American Oil and Gas Reporter - January 2023 - 47
FIGURE 1
Quarter End 30-Day Average Secured Overnight Financing Rate
4.5%
3.0%
SOFR jumped over 60% during 4Q22, adding another 159 basis
points to previously elevated levels witnessed in 3Q22.
The increasing cost of capital applied downward pressure
on market valuations, widening the bid/ask between counterparties.
1.5%
0.0%
2Q21
3Q21
4Q21
1Q22
Quarter End 30-Day Avg. SOFR
Quarter End 30-Day Average SOFR + 300 TO 425 BPS
10.0%
6.0%
8.0%
4.0%
2.0%
0.0%
2Q21
3Q21
Quarter End 30-Day Avg. SOFR
4Q21
1Q21
SOFR Spread - Low Tier
that doesn't mean there are no reasons for optimism within the
oil and gas industry. A&D activity throughout 2022 was
challenged as the industry experienced capital constraints in
debt financing. However, many banks have reset budgets for
loan growth in oil and gas going into the new year. Also, some
new participants have entered the space, providing credit
products to help fill the void left by the wave of financial
institutions that have been leaving the sector since 2020. This is
a positive signal for greater access to capital moving forward,
2Q22
3Q22
SOFR Spread - Top Tier
which should help get many 2022 asset offerings across the
finish line and bolster continued A&D activity.
Investors in the oil and gas sector and beyond are asking
what they can do. Here are a few considerations: Often,
opportunity can be found in the midst of challenged markets.
Stay defensive but be open to new opportunities. Work with an
adviser to maintain an objective view as you navigate the
volatile environment. Finally, remember that bear markets eventually
end in bull markets.
❒
4Q22
2Q22
3Q22
4Q22
JASON
REIMBOLD
Jason Reimbold is director of energy investment banking for BOK Financial Securities,
where he is responsible for leading the energy investment banking group while originating and
executing client mandates including acquisitions, divestments, raising capital and facilitating
joint ventures. He has worked in energy finance since 2005 and currently offices in Dallas. He
earned a BSBA in finance from the University of Tulsa and served in the U.S. Army and U.S.
Army Cavalry.
JANUARY 2023 47
American Oil and Gas Reporter - January 2023
Table of Contents for the Digital Edition of American Oil and Gas Reporter - January 2023
Contents
American Oil and Gas Reporter - January 2023 - Intro
American Oil and Gas Reporter - January 2023 - Cover1
American Oil and Gas Reporter - January 2023 - Cover2
American Oil and Gas Reporter - January 2023 - 3
American Oil and Gas Reporter - January 2023 - 4
American Oil and Gas Reporter - January 2023 - Contents
American Oil and Gas Reporter - January 2023 - 6
American Oil and Gas Reporter - January 2023 - 7
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American Oil and Gas Reporter - January 2023 - Cover3
American Oil and Gas Reporter - January 2023 - Cover4
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