国有企业套期保值研究--以石油公司上游企业套期保值业务为例

Research on hedging of state-owned oil producers

2020年油价暴跌使石油企业生产经营面临严峻挑战,引发了市场讨论套期保值的热潮。石油生产商作为实货市场的天然多头,长期存在保值需求,目的是管理基准油价下跌带来的原油销售收入下降的风险。从国际上看,上下游一体化国际石油公司的上游企业在集团内被视为生产单元,一般不对自身产量单独进行保值操作,而是通过集团公司的一体化运营实现对冲;独立石油生产商作为利润中心,套期保值需求强烈但操作策略差异很大,部分生产商采取连续保值策略,但另一部分生产商择机保值或不进行保值操作;与国家预算紧密捆绑的国家石油公司,通常原油产量远大于炼油能力,但由于缺乏对手盘,多数未进行原油保值,仅有产量相对较小的产油国(例如墨西哥)进行了保值操作。国内石油公司对套期保值的认识仍处于探索阶段,未形成制度化、可持续性的保值策略,多数上游企业未对其原油产量进行套期保值。建议国内企业提高对套期保值的认识,通过建立连续、明确的保值策略,科学、符合市场化的考核机制,严格的风控制度,同时加强专业人才培养,持续提升应对价格风险的管理能力。

A lot of oil producers face huge difficulties during 2020 while oil price has collapsed,which has triggered the upsurge of hedging in the market.Oil producers,as natural bulls in the physical market,have a long-term need to preserve value in order to manage the risk of lower crude sales revenues as benchmark prices fall.From the international perspective,integrated international oil companies are regarded as production units within the group that generally do not maintain the value of their own output separately,but realize hedging through the integrated operation of the group company.As the profit center,independent oil producers have strong hedging demands but different operation strategies.Some adopt continuous hedging strategies,while others selectively adopt hedging or do not.National oil companies,which are tightly bound to national budgets,typically produce much more crude oil than their refining capacity and most of them do not adopt hedging since they lack rivals means.Only such relatively small producers as Mexico has did that.The cognition of hedging of domestic oil companies is still in the exploratory stage,and lack of institutionalized and sustainable hedging strategy.Most upstream companies have not adopted hedging for their crude oil output.It is suggested that domestic enterprises should improve their understanding of hedging by establishing continuous and clear hedging strategies,scientific and market-oriented assessment mechanism,strict risk control system,and strengthening professional personnel training to continuously improve the management ability of coping with price risk.