美国油气企业售股融资急剧放缓

Share sales by US oil and gas companies haveslowed sharply in recent months, in a sign of thetightening financial pressures on the industryfollowing the fall in crude prices, writes Ed Crooks.

美国石油天然气公司的股票发行最近几个月急剧放缓，说明在原油价格下跌之后，石油天然气行业资金压力日益加剧。

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

Dealogic的数据显示，2015年第一季度，美国油气勘探和生产企业通过发行新股筹集的资金总额达到创纪录的108亿美元，但在将于明日结束的第二季度，该数据降至37亿美元。

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

引领美国页岩气革命的中小油气企业发股融资的难度上升，迫使它们更多地考虑出售资产来保持偿付能力。预计石油天然气行业的破产和并购案例也会增加。

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

在2015年最初几个月，美国石油天然气公司竞相发行股份以充实它们的资产负债表，售股所得用来偿还债务以及为钻探项目提供部分资金。

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

今年，油气行业有38家公司售出了股份，Whiting Petroleum和诺贝尔能源公司(Noble Energy)就是其中的两家，它们各自筹得了约10亿美元的资金。

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, shesaid.

然而，会计和咨询公司安永(Ernst & Young)的合伙人德博拉•拜尔斯(Deborah Byers)认为，已发行过股份的公司八成没能力再次发股，因为现有股东担心自己的股权被稀释。她说：“这可能是一锤子买卖。

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

Dealogic的数据显示，信贷市场依然对油气勘探和生产企业敞开大门。今年第二季度，这些企业通过贷款和发债借款314亿美元，高于第一季度的284亿美元。