據油價網11月21日消息稱，過去兩次能源危機曾使美國數百家能源公司面臨破產的威脅，改寫了油氣行業的并購劇本。此前，石油和天然氣公司在價格暴跌后進行了大量激進的戰術或周期性收購，因為許多不良資產都是廉價可得的。然而，2020年油價暴跌導致油價跌至負值，能源公司在削減并購交易時采取了更克制、更有戰略、更注重環境的方法。路透社(Reuters)援引能源情報公司Enverus發布的數據顯示，今年第二季度，美國油氣交易規模同比下降65%至120億美元，遠低于去年同期的348億美元，原因是大宗商品價格的劇烈波動導致買賣雙方在資產價值評估上發生沖突。

但美國石油業的并購活動現在開始緩慢復蘇，Enverus指出，第三季并購活動加速至160億美元，為今年以來最多。

Enverus在季度報告中指出，第三季度是油氣行業今年以來最活躍的一個季度。不過，今年前9個月的交易總額僅為360億美元，遠低于去年同期的560億美元。

“企業正利用大宗商品價格高企產生的現金流來償還債務和回報股東，而不是尋求收購。投資者似乎仍對上市公司并購持懷疑態度，并要求管理層在交易選擇上保持高標準。投資者希望收購的價格在自由現金流收益率等關鍵回報指標上優于買家的股票，從而立即提振股息和股票回購。”Enverus董事Andrew Dittmar對路透表示。

曹海斌 摘譯自 油價網

原文如下：

M&A Boom May Not Lead To Drilling Spree In U.S Shale

The last two energy crises that threatened hundreds of energy companies with bankruptcy have rewritten the oil and gas M&A playbook. Previously, oil and gas companies made numerous aggressive tactical or cyclical acquisitions in the wake of a price crash after many distressed assets became available on the cheap. However, the 2020 oil price crash that sent oil prices into negative territory has seen energy companies adopt a more restrained, strategic, and environment-focused approach to cutting M&A deals.  According to data released by energy intelligence firm Enverus, cited by Reuters, U.S. oil and gas dealmaking contracted 65% Y/Y to $12 billion during the second quarter, a far cry from $34.8 billion in last year’s corresponding period, as high commodity price volatility left buyers and sellers clashing over asset values.

But dealmaking in the U.S. oil patch is now slowly starting to recover, with Enverus noting that mergers and acquisitions picked up pace to $16 billion in the third quarter, the most this year.

In its quarterly report, Enverus notes that the 3rd quarter was the most active quarter in oil and gas so far this year. Still, deal value in the first nine months only totaled $36 billion, significantly less than the $56 billion recorded in the same period last year.

“Companies are using the cash generated by high commodity prices to pay down debt and reward shareholders rather than seeking out acquisitions. Investors still seem skeptical of public company M&A and are holding management to high standards on deals. Investors want acquisitions priced favorably relative to a buyer’s stock on key return metrics like free cash flow yield to give an immediate uplift to dividends and share buybacks,” Andrew Dittmar, director of Enverus, told Reuters.