美國油氣企業售股融資急劇放緩

Share sales by US oil and gas companies have slowed sharply in recent months, in a sign of the tightening financial pressures on the industry following the fall in crude prices, writes Ed Crooks.

美國石油天然氣公司的股票發行最近幾個月急劇放緩，說明在原油價格下跌之後，石油天然氣行業資金壓力日益加劇。

US exploration and production companies raised a record total of $10.8bn from issuing new equity in the first quarter of 2015, according to Dealogic, but that has fallen to $3.7bn in the second quarter, which ends tomorrow.

Dealogic的數據顯示，2015年第一季度，美國油氣勘探和生產企業通過發行新股籌集的資金總額達到創紀錄的108億美元，但在將於明日結束的第二季度，該數據降至37億美元。

The reduced availability of equity finance for the small and midsized companies that led the US shale revolution is forcing more of them to look at selling assets to remain solvent. Corporate bankruptcies and takeovers in the industry are also expected to increase.

引領美國頁岩氣革命的中小油氣企業發股融資的難度上升，迫使它們更多地考慮出售資產來保持償付能力。預計石油天然氣行業的破產和併購案例也會增加。

In the first few months of 2015 there was a rush by US oil and gas companies to sell shares to strengthen their balance sheets, with the proceeds used to pay down debt and help finance their drilling programmes.

在2015年最初幾個月，美國石油天然氣公司競相發行股份以充實它們的資產負債表，售股所得用來償還債務以及爲鑽探項目提供部分資金。

Whiting Petroleum and Noble Energy ach raised about $1bn, and were among the 38 companies in the industry that have sold shares this year.

今年，油氣行業有38家公司售出了股份，Whiting Petroleum和諾貝爾能源公司(Noble Energy)就是其中的兩家，它們各自籌得了約10億美元的資金。

However, Deborah Byers, a partner at accounting and consulting group Ernst & Young, suggested companies that had already issued equity were unlikely to be able to do so again, because of concerns from existing investors about dilution. “It may be a one-shot deal,” she said.

然而，會計和諮詢公司安永(Ernst & Young)的合夥人德博拉•拜爾斯(Deborah Byers)認爲，已發行過股份的公司八成沒能力再次發股，因爲現有股東擔心自己的股權被稀釋。她說：“這可能是一錘子買賣。”

Credit markets have remained open to exploration and production companies, with borrowing through loans and bonds hitting $31.4bn in the second quarter, up from $28.4bn in the first quarter, according to Dealogic.

Dealogic的數據顯示，信貸市場依然對油氣勘探和生產企業敞開大門。今年第二季度，這些企業通過貸款和發債借款314億美元，高於第一季度的284億美元。