MI Rewind: Investing in the Oil and Gas Industry w/ Grant Norwood
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在《千禧年投资》的一期重播节目中，主持人罗伯特·伦纳德与诺伍德能源公司总裁格兰特·诺伍德就常常被忽视却潜力巨大的油气投资领域进行了交流。诺伍德的家族在西德克萨斯州拥有一座牧场，通过与那些对租赁其土地感兴趣的“油气界人士”建立联系，他很早就接触到了这个行业。这些导师帮助他了解并驾驭这个行业，使他年纪轻轻就取得了巨大成功。
诺伍德解释说，油气行业之所以仍然利润丰厚，是因为91%的交通运输由石油产品提供动力，另外5%来自生物燃料，而生物燃料的生产也依赖石油。即使是电动交通，也有40%的电力来自天然气，这凸显了该行业持续的重要性。然而，由于行业中存在大量“推销员”，他们对项目收取过高的加价（通常对75%的权益收取200%的加价），因此普通投资者往往难以进入该领域。相比之下，诺伍德能源公司将加价幅度控制在最高12%。
对于那些希望投资埃克森美孚等上市股票之外领域的个人投资者，诺伍德提供了一种直接参与模式。投资者将资金直接投入特定的油井项目，拥有实际油井的权益。如果投资者拥有5%的权益，他们就获得5%的利润。这种结构为每个项目（每个项目可包含一口或多口油井）成立一家有限责任公司（LLC），其中诺伍德能源公司作为普通合伙人（GP），负责日常运营，而投资者则作为有限合伙人（LP），无需日常管理即可从收益和税务优势中获益。伦纳德将其与房地产辛迪加（real estate syndications）相提并论，在后者模式中，有限合伙人被动投资以获得“邮寄支票收入”（即“躺赚”）。
诺伍德强调了巨大的回报潜力，他提到一口油井在短短三个多月内实现了100%的回报，另一口油井在第一个月就实现了超过15%的回报。他将这与房地产项目进行了对比，在房地产项目中，10-17%的年回报率已被视为丰厚收益，而油气项目往往能每月实现这样的回报。他认为，这种策略未能被更广泛采用的主要原因，是该行业因不良行为者和高额加价而声名狼藉。诺伍德能源公司的成功，即使在油价低迷时期（录音时为每桶36.30美元），也源于他们能够在每桶12美元时盈利，并在每桶18美元时实现100%的回报，这一壮举是大多数公司在油价每桶70-80美元时也难以企及的。
诺伍德能源公司盈利能力的关键因素之一是其战略性的选址。与那些涌向西德克萨斯州、俄克拉荷马州或北达科他州等高成本、高特许权使用费地区的大型企业不同，诺伍德在竞争较小的地区运营。这使他们能够协商到显著更低的特许权使用费（15%，而热门地区为25-30%），并面临更低的运营成本，包括废水处理和服务工作。当其他公司在水平井上花费800万至1500万美元时，诺伍德的方法以约十分之一的成本开发类似的油层，产生可比的产量，但利润率远高于同行。他们为低油价环境做准备，这与许多大型公司不同，后者在繁荣时期举债扩张，结果在油价下跌时面临破产。
投资这些直接参与项目通常要求投资者是合格投资者（accredited investor），这意味着拥有超过100万美元的流动净资产，或连续三年年收入达到20万美元。然而，诺伍德提到最低投资额为1万至2万美元，这使得合格投资者可以进行多元化投资。
谈到日益增长的绿色倡议和向可再生能源过渡的风险，诺伍德认为这并非迫在眉睫的威胁。他指出交通运输和电力生产对化石燃料的持续依赖（40%的电力仍来自天然气）。他还提到了加州的轮流停电事件，这表明在没有化石燃料备用支持的情况下，仅依靠绿色倡议的电网难以维持运行，暗示可再生能源要成为唯一的能源来源还有很长的路要走。从历史上看，核能曾被视为对油气行业的终极威胁，但它也面临自身挑战，这与当前的争论如出一辙。
诺伍德还澄清了2020年4月出现的“负油价”现象，解释说这主要是由于期货合约到期导致的技术问题。交易者无法进行实物交割或找到买家，被迫支付他人将原油运走。这只是一个短暂的市场异常现象，并非石油内在价值的体现。
对于有兴趣了解更多的人，诺伍德推荐了《油气投资者》（Oil and Gas Investor）和《油气杂志》（Oil and Gas Journal）等行业刊物，以及《后院石油》（Backyard Oil，供娱乐）和《繁荣小镇人》（Boomtowners，供技术性了解）等电视节目。他还邀请听众访问norwoodenergycorp.com获取直接信息。
In a re-shared episode of "Millennial Investing," host Robert Leonard chats with Grant Norwood, President of Norwood Energy Corporation, about the often-overlooked yet potentially lucrative world of oil and gas investing. Norwood, whose family had a ranch in West Texas, gained early exposure to the industry through connections made with "oil people" interested in leasing their land. These mentors helped him navigate the sector, allowing him to achieve significant success at a young age.
Norwood explains that the oil and gas industry remains highly lucrative because petroleum products power 91% of transportation, with an additional 5% from biofuels that also rely on petroleum for their creation. Even electric transportation is 40% powered by natural gas, highlighting the industry's continued relevance. However, it's often inaccessible to everyday investors due to a prevalence of "promoters" who charge exorbitant markups (often 200% for 75% interest) on projects. Norwood Energy, in contrast, maintains a maximum 12% markup.
For individual investors looking beyond publicly traded equities like ExxonMobil, Norwood offers a direct participation model. Investors put money directly into specific well projects, owning an interest in the actual wells. If an investor owns 5% interest, they receive 5% of the profit. This structure creates an LLC for each project (which can contain one to multiple wells), where Norwood Energy acts as the general partner (GP), overseeing daily operations, and investors act as limited partners (LPs), benefiting from revenue and tax advantages without day-to-day involvement. Leonard draws a parallel to real estate syndications, where LPs invest passively for "mailbox money."
Norwood highlights the significant return potential, citing a well that returned 100% in just over three months, and another returning over 15% in its first month. He contrasts this with real estate projects, where annual returns of 10-17% are considered strong wins, suggesting that oil and gas can often achieve such returns monthly. The main reason this strategy isn't more widely adopted, he argues, is the industry's reputation for bad actors and high markups. Norwood Energy's success, even when oil prices are low (like $36.30 a barrel at the time of recording), stems from their ability to profit at $12 a barrel and achieve a 100% return at $18 a barrel, a feat most companies struggle to match at $70-80.
A key factor in Norwood Energy's profitability is its strategic location choices. Unlike major players that flock to high-cost, high-royalty areas like West Texas, Oklahoma, or North Dakota, Norwood operates in less competitive regions. This allows them to negotiate significantly lower royalties (15% versus 25-30% in hotspots) and face lower operational costs, including water disposal and service work. While others spend $8-15 million on horizontal wells, Norwood's approach targets similar formations for about 10 cents on the dollar, yielding comparable production rates but with far superior margins. They plan for low-price environments, unlike many larger companies that incurred debt and expanded during boom times, only to face bankruptcy when prices dropped.
Investing in these direct participation projects typically requires investors to be accredited, meaning a liquid net worth over $1 million or an annual income of $200,000 for three consecutive years. However, Norwood mentions a minimum investment of $10,000-$20,000, making it accessible for accredited individuals to diversify.
Addressing the risk of increasing green initiatives and the transition to renewable energy, Norwood dismisses it as an immediate threat. He points to the continued reliance on fossil fuels for transportation and electricity generation (40% of electric power still comes from natural gas). He also references California's rolling blackouts, suggesting that the grid struggled under green-only initiatives without fossil fuel backup, indicating a long way to go for renewables to be a sole energy source. Historically, nuclear power was once seen as the ultimate threat to oil and gas but faced its own challenges, mirroring current debates.
Norwood also clarifies the phenomenon of "negative oil prices" seen in April 2020, explaining it as a technical issue with futures contracts expiring. Traders, unable to take physical delivery or find buyers, were forced to pay others to take the oil off their hands. This was a brief market anomaly, not a reflection of oil's intrinsic value.
For those interested in learning more, Norwood recommends industry publications like "Oil and Gas Investor" and "Oil and Gas Journal," as well as TV shows like "Backyard Oil" (for entertainment) and "Boomtowners" (for a more technical look). He also invites listeners to visit norwoodenergycorp.com for direct information.
摘要
Robert Leonard chats with Grant Norwood about the oil and gas industry, and why investors should consider this potentially lucrative space. Grant is the president of Norwood Energy Corporation, a Texas-based oil and gas exploration company.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
02:18 - The current state of the oil and gas industry.
04:16 - Why you should consider investing in oil and gas companies.
10:12 - What is the difference between passive investing and buying stock in this industry?
17:45 - Which types of investors should consider this strategy?
22:04 - About current oil prices.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
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