At present, international oil prices have dragged down the company's shale oil business, which has a greater impact on the Niobrara project jointly developed with Carrizo. Project revenue will decrease as the block is currently in mining."

The above-mentioned Haimo Technology Securities Department staff further pointed out that “in general, the break-even point of shale oil companies is between US$40/barrel and US$60/barrel. The breakeven point of Carrizo shale oil mining is in the middle of the industry. Low, the specific impact level, the data has not yet come out."

In addition, the staff of the above-mentioned company's securities department told reporters that "in accordance with the current trend of international oil prices, the company has generally slowed down the development steps, but only made some preliminary reserve work, and the investment is small, mainly for exploration in geological blocks, just playing The well is not fracturing. At present, only one vertical well and horizontal well are played, and the overall impact on the company's performance is small. In addition, the price of overseas shale oil assets is indeed much cheaper, and the company is always paying attention. But the specific one is still Looking at the follow-up oil price trend, the company will move in time."

Liaoning Chengda: Xinjiang shale oil project may suffer losses

In the context of the high international oil price operation in the past few years, Liaoning Chengda began to bet on unconventional oil and gas resources oil shale, and in 2013 clearly stated that the energy development business should be built into the company's core business.

In fact, as early as 2008, Liaoning Chengda had already developed and utilized oil shale in the Huadian area of ​​Jilin Province through its subsidiary Jilin Chengda Hongsheng. After saving experience and technology, in 2010, the company began a large-scale oil shale project, which was in Xinjiang. On October 25 of that year, the company signed agreements with Shaanxi Guhai Energy Investment Co., Ltd., Shaanxi Baoming Mining Co., Ltd. and Xinjiang Baoming Mining Co., Ltd. (hereinafter referred to as Xinjiang Baoming) to jointly develop the oil shale comprehensive project of Xinjiang Uygur Autonomous Region. The company invested 500 million yuan to increase capital in Xinjiang Baoming. After the capital increase is completed, the company holds 60% of Xinjiang Baoming. According to the data, Xinjiang Baoming has the exploration rights of four oil shale.

In February 2013, Liaoning Chengda announced that in order to realize the company's development strategy of building its energy development business into a core business, the company intends to agree to the implementation of the Xinjiang Baoming Oil Shale Comprehensive Development and Utilization Phase I Project (hereinafter referred to as the holding subsidiary Xinjiang Baoming). Xinjiang Baoming Phase I Project). According to the data, the first phase project of Xinjiang Baoming is located in Shichanggou, Jimsar County, Xinjiang, with a total investment of 4.34 billion yuan and 22 years of operation. According to the designed production capacity, after the first phase of the project is completed and put into production, it can annually produce 11 million tons of oil shale ore and an annual output of 478,000 tons of shale oil.

In September 2014, Liaoning Chengda announced a fixed announcement. The company plans to issue 100 million shares to Fubon Life Insurance and Qianhai Open Source Fund at a price of 13.96 yuan per share, raising funds of 1.396 billion yuan, all of which will be invested in Xinjiang Bao. Ming Phase I project. At present, the quota has been approved by the China Securities Regulatory Commission [microblogging].

According to the plan, the first phase of the Xinjiang Baoming project will be officially produced at the end of 2014. However, the sharp drop in international oil prices has made the Liaoning Chengda shale oil project appear to be “untimely”. Recently, Liaoning Chengda said that according to the current expected shale oil production cost of the fundraising project, if the NYMEX (NYSE) oil price falls further and remains low for a long time, the fundraising project will In a situation of meager profit or even loss.

"Daily Economic News" reporter noted that as of June 30, 2014, Liaoning Chengda Energy Development Business achieved operating income of 166 million yuan, accounting for 3.67% of the company's total revenue, and energy business is still at a loss stage. The oil shale developed by the subsidiary company Jilin Chengda Hongsheng realized an operating income of 194 million yuan and a loss of 122 million yuan. Xinjiang Baoming has no income and a net profit loss of 171.18 million yuan.

The reporter recently called Liaoning Chengda, the company's securities affairs representative Wang Hongyun did not want to say more, told reporters that "everything is subject to the announcement."

Tongyuan Petroleum: increase new market development and cut costs

As an upstream industry for oil and gas exploration, Tongyuan Petroleum's operations in recent years can be described as thin ice. On the one hand, due to the systemic risk of falling international oil prices, the company's performance pressure has become significantly larger.另一方面，公司在2013年6月的海外并购案，因有关方面涉嫌违法被稽查立案而暂时搁浅，导致主要从事页岩油生产服务的标的公司——美国安德森未能如期被纳入报表。

资料显示，美国安德森设立于2010年2月，总部位于美国得克萨斯州阿尔巴尼。其主要业务收入源于页岩油服务的相关领域，其中射孔服务收入占其营业总收入的75%左右。

《每日经济新闻》记者注意到，通源石油第一次重组方案曾因涉嫌违法被稽查立案，直到2015年1月21日，公司收到中国证监会的通知，公司发行股份购买资产暨关联交易事项，审核并获得无条件通过后，此次海外并购页岩油企业一事才终于告一段落。值得一提的是，因为并购时间较原计划有所拖长，由此所产生的资金成本或也会相应增长。

与此同时，中金公司研报指出，通源石油射孔服务和器材销售的收入从2011年的2.8亿元下滑39%至2013年的1.7亿元，公司市场份额下滑，可能由于更多民营公司取得射孔资质，市场竞争激烈。

记者近日以投资者身份采访了通源石油证券部，公司证券部工作人员向记者表示，“目前公司确实存在业绩压力，未来将会(从)加大新市场开拓和削减成本两方面来着手改善现状。开拓新市场方面将会把重点放在美国、印度及印尼等国家。公司目前的三费支出还存在下降空间，缩减多余的支出也是当下公司经营中的重心。美国安德森的主要业务和技术可应用在页岩油的相关领域，目前整个行业还处在一个不景气的阶段。但此时对产业(进行)并购重组或可以说是个好时机，未来如果有优质的投资标的，公司会考虑进行收购。”

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