中国石化新闻网讯 据今日油价6月13日报道，尽管能源基础设施运营商采用收费和按需付费的商业模式，但中游行业仍无法幸免油价暴跌和上游运营商为应对价格暴跌而实施停产带来的影响。穆迪投资者服务公司(Moody's Investors Service)在本周发布的一份新报告中表示，随着油气行业面临供需双重冲击，油气产量迅速下降，全球油气基础设施公司将受到影响。
王佳晶 摘译自 今日油价
Midstream Oil Companies Are Beginning To Feel The Pinch
Despite the fee-based and take-or-pay business models of energy infrastructure operators, the midstream sector is not immune to the oil price crash and the production shut-ins that upstream operators undertook in response to collapsing prices. Oil and gas infrastructure companies worldwide will be impacted by the rapid reduction of oil and gas volumes as the broader oil and gas industry struggles with the simultaneous demand and supply shocks, Moody's Investors Service said in a new report this week.
The midstream sector will not be able to offset the lower volume throughput and crash in prices fully, the rating agency said, changing its outlook on the global midstream energy sector to "negative" from "stable" for the first time.
"While the sector's asset base consists mainly of "must-run" infrastructure, not all its revenue and earnings are fully protected from commodity price and volume risks, with some midstream segments more vulnerable to price and production declines than others," Moody's said.
According to Moody's, the sector's aggregate earnings before interest, tax, depreciation, and amortization (EBITDA) will drop by at least 5 percent this year, due to the current supply-demand imbalance and lower oil and gas production. However, the rating agency expects the midstream sector to recover its earnings growth next year gradually.
"The negative outlook for the global midstream sector reflects the rapid pace and magnitude of production declines that have now spilled into midstream operations and will compromise the sector's credit quality over the next 12 to 18 months," Andrew Brooks, a Moody's VP-Senior Credit Officer, said.
The fact that the idea of pro-rationing was dismissed in Texas and Oklahoma helped the midstream sector in the U.S., according to Alerian.
"In addition to potentially shutting-in production in an inefficient manner, mandated cuts may have allowed struggling producers to avoid minimum volume commitments and the related deficiency payments to their midstream counterparties," Alerian said.
The U.S. energy infrastructure was spared worse consequences as ideas of mandatory cuts fell through, but the midstream sector is not entirely safe from the reduced oil production due to the price crash.
Lower production volumes have resulted in a sharp drop in utilization rates on pipelines, Wood Mackenzie said earlier this month.