美国中小型页岩油企生产和财务情况分析  

Analysis on Production and Financial Situation of U.S.Medium and Small Cap Shale Oil Enterprises

作　　者：何山[1] 

机构地区：[1]中国石化集团公司经济技术研究院,北京100029

出　　处：《当代石油石化》2015年第2期27-31,共5页Petroleum & Petrochemical Today

摘　　要：选取了专注于美国页岩油气生产的16家中小型上市公司,摘取公司2013年年报和2014年三季报中的数据来分析其生产情况和财务状况;另选取2家大型生产企业与中小型公司进行比照,以此来分析美国页岩油气企业的生产成本和现金流等状况,探讨中短期内美国页岩油气的生产情况。从现金生产成本和对冲头寸来看,在目前的油价水平下,短期内美国中小型页岩油气公司可维持生产;如果油价进一步下跌,可能到2015年中后期会有一些页岩油企业的兼并重组情况出现。The article selects 16 medium and small market cap listed companies concentrating on U.S. shale oil and gas exploration and production and collects their operational and financial data from 2013 annual reports and 2014 Q3 reports to analyze their production and financial status. In addition, two big cap E＆amp;P companies are selected as comparisons on production cost, profitability and cash flow capability. The article concludes that, with current production costs, hedge positions and cash flows level, U.S. shale oil and gas companies may maintain production under low crude price in short term. If oil price drops further, merger ＆amp; acquisition activities on shale oil and gas will be expected around mid to late 2015.

关 键 词：美国页岩油气 生产成本 盈亏平衡价格 财务分析 现金流 

分 类 号：F416.22[经济管理—产业经济] F406.7