据油价网11月21日消息称，过去两次能源危机曾使美国数百家能源公司面临破产的威胁，改写了油气行业的并购剧本。此前，石油和天然气公司在价格暴跌后进行了大量激进的战术或周期性收购，因为许多不良资产都是廉价可得的。然而，2020年油价暴跌导致油价跌至负值，能源公司在削减并购交易时采取了更克制、更有战略、更注重环境的方法。路透社(Reuters)援引能源情报公司Enverus发布的数据显示，今年第二季度，美国油气交易规模同比下降65%至120亿美元，远低于去年同期的348亿美元，原因是大宗商品价格的剧烈波动导致买卖双方在资产价值评估上发生冲突。

但美国石油业的并购活动现在开始缓慢复苏，Enverus指出，第三季并购活动加速至160亿美元，为今年以来最多。

Enverus在季度报告中指出，第三季度是油气行业今年以来最活跃的一个季度。不过，今年前9个月的交易总额仅为360亿美元，远低于去年同期的560亿美元。

“企业正利用大宗商品价格高企产生的现金流来偿还债务和回报股东，而不是寻求收购。投资者似乎仍对上市公司并购持怀疑态度，并要求管理层在交易选择上保持高标准。投资者希望收购的价格在自由现金流收益率等关键回报指标上优于买家的股票，从而立即提振股息和股票回购。”Enverus董事Andrew Dittmar对路透表示。

曹海斌 摘译自 油价网

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.