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美国半数以上大型页岩油气公司陷入财务困境

2019-3-2 05:18| 发布者: redchina| 查看: 72330| 评论: 0|原作者: 挪威能源研究和商业情报公司发布报告

摘要: 挪威著名能源研究和商业情报公司最近对美国33家最大的页岩公司进行了分析,发现许多勘探和生产公司在2018年下半年降低了他们的股息率。此外,美国许多勘探和生产公司几乎没有足够的自由现金流来支付今年到期应该偿还的债务。
据Rigzone网2月25日报道,如何偿还债务和支付股息?挪威著名能源研究和商业情报公司雷斯塔能源公司(Rystad Energy)日前公布的统计数据显示,这一问题困扰着美国一半以上的大型页岩勘探和生产公司。  
 
Rystad Energy最近对美国33家最大的页岩公司进行了分析,发现许多勘探和生产公司在2018年下半年降低了他们的股息率。此外,这家总部位于奥斯陆的独立能源研究和咨询公司预计,美国许多勘探和生产公司几乎没有足够的自由现金流来支付今年到期应该偿还的债务。  
 
然后是支付投资者股息的问题。  
 
Rystad Energy高级分析师Alisa Lukash在发给Rigzone网的一份书面声明中表示:“页岩勘探和生产公司很难同时做到既取悦股票投资者又降低股息率。尽管去年显著的降低了股息率,但预计今年的自由现金流仅能支付页岩油气作业公司的债务,由于未来的股息支付仍存在疑问,这使得勘探开发公司的处境如履薄冰。”  
 
Rystad Energy观察到,自金融危机以来,利率一直徘徊在接近于零的水平,这使得页岩公司不断转向债券市场,用来增加融资。挪威这家咨询公司对这些公司债务到期情况的分析显示,这些公司的债务和利息支付中,有超过一半(准确地说是52%)将在未来7年内到期。因此,Rystad Energy预计派息将减少近40亿美元,将从最初预计的63亿美元减少到大约23亿美元的水平。  
 
“预期派息与可能最终派息之间的明显差距,证实该行业无法在降低股息率的同时,还能给投资者提供持续的回报。”Lukash说。 

原文如下:  

Many Shale Operators in Quandary How to service debt and pay out dividends? That is a question vexing more than one-half of large U.S. publicly held shale exploration and production (E&P) firms, according to Rystad Energy. In a recent study analyzing the 33 largest shale operators in the United States, Rystad found that many of the E&Ps spent the second half of 2018 reducing their leverage ratios. Moreover, the Norway-based independent energy research and consulting firm predicts that many of the companies will barely have enough free cash flow to cover this year’s debt service payments. Then there’s the matter of paying investors. “Shale E&Ps struggle to please equity investors and reduce leverage ratios simultaneously,” Alisa Lukash, Rystad senior analyst, said in a written statement emailed to Rigzone. “Despite a significant deleverage last year, estimated 2019 free cash flow barely covers operator obligations, putting E&Ps on thin ice as future dividend payments remain in question.” Rystad observed that interest rates hovering near zero percent since the financial crisis have motivated shale players to repeatedly turn to debt markets to finance their growth. The consultancy’s analysis of the E&P companies’ debt maturity profiles shows that more than one-half – 52 percent, to be exact – of the firms’ debt and interest payments are due within the next seven years. As a result, Rystad predicts that dividend payments will fall by nearly $4 billion – with initial projections of $6.3 billion shrinking to a probable level of approximately $2.3 billion. “The obvious gap in expected versus likely dividend payments confirms the industry’s inability to deliver sustained investors’ payback while simultaneously deleveraging,” said Lukash.  

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