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私募股权资金、上市合伙基金及美国页岩气革命 : 推动美国页岩气发展之两大产业投融资模式

Shale Tech China 2013 2013 页岩气技术国际大会 . 私募股权资金、上市合伙基金及美国页岩气革命 : 推动美国页岩气发展之两大产业投融资模式 . PEs, MLPs and The American Shale Revolution : Private and Public Financings for U.S. Shale Development . 邓 隆隆 博士 / 执行董事 Simon L. Tang, J.D., Ph.D., Managing Director A&S Global Limited 美国全胜律师事务所

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私募股权资金、上市合伙基金及美国页岩气革命 : 推动美国页岩气发展之两大产业投融资模式

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  1. Shale Tech China 2013 2013页岩气技术国际大会 私募股权资金、上市合伙基金及美国页岩气革命: 推动美国页岩气发展之两大产业投融资模式 PEs, MLPs and The American Shale Revolution: Private and Public Financings for U.S. Shale Development 邓隆隆 博士/执行董事 Simon L. Tang, J.D., Ph.D., Managing Director A&S Global Limited 美国全胜律师事务所 WinWinLaw PLLC Cell: 139.1188.9483 (China); 001.832.818.0707 (USA) simontang@winwinlaw.com

  2. Shale Tech China 2013 2013页岩气技术国际大会 • 美国岩油气革命 • The American Shale Revolution • 国际大型能源公司及其在页岩气项目之投资 • International Energy Corporations and their Shale Project Investments • 美国主要私募股权资金及及其在页岩气项目之投资 • Major U.S. Private Equity Firms and their Shale Project Investments • 私募股权资金支持之美国主要能源公司 • Major Energy Companies that Started as PE-backed Entities • 私募股权资金在能源企业之投资模式与策略 • Investment Models and Strategies of Private Equity Funds in the Energy Industry • 美国主要上市有限合伙基金及其在页岩气项目之投资 • Major U.S. Master Limited Partnerships and their Shale Project Investments • 近期中国企业对美国页岩气项目之投资 • Recent Chinese Investments in U.S. Shale Plays • 结论: 不断变化之美国能源产业投融资模式 • Conclusions: The Ever-changing Investment and Financing Models in the U.S. Energy Industry • 附录: 环球资源(有限合伙)基金 Appendix: The Global Resources Fund, L.P. • 投资方略 Investment Strategy and Philosophy • 条款概要 Summary of Terms and Conditions

  3. 美国岩油气革命 • The American Shale Revolution 美国七大页岩气开发区域 The Seven Most Active Shale Plays in the United States Anadarko-Woodford (West-Central Oklahoma) Bakken (North Dakota) Eagle Ford (South Texas) Granite Wash (Texas-Oklahoma Panhandle) Marcellus (Pennsylvania) Niobrara (the Rockies) Permian (West Texas) 页岩气革命与“水平井”及“分段水力压裂”技术 The Shale Revolution and the “Horizontal Drilling” and “Multi-Stage Hydraulic Fracturing” Technologies

  4. 国际大型能源公司及其在页岩气项目之投资 International Energy Corporations and their Shale Project Investments • Chesapeake Energy Corp., Oklahoma City, OK (NYSE: CHK) •  EOG Resources Inc., Houston, TX (NYSE: EOG) •  ConocoPhilips Company, Houston, TX (NYSE: COP) •  Marathon Oil Corp., Houston, TX (NYSE: MRO) •  Pioneer Natural Resources Company, Irving, TX (NYSE: PXD) •  Anadarko Petroleum Corp., The Woodlands, TX (NYSE: APC) •  Talisman Energy Inc., Calgary, AB, Canada (TSX/NYSE: TLM) •  Statoil ASA, Stavanger, Norway (OSE: STL / NYSE: STO) •  BHP Billiton Petroleum, Houston, TX (NYSE: BHP)

  5. 美国主要私募股权资金及及其在页岩气项目之投资 Major U.S. Private Equity Firms and their Shale Project Investments Private Equity Funds

  6. 美国主要私募股权资金及及其在页岩气项目之投资 Major U.S. Private Equity Firms and their Shale Project Investments 3. 成熟阶段投资 Mature Stage Investments: KKR TPG Apollo 投资案例 Investment Case Studies 1. 创业阶段投资 Start-up Stage Investments: KayneAnderson Capital Advisors, L.P. Natural Gas Partners EnCapInvestments L.P. 投资案例 Investment Case Studies 4. 一般能源投资  General Energy Investments: CCMP Blackstone Group Energy & Mineral Group GS Capital Partners Lime Rock Partners Oppenheimer Alternative, etc. 投资案例 Investment Case Studies 2. 成长阶段投资  Growth Stage Investments: First Reserve Corporation River Stone Holdings Denham Capital 投资案例 Investment Case Studies

  7. 私募股权资金支持之美国主要能源公司 Major Energy Companies that Started as PE-backed Entities Concho Petrohawk Energy Corporation Crosstex Halcon Resources Oasis Petroleum Laredo Petroleum Holdings, Inc. Plains All American Pipeline, L.P. 投资案例 Investment Case Studies 私募股权资金在能源企业之投资模式与策略 Investment Models and Strategies of Private Equity Funds in the Energy Industry

  8. 私募股权资金支持之美国主要能源公司 Major Energy Companies that Started as PE-backed Entities 投资案例: 中国? Investment Case Studies: China? 页岩气第二轮探矿权招标: 招标区块及中标公司及 招标区块 贵州绥阳 湖南花垣 湖南永顺 湖北来凤咸丰 湖北鹤峰 重庆城口 贵州凤冈一区块 湖南桑植 湖南保靖 河南温县 河南中牟 重庆黔江 重庆酉阳东 江西修武盆地 湖南龙山 贵州岑巩 贵州凤冈二区块 贵州凤冈三区块 中标企业 华电煤业集团有限公司 中国华电工程 (集团) 有限公司 湖南省页岩气开发有限公司 华电湖北发电有限公司 华电湖北发电有限公司 国家开发投资公司 中煤地质工程总公司 中煤地质工程总公司 神华地质勘查有限责任公司 河南豫矿地质勘查投资有限公司 河南豫矿地质勘查投资有限公司 重庆市能源投资集团公司 重庆矿产资源开发有限公司 江西省天然气 (赣投气通) 控股有限公司 湖南华晟能源投资发展有限公司 铜仁市能源投资有限公司 华瀛山西能源投资有限公司 北京泰坦通源天然气资源技术有限公司

  9. 私募股权资金支持之美国主要能源公司 Major Energy Companies that Started as PE-backed Entities 投资案例: 中国? Investment Case Studies: China? 页岩气第二轮探矿权招标: 招标区块及中标公司及 招标区块 贵州绥阳 湖南花垣 湖南永顺 湖北来凤咸丰 湖北鹤峰 重庆城口 贵州凤冈一区块 湖南桑植 湖南保靖 河南温县 河南中牟 重庆黔江 重庆酉阳东 江西修武盆地 湖南龙山 贵州岑巩 贵州凤冈二区块 贵州凤冈三区块 中标企业 华电煤业集团有限公司 中国华电工程 (集团) 有限公司 湖南省页岩气开发有限公司 华电湖北发电有限公司 华电湖北发电有限公司 国家开发投资公司 中煤地质工程总公司 中煤地质工程总公司 神华地质勘查有限责任公司 河南豫矿地质勘查投资有限公司 河南豫矿地质勘查投资有限公司 重庆市能源投资集团公司 重庆矿产资源开发有限公司 江西省天然气 (赣投气通) 控股有限公司 湖南华晟能源投资发展有限公司 铜仁市能源投资有限公司 华瀛山西能源投资有限公司 北京泰坦通源天然气资源技术有限公司

  10. 私募股权资金支持之美国主要能源公司 Major Energy Companies that Started as PE-backed Entities 投资案例: 中国? Investment Case Studies: China? 对相关上市公司的主营业务, 按油、气开采流程分类如下: 石油勘探: 潜能恒信、恒泰艾普 石油钻探: 江钻股份、仁智油服、神开股份 井下作业: 通源石油、杰瑞股份 石油开采: 海默科技、山东墨龙 对相关上市公司的主营业务, 按设备和服务分类如下: 石油设备公司: 江钻股份、神开股份、杰瑞股份、山东墨龙、海默科技 石油服务公司: 潜能恒信、恒泰艾普、仁智油服、通源石油 中国页岩气概念股 China’s Shale Gas Stocks 证券代码 002554.SZ 601798.SH 300157.SZ 002490.SZ 002278.SZ 600378.SH 300023.SZ 000852.SZ 300191.SZ 002207.SZ 300084.SZ 002680.SZ 002353.SZ 000968.SZ 证券简称 惠博普 蓝科高新 恒泰艾普 山东墨龙 神开股份 天科股份 宝德股份 江钻股份 潜能恒信 准油股份 海默科技 黄海机械 杰瑞股份 煤气化

  11. 美国主要上市有限合伙基金及其在页岩气项目之投资 Major U.S. Master Limited Partnerships and their Shale Project Investments 上市有限合伙基金 Master Limited Partnerships A master limited partnership (MLP) is a limited partnership that is publicly traded on securities exchange. It combines the tax benefits of a limited partnership with the liquidity of publicly traded securities. MLPs are limited by the U.S. Code to only apply to enterprises that engage in certain businesses, pertaining to the use of natural resources, such as petroleum and natural gas extraction and transportation. To qualify for MLP status, a partnership must generate at least 90 percent of its income from what the U.S. Internal Revenue Service deems “qualifying” sources. For many MLPs, these include all manner of activities related to the production, processing or transportation of oil, natural gas and coal. Some private equity management companies such as Blackstone Group (NYSE: BX) and Fortress Investment Group (NYSE: FIG) are structured as MLPs.

  12. 美国主要上市有限合伙基金及其在页岩气项目之投资 Major U.S. Master Limited Partnerships and their Shale Project Investments 上游投资基金 Upstream Investment Funds: 中游投资基金 Midstream Investment Funds: Breitburn Energy Legacy Reserves Linn Energy Mid-Con Energy Partners Vanguard Natural Resources EV Energy Partners LRR Energy Memorial Energy Partners Pioneer Southwest QR Energy 投资案例 Investment Case Studies 投资案例 Investment Case Studies 下游投资基金 Downstream Investment Funds: 投资案例 Investment Case Studies 上市有限合伙基金在能源企业之投资模式与策略 Investment Models and Strategies of Master Limited Partnerships in the Energy Industry

  13. 近期中国企业对美国页岩气项目之投资 Recent Chinese Investments in U.S. Shale Plays 业务/项目权益、股权/整体收购之投资 Equity/Working Interest and Joint Venture Investments Equity Interest Investment Models 2012 Cnooc-Nexen Acquisition (100% equity interest) 2012 Sinopec-Talisman (North Sea Business) Acquisition (49% equity interest) 2011 Cnooc-Opti Acquisition (100% equity interest, Privatization) 2011 Sinopec-Daylight Acquisition (100% equity interest) 2011 Sinopec-Galp (Brazilian Business) Acquisition (30% equity interest) 2010 ACEC-Crimson Acquisition (9.9%~13.4% equity interest) 2010 Sinopec-Repsol (Brazilian Business) Acquisition (40% equity interest) 2010 Cnooc-Bridas Acquisition (50% equity interest) 2010 Sinopec-Syncrude (9.03% equity interest) Working Interest and Joint Venture Investment Models 2012 PetroChina-Encana (49.9% working interest) 2012 Sinopec-Devon Joint Venture (33.3% working interest) 2012 Carrizo-Oil India/IOCL-Haimo Joint Venture (60%-30%-10% working interest) 2012 Shell-PetroChina-KoGas-Mitsubishi LNG Joint Venture (40%-20%-20%-20% working interest) 2012 PetroChina-Shell Canada Joint Venture (20% working interest) 2011 Cnooc-Chesapeake Joint Venture (33.3% working interest)

  14. 结论: 不断变化之美国能源产业投融资模式 Conclusions: The Ever-changing Investment and Financing Models in the U.S. Energy Industry Deal Structuring and M&A Financing Tender Offer v. Self Tender Talisman Model v. Chesapeake Model Crimson Model v. Carrizo Model Nexen Model v. Devon Model Regional Equity Interest v. Project Working Interest Publicly-Traded Corporation v. Privately-Held Company Global Group of Companies v. National Corporation

  15. 附录: 环球资源(有限合伙)基金 Appendix: The Global Resources Fund, L.P.

  16. 环球资源(有限合伙)基金 The Global Resources Fund, L.P. Memorandum No: ___ Issued to: ___________ CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM US$ 20,000,000 / CN¥ 120,000,000 of LIMITED PARTNERSHIP INTERESTS in THE GLOBAL RESOURCES FUND, L.P. An Investment Limited Partnership GLOBAL RESOURCES LIMITED Managing General Partner XXX Financial General Partner XXX Private Placement Agents This Memorandum is for informational purposes only and is being furnished to you on a confidential basis so that you may consider an investment in The Global Resources Fund, L.P. (the “Fund” or the “Partnership”) described herein. The information contained in this Memorandum may not be reproduced or used for any other purpose, and may not be provided to others without the prior written permission of Global Resources Limited, the Managing General Partner of the Fund. By accepting delivery of this Memorandum, a prospective investor agrees to the foregoing, and to return this Memorandum if such prospective investor does not purchase any interest in the Fund. During the course of this offering, a supplement hereto, or an amended Memorandum, may be prepared and furnished to you if appropriate. March 2013

  17. 附录: 环球资源(有限合伙)基金 Appendix: The Global Resources Fund, L.P. 投资方略 Investment Strategy and Philosophy 1. Limited Partnership of qualified institutions, corporations, banks and other accredited investors seeking long-term capital appreciation from investing in mining and energy companies that have valuable and proven mineral reserves, high growth rates, robust and scalable business models, market leading positions, and strong technical, exploration, production, and management teams with established track records. 2. The Global Resources Fund, L.P. will serve as the lead institutional equity provider in transactions ranging in size from $5 million to $10 million. The Fund will make control and non-control investments in portfolio companies to create a balanced, diversified portfolio of investments. These investments may include transactions related to mergers and acquisitions, recapitalizations, management buyouts, growth equity financings, off-balance sheet financings, pre-public offering financings, restructurings and other similar transactions. 3. The management team of The Global Resources Fund, L.P. will play an active role at board level in portfolio companies will leverage the Global Resources group of companies’ global reach, credibility, access to information and capital markets and excellent government relations to help portfolio companies sharpen their strategies, expand their markets, and maximize profit.

  18. 条款概要 Summary of Terms and Conditions 1 环球资源(有限合伙)基金: 条款概要 Global Resources Fund, L.P.: Summary of Terms and Conditions The Fund: The Offering: Funding of Capital Commitments by Limited Partners: Minimum for Closing: Investment Objective: Term of the Fund: The Fund is a limited partnership formed under the laws of the State/Country of _________. The Fund is offering up to $20 million of Limited Partnership Interests in the Fund to qualified institutions, corporations, banks and other accredited investors. Capital Commitments. Minimum Capital Commitments. The minimum Capital Commitment will be $_____ and thereafter may be made in increments of $_____. The Managing General Partner may, at its sole discretion, accept Capital Commitments for lesser amounts or increments. Drawdowns of Capital Commitments. Drawdowns of the Balance of Capital Commitments. Tenor of Funding. Capital Commitments for an aggregate of $15 million of Limited Partnership Interests must be received prior to Closing. The Fund’s investment objective is long-term capital appreciation. Until December 31, 2016, with provision for up to three one-year extensions at the discretion of the General Partners. The term may be further extended for up to four one-year periods or for a period which coincides with the termination of the Fund’s last investment, with the approval of the General Partners and 60% in interest of the Limited Partners.

  19. 条款概要 Summary of Terms and Conditions 2 环球资源(有限合伙)基金: 条款概要 Global Resources Fund, L.P.: Summary of Terms and Conditions The Business of the Fund: The Fund’s Investments: Structure of the Fund’s investments: Funding Arrangements: Internal Rate of Return: The primary business of the Fund will be: (1) to acquire direct equity interests in ________ and (2) to finance M&A deals in ________ . In both cases, the Fund’s objective will be to profit from increased asset values and cash flow derived from recapitalization, reorganization and operational expansion of _______. In general, the Fund will invest in three types of opportunities, anyone or more of which typically will be embodied in a single investment: ___ 2. ___3. ___ The Fund will structure its investments at the debt, equity and mezzanine levels. To ensure the availability of funds to enable the Partnership to make a prospective investment, on short notice the Fund may, subject to certain limitations, establish a funding arrangement backed by the Partners’ Undrawn Capital Commitments. The General Partners will seek to achieve an internal rate of return (“Target IRR”) on all of the Fund’s invested assets, taking into account capital gains upon disposition, determined on a pro forma ten-year basis, of at least 30%. This overall Target IRR will be for the aggregate of all of the Fund’s assets over the life of the Fund.

  20. 条款概要 Summary of Terms and Conditions 3 环球资源(有限合伙)基金: 条款概要 Global Resources Fund, L.P.: Summary of Terms and Conditions Size of the Fund’s Investments: Reinvestment of Capital: General Partners: The Fund generally will not invest in any single Company more than 20% of the Fund’s net Capital Contributions on a long-term basis. The Managing General Partner will generally target transactions where the total capital invested by the Fund, including both the initial strategic equity capitalization and subsequent expansion investment, is between $3 million and $10 million. Proceeds from dispositions of the Fund’s investments will not be reinvested except, at the discretion of the Managing General Partner, in existing Fund Companies requiring additional expansion capital and where the expected return on such investment achieves or exceeds the Target IRR. Managing General Partner. Global Resources Limited, a BVI company, is the Managing General Partner of the Fund. The Managing General Partner will have complete discretion in the management of the Fund and will be responsible, among others things, for the preparation of operating budgets and the allocation of Fund resources to enable the Fund to operate and transact business in the manner contemplated in this Memorandum. The Managing General Partner will draw from the Fund such funds as it deems necessary to perform its duties and to defray the costs of operating and transacting the business of the Fund.

  21. 条款概要 Summary of Terms and Conditions 4 环球资源(有限合伙)基金: 条款概要 Global Resources Fund, L.P.: Summary of Terms and Conditions General Partners: Financial General Partner. _________ is the Financial General Partner of the Fund. The Financial General Partner will assist the Managing General Partner in the management of the Fund, but will have no discretionary authority, except as expressly delegated in writing by the Managing General Partner or pursuant to the Partnership Agreement. The Financial General Partner will assist the Managing General Partner in evaluating prospective investments of the Fund, and will serve generally as the “tax-matters” partner of the Partnership. The Managing General Partner will regularly inform the Financial General Partner regarding the day-to-day affairs of the Partnership and consult with the Financial General Partner in connection with all of the Partnership's investment decisions. The Financial General Partner will be paid by the Fund $____ per year as compensation for the financial, administrative, custodial and tax reporting services that it will render the Fund. It will also be reimbursed for all expenses reasonably incurred in rendering those services. Capital Contributions by the General Partners: Both General Partners will make no Capital Contribution to the Fund. However, they will advance the costs and fees of organizing this Fund and forming the Partnership.

  22. 条款概要 Summary of Terms and Conditions 5 环球资源(有限合伙)基金: 条款概要 Global Resources Fund, L.P.: Summary of Terms and Conditions Distributions: Allocation of Profits and Losses: The Fund will make distributions to the Partners up to the amount of Cash Available for Distribution. Distributions; if any, will take place as soon as practicable after the end of each Fiscal Year, but in no event later than 60 days thereafter. Distributions generally will be made as follows: (1) 80% to the Limited Partners and 20% to the General Partners, pro rata, until each Limited Partner has received total distributions equal to such Limited Partner's actual paid-in Capital Contributions plus a cumulative non-compounded 25% annual return on such Capital Contributions; (2) 70% to the Limited Partners and 30% to the General Partners, pro rata, until each Limited Partner has received total distributions equal to such Limited Partner's actual paid-in Capital Contributions plus a cumulative non-compounded 30% annual return on such Capital Contributions; and (3) the balance, if any, 60% to the Limited Partners and 40% to the General Partners, pro rata. Net realized income and gain (“Profits”) from the operations of the Fund generally will be allocated annually to the Partners as follows: (1) initially, 80% to the Limited Partners and 20% to the General Partners, pro rata, until each Limited Partner has been allocated total Profits, reduced by all prior allocations of Losses, deduction and loss equal to a cumulative, non-compounded 25% annual return on such Limited Partner’s actual paid-in Capital Contributions;

  23. 条款概要 Summary of Terms and Conditions 6 环球资源(有限合伙)基金: 条款概要 Global Resources Fund, L.P.: Summary of Terms and Conditions Allocation of Profits and Losses: Operating Expenses and Budget: Incentive Fee: Project Advisers: (2) 70% to the Limited Partners and 30% to the General Partners, pro rata, until each Limited Partner has been allocated total Profits, reduced by all prior allocations of Losses, deduction and loss equal to a cumulative, non-compounded 30% annual return on such Limited Partner’s actual paid-in Capital Contributions; and (3) the balance, if any, 60% to the Limited Partners and 40% to the General Partners, pro rata. Losses generally will be allocated to the Partners inversely to their allocations of Profits. All costs of operating the Fund and transacting the business of the Fund will be borne by the Fund. Project Investment Advisers. _______ will serve as Project Investment Advisers to the General Partners in connection with due diligence on prospective investments, investment risk analysis and investment decision making under Project Investment Advisory Agreements. Project Financial Advisers. _______ will serve as Project Financial Adviser to the Fund. The Project Financial Adviser will offer prospective investments to the Fund, prepare requisite project financing plans and serve as placement agent in arranging project financing, on a best efforts basis, for the Fund’s investments.

  24. 条款概要 Summary of Terms and Conditions 7 环球资源(有限合伙)基金: 条款概要 Global Resources Fund, L.P.: Summary of Terms and Conditions Incentive Fee: Project Advisers: Project Advisory Fee: Organization Expenses: Placement Agent: Foreign Investment Insurance: Project Technical Advisers. __________ will, among others, advise the General Partners with respect to the technical and operating evaluation of prospective investments by the Fund, prepare technical and operating plans for prospective investments by the Fund and advise the General Partners on technical issues affecting operations of Fund Companies. Each Project Adviser will be paid an advisory fee on a fee-for-services basis, in accordance with its customary billing practice. Costs and fees of organizing this Fund, forming the Partnership, negotiating agreements with the Project Advisers and conducting this offering, including, but not limited to, legal fees, accounting fees and placement fees, will be paid from the proceeds of this offering. Funds for the foregoing purposes advanced by the Managing General Partner shall be reimbursed at Closing. ________ is the exclusive Placement Agent for the Fund. It will be paid a placement fee in connection with the sale of Limited Partnership Interests equal to __% of aggregate Capital Contributions to the Fund. The placement fee shall be payable solely out of Capital Contributions as and when received. The Fund will apply on a case-by-case basis as appropriate to governmental or private insurance agencies for political risk insurance for the Fund’s overseas investments.

  25. 条款概要 Summary of Terms and Conditions 8 环球资源(有限合伙)基金: 条款概要 Global Resources Fund, L.P.: Summary of Terms and Conditions Risk Factors and Special Considerations: Partnership Meetings: Reports to Partners: Bankers: Auditors: Legal Counsel: Investments in mining and energy companies involve certain risks and considerations not typically associated with investments in ordinary companies. The Fund will hold annual meetings offering Limited Partners the opportunity to review and discuss the Fund’s investment activities. The Fund will furnish annually to its Partners an audited balance sheet and statement of income and changes in such Partnership’s capital, a statement of allocations and a statement of determination of the value of the Partnership’s investments and the net asset value of the Partnership, and a summary of the Partnership’s investments. On a quarterly basis, each Partner will be furnished with un-audited financial statements of the Partnership. ___ ___ ___

  26. 谢 谢！ THANK YOU! Shale Tech China 2013 2013页岩气技术国际大会

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