油田服务价格开始看涨

中国石化新闻网讯 据离岸工程6月24日消息称，油田服务公司正处于看涨模式。在经历了数年的低迷之后，他们现在能够提高产品和服务的价格。

雷斯塔能源油田服务研究主管Audun Martinsen表示：“石油和天然气投资正在上升，服务公司的定价能力也在上升。在2015年和2016年失去定价权后，油田服务公司重新夺回了部分权利，这首先要感谢过去几年集中市场的参与者之间的行业整合。”

Martinsen补充道：“服务业的定价权可能会进一步加强，因为预计整个供应链的订单都将增加，再加上2019年和2020年为避免供应过剩而进行的产能调整。”

2015年，随着油价暴跌，石油和天然气公司全面削减了投资。但是，规模较大且经济实力较强的勘探和生产（E＆P）公司能够逆潮流而动，并在机遇出现时进行反周期投资，而规模较小的公司则只能做好准备，等待风暴过去。结果，服务公司的客户群缩小了。

Martinsen评论道：“这一趋势在2016年仍在继续，但在2017年和2018年，更多的勘探开发公司可能最终会通过改善运营现金流，为其雄心勃勃的业务增长提供资金，使2018年的市场集中度水平与2014年持平。”

分析显示，斯伦贝谢、哈里伯顿、必和必拓和Technipfmc这四大服务公司以及接下来的10家最大的服务公司都在2015年第四季度之前发展壮大，从那时起，它们的市场份额开始被规模较小的公司抢走。

Martinsen表示：“尽管油田服务市场在买方变得更加分散的同时变得更加集中，但影响定价权的还有其他因素。一些行业尽管更加集中，但仍面临供应过剩的严重挑战，迫使企业在价格上涨前调整产能。”

曹海斌 摘译自 离岸工程

原文如下：

Oilfield Services Pricing Rises

Oilfield services companies are in bullish mode. They are now able to raise prices for their products and services, after several years of gloom.

“Oil and gas investments are on the rise, and so too is the pricing power of service companies. After losing pricing power in 2015 and 2016, oilfield service companies have since regained some of the lost ground, thanks first and foremost to industry consolidation among players that has concentrated the market over the past couple of years,” said Audun Martinsen, head of oilfield service research at Rystad Energy.

“Pricing power is likely to be further strengthened within the service industry, as orders are anticipated to rise across the supply chain, coupled with capacity adjustments intend to avoid oversupply in 2019 and 2020,” Martinsen added.

Across the board, oil and gas companies cut back on investments in 2015 as oil prices plummeted. But the larger and financially stronger exploration and production (E&P) companies were able to buck the trend and make counter-cyclical investments when opportunities arose, whereas smaller players simply had to batten down the hatches and wait for storm to pass. As a result, service companies’ client universe shrank.

“This trend continued in 2016, but in 2017 and 2018 more E&Ps could finally finance their ambitious operations growth through improved operational cash flow, leaving market concentration levels in 2018 on par with those seen back in 2014,” Martinsen remarked.

Analysis shows that both the Big Four companies – Schlumberger, Halliburton, BHGE, and TechnipFMC – and the next 10 largest service companies out-grew the other service companies until the fourth quarter of 2015, at which point they began to lose market share to smaller players.

“Even though the oilfield service market has become more concentrated at the same time as the buyer side has become more fragmented, there are also other factors which impact pricing power. Some segments, despite being more concentrated, are still heavily challenged by oversupply, forcing companies to adjust their capacity before prices improves,” Martinsen said.