石油圈中國石化新聞網訊 據鉆機地帶網2019年2月25日報道，如何償還債務和支付股息?挪威著名能源研究和商業情報公司雷斯塔能源公司（雷斯塔能源/Rystad Energy）日前公布的統計數據顯示，這一問題困擾著美國一半以上的大型頁巖勘探和生產(E&P)公司。 雷斯塔能源最近對美國33家最大的頁巖運營商進行了分析，發現許多E&P公司在2018年下半年降低了他們的杠桿率。此外，這家總部位于奧斯陸的獨立能源研究和咨詢公司預計，美國許多E&P公司幾乎沒有足夠的自由現金流來支付今年應該償還的債務。 然后是支付投資者的問題。 雷斯塔能源高級分析師Alisa Lukash在發給鉆井地帶網的一份書面聲明中表示：“頁巖E&P公司很難同時取悅股票投資者和降低杠桿率。盡管去年出現了顯著的去杠桿化，但預計今年的自由現金流僅能支付運營商的債務，由于未來的股息支付仍存在疑問，這使得E&P公司的處境如履薄冰?！?雷斯塔能源觀察到，自金融危機以來，利率一直徘徊在接近于零的水平，這促使頁巖企業不斷轉向債券市場，為其增加融資。挪威這家咨詢公司對這些公司債務到期情況的分析顯示，這些公司的債務和利息支付中，有超過一半(準確地說，是52%)將在未來7年內到期。因此，雷斯塔能源預計派息將減少近40億美元，將從最初預計的63億美元減少到大約23億美元的水平。 Lukash稱：“預期派息與可能派息之間的明顯差距，證實該行業無法在去杠桿化的同時，向投資者提供持續的回報?！?李峻 編譯自 鉆機地帶 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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