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Enverus:美国油气并购活动正准备卷土重来

作者: 大众排行网 发布时间: 2020年01月07日 14:07:54

原标题:Enverus:美国油气并购活动正准备卷土重来

中国石化新闻网讯 据美国钻井网站2020年1月2日休斯顿报道,当我们看一看2019年美国油气并购活动时,它可能看起来非常积极,也可能相当具有挑战性,这取决于视角。

美国能源界著名石油和天然气数据分析公司Enverus公布的统计数据显示,美国2019年的油气并购交易总额为960亿美元,但美国西方石油公司(Oxy)以570亿美元收购阿纳达科石油公司的交易令这一数字出现了偏差。西方石油-阿纳达科交易是史上第4大石油和天然气并购交易,它搅乱了2019年——美国并购活动实际上相当低迷的一年。

撇开西方石油-阿纳达科并购案不谈,美国2019年的油气并购交易规模仅为390亿美元,仅为过去10年美国油气行业年度并购交易平均规模的一半。在过去的10年里,美国的非常规能源占主导地位,页岩资产占了73%。但在2019年,可用资本是一个问题。

过去10年为页岩革命提供了资金的投资者,如今已开始大声疾呼,要求提高派息,并削减了提供新资本的开支。Enverus高级油气并购交易分析师安德鲁•迪特马尔表示:“这影响了有限的油气并购活动,并在去年大部分时间里对油气并购交易产生了负面反应。不过,我们看到去年12月油气并购交易的步伐加快,投资者对收购的反应也更为积极。这对2020年的并购活动应该是个好兆头。”

美国去年大部分大交易都集中在二叠纪盆地。Enverus公布了去年的5大并购交易:

•西方石油公司斥资570亿美元收购阿纳达科石油公司(Anadarko)(4月24日)

•Hilcorp斥资56亿美元收购英国石油公司在阿拉斯加州的业务/权益(8月27日)

•Callon石油公司对卡里佐油气公司的全股票收购(7月15日)

•WPX能源公司以25亿美元收购Felix 能源公司(12月16日)

•帕斯利能源公司以22.7亿美元收购Jagged Peak 能源公司(10月14日)

Enverus指出,WPX能源公司的交易是美国去第4季度规模最大的一笔交易,这意味着私人股本投资组合公司的“为出售而建”模式仍有出路。

在去年下半年,规模较小的勘探开发公司在资本市场紧缩、融资渠道狭窄的情况下,更愿意接受较低的收购价值

Enverus市场研究主管John Spears表示:“一家公司面临的挑战可能意味着另一家公司的机遇,我们在私人资本方面看到了这一点。在页岩勘探和高增长时期,私人股本为企业提供资金用于钻探和翻转探区。如今,私人股本为那些需要发展、但没有财力通过合资、购买压倒一切的特许权使用费和其它安排来融资的公司提供了一个次要的资金来源。”

由于投资者对一家公司实现自由现金流的能力越来越有信心,考虑到该公司拥有高资产质量和合理的价格,他们对收购变得更加开放。

页岩领域的整合可能涉及跨国公司在中小规模参与者中的收购或合并。迪特马尔说:“在过去10年里,我们看到了美国页岩颠覆了全球能源市场,使美国成为了能源净出口国。我们现在正处于一个转折点,页岩在这个转折点上正从一个增长型行业走向一个为投资者带来股息和股票回购的行业。完成这一转变并为未来10年做好准备,可能需要一轮整合,而2020年将为这一转变做好准备。”

李峻 编译自 美国钻井网站

原文如下:

US M&A Primed for a Comeback

When looking at U.S. M&A activity for 2019, it could seem really positive or rather challenging, depending on the lens.

The U.S. racked up $96 billion in deals for 2019, but that total was skewed by Occidental’s $57 billion acquisition of Anadarko, according to oil and gas data analytics company Enverus. The Oxy-Anadarko deal, the fourth-largest oil and gas deal in history, muddled what was actually a rather lackluster year for M&A activity.

Oxy-Anadarko deal aside, the U.S. saw just $39 billion in deals in 2019 – half of the average for annual U.S. oil and gas M&A during the last 10 years. Throughout the decade, U.S. unconventional assets dominated deals with shale assets pulling in 73 percent of the total during that time period. But available capital was an issue in 2019.

“Investors who funded the shale revolution over the last decade have become vocal in advocating for payouts and cut back on providing new capital. That flowed through to limited M&A and a negative reaction to deals for much of the year,” said Enverus senior M&A analyst Andrew Dittmar. “However, we saw an uptick in December in the pace of deals and more positive investor reactions to acquisitions. That should bode well for M&A in 2020.”

Most of the big deals in 2019 focused on the Permian. Enverus reported the year’s top five deals as:

•Occidental’s $57 billion acquisition of Anadarko (Apr. 24)

•Hilcorp’s $5.6 billion acquisition of BP’s Alaska operations/interests (Aug. 27)

•Callon Petroleum’s all-stock takeover of Carrizo Oil & Gas (July 15)

•WPX Energy’s $2.5 billion acquisition of Felix Energy (Dec. 16)

•Parsley Energy’s $2.27 billion acquisition of Jagged Peak Energy (Oct. 14)

Enverus noted that WPX’s deal was the largest of 4Q 2019 and signified that there are still exits available for the “built to sell” model of private equity portfolio companies.

In 2H of 2019, smaller E&Ps were more willing to accept lower buyout values amid tight capital markets and narrow financing options.

“Challenges for one company can mean opportunity for someone else and we’re seeing that on the private capital side,” said Enverus market research director John Spears. “During the exploratory and high growth years of shale, private equity was funding companies to drill and flip acreage. Today, private equity is providing a secondary source of capital to companies that need to grow but don't have the financial means via joint ventures, purchasing overriding royalties and other arrangements.”

As investor confidence grows in a company’s ability to deliver on free cash flow, they become more open to acquisitions, given there is high asset quality and reasonable prices.

Consolidation in the shale patch can involve acquisitions by multinationals or mergers among small- to mid-size players.

“In the last 10 years, we watched U.S. shale upend global energy markets and transform the U.S. into a net energy exporter,” said Dittmar. “We’re now at an inflection point where shale matures from a growth industry to one that generates dividends and share buybacks for its investors. Completing that transition and setting the stage for the next 10 years will likely require a round of consolidation and 2020 sets up the needed pieces for this to occur.”