Back in the day,geopolitics-induced commodity volatility would send oil prices skyrocketing,infusing fresh capital into the oil busineB.Models focused on year-on-year production growth dominated.The banks were welcoming.Competition for capital was amongst peers.Unchecked,many oil companies overspent and underdeliv-ered-again and again and again.Investors,of all kinds,forgave.Welp,times are changing."We're no longer an allocation today.We stunk it up.We had a big,huge red problem.We lost a lot of money.We've got the green problem...that we're going to have to deal with,"said Chuck Yates,podcast host and panelist at the International Petroleum ABociation of America's recent Private Capital Conference."If you're sitting there with an oil and gas company and you want capital,do not sit there and go,well,'I've got PDP and PV-10'...All those old rules are out the door.You have to walk in to an investor and show how you uniquely can make money."
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