雷斯塔能源：美国页岩运营商实现正现金流

中国石化新闻网讯 据海事新闻8月22日消息称，根据雷斯塔能源的数据显示，2019年第二季度是美国页岩运营商在计入资本支出后实现正现金流的第一个有记录的3个月，这是一个显著的转机。

雷斯塔能源研究了40家美国页岩公司的财务业绩，重点关注经营活动的现金流（CFO）。这是可用于扩大业务(通过资本支出或资本支出)、减少债务或回报股东的现金。

在2019年第二季度，同行中35％的运营商将其支出与运营现金流进行了平衡，报告称CFO和资本支出累计盈余1.1亿美元。

雷斯塔能源高级分析师Alisa Lukash说：“这是一个行业的第一。从2019年第一季度到第二季度，WTI油价平均上涨5美元，再加上运营商努力将支出控制在初始预算范围内，导致经调整后的CFO总资本支出略有盈余。”

Lukash还指出许多运营商在第二季度实现了正收益，并且阿纳达科石油公司与雪佛龙合并终止费相关的10亿美元交易成本显着降低了累计利润。

页岩气行业一直承受着巨大的压力，需要平衡资本支出和运营现金流，同时保持强劲的生产增长，并在股票回购和股息计划上产生额外的现金。

美国排名前40位的页岩油生产商—占美国页岩油总产量的近一半—截至2019年第二季度钻井和完井资本支出季度增长3％，同期完工井数量增长7%。水平完井活动在第二季度也有所回升。

Lukash表示：“由于强有力的水力压裂技术已经在下半年得到证实，我们预计强劲的完工活动将持续到第三季度，然后在2019年第四季度放缓。”

曹海斌 摘译自 海事新闻

原文如下：

US Shale Operators Achieves Positive Cash Flow

In a remarkable turnaround, the second quarter of 2019 is the first three-month period on record when US shale operators achieved positive cash flow from operations after accounting for capital expenditures, according to Rystad Energy.

Rystad Energy has studied the financial performance of 40 dedicated US shale oil companies, focusing on cash flow from operating activities (CFO). This is the cash that is available to expand the business (via capital expenditure, or capex), reduce debt, or return to shareholders.

In the second quarter of 2019, 35% of operators in the peer group balanced their spending with operational cash flow, and reported an accumulated $110 million surplus in CFO versus capex.

“That is an industry first,” says Rystad Energy senior analyst Alisa Lukash. “The five dollar increase in the average WTI oil price from the first to the second quarter of 2019, coupled with operators’ efforts to keep spending within their initial budgets, resulted in a slight surplus of adjusted CFO for total capex.”

Lukash also notes that many operators managed to achieve positive earnings in the second quarter, and that accumulated profit was significantly depressed by Anadarko Petroleum’s $1 billion transactional costs associated with the Chevron merger termination fee.

The shale industry has been under significant pressure to balance capex with operational cash flow, while maintaining robust production growth and generating extra cash on stock repurchase and dividend programs.

The top 40 US shale producers – accounting for nearly half of total US shale oil production – have shown a 3% quarterly increase in their drilling and completion capital expenditure as of the second quarter of 2019, and a 7% jump in the number of completed wells over the same period. Horizontal oil completion activity also picked up in the second quarter.

“As strong fracking has already been confirmed for the second half of the year, we do expect robust completion activity to persist in the third quarter, before slowing down in the final quarter of 2019,” Lukash said.