从页岩技术开路先锋到资金黑洞--切萨皮克的兴衰之路

From the spearhead of shale drilling technologies to the money pit:the way of Chesapeake

2020年6月,美国天然气巨头切萨皮克宣布申请破产保护。作为美国页岩气的龙头企业以及页岩技术革命先锋,切萨皮克曾成功地抓住美国能源转型所赐予的良机,运用最新技术大量生产页岩气,进而奠定了行业优势地位。然而,美国页岩气市场很快进入饱和,供过于求抑制了国际原油和国内天然气价格。2000-2009年为切萨皮克经营的辉煌期,在低利率时代和天然气价格的支持下,切萨皮克举债发展的策略取得了巨大成功;2010-2019年为切萨皮克经营的动荡期,天然气价格持续下跌,资产结构单一和高杠杆的致命弱点,导致企业变卖油气资产、调整生产结构和去杠杆化的努力亦无力挽回企业走向破产保护的命运。切萨皮克的兴衰史留下了深刻的教训和启示:1)财务杠杆过高终究会成为企业发展的最大祸根;2)在竞争市场上,顺势而为才能更好地生存下去;3)分散投资风险任何时候都不过时;4)要注重声誉管理,维护良好的社会印象;5)应尽早确定高层管理者的继任计划。

On June 28,2020,Chesapeake,American shale gas giant,filed for Chapter 11 bankruptcy protection.This independent gas producer,the pioneer of shale drilling technologies,took full advantage of the opportunity afforded by U.S.energy switch and advances in shale drilling,produced large quantities of shale gas,and laid the dominant position in the industry.However,the US shale gas market soon reached saturation point,the gas glut has been driving down crude and gas prices.During the times of low interest rates,and supported by gas prices,Chesapeake’s betting on high financial leverage achieved great success in 2000-2009.As the prices kept falling,the company mounted with debts was doomed to failure despite the efforts to divest crude and gas properties,raise crude production and deleverage in 2010-2019.Chesapeake,from its history,provides many lessons for the energy sector:i)high financial leverage would cause high risks;ii)following the market trend is the best strategy for a business’sustained development;iii)diversification of investment risk is never too late;iv)it is quite important for a business to manage properly reputation risk and social relations;v)a succession plan of senior managers should be in place in due time.