2023年5月11日,

德州公共政策分析師David Blackmon /顧問。得到它!蓋蒂2023年第一季度呈現相對較瘦的衣服,合並和收購(並購)石油和天然氣上遊段而言,每一份來自Enverus情報研究(EIR) Enverus的子公司。總的來說今年的頭三個月,EIR能夠合計僅為86億美元並購價值在16上遊重要的事務。專注於鷹福特頁岩一個有趣的方麵是,交易集中在鷹福特頁岩占總價值超過50億美元,掩蓋了二疊紀盆地,主要集中區域上遊活動的十年。“這是最好的季度鷹福特近十年,”安德魯·迪特瑪Enverus主管,在一次采訪中告訴我。“前三名之一,當然,自2010年以來。”當被問及他的分析師帳戶,迪特瑪說,“鷹福特是人們購物的好地方為交易,基本上你想買的現有生產的價值,“這就是大多數收購公司正在尋找在當前的市場環境下,軟化價格和不確定的經濟條件。兩個更大的鷹福特事務是由切薩皮克能源公司的退出遊戲,已經決定將更多的注意力放在其天然氣職位斯威爾頁岩和阿巴拉契亞盆地。,總部設在俄克拉荷馬城的生產者一個位置野火能源和第二個賣給英國跨國英力士與交易在14億美元左右。 Dittmar classifies the third and biggest Eagle Ford deal of the quarter as a “merger of equals” between Baytex and Ranger Oil, with Canada-based Baytex becoming the surviving company. Enverus Table of Top Five U.S. Upstream Deals for Q1 2023. Enverus MORE FOR YOU While it may seem an odd time for Chesapeake to be pursuing a pure natural gas play strategy given the current state of domestic gas prices, Dittmar points out the decision was made in 2022 when gas prices were much higher in the midst of Europe’s energy crisis. He also points to the positive outlook for domestic producers being able to gain access to international markets as the U.S. LNG export sector’s capacity grows in the coming years. “I think if you look multi-years out, that's where U.S. LNG is going to come online,” he says. “Eventually gas is going to transition towards being more of a global commodity like oil. Europe obviously needs U.S. gas with the Russian supply cut off, and these transactions simplify the portfolio. That Eagle Ford asset didn't really have a place in their go forward plan.” Expect a Return to the Permian Basin In its release, EIR says that companies will need to turn to the Permian Basin in order to acquire significant undeveloped land in addition to the value of current production. Matador Resources was able to secure such a deal in Q1, paying $1.6 billion for the Delaware Basin assets of EnCap’s Advance Energy Partners. Diamondback Energy had circulated again in April, adding that crude prices had dropped significantly since then. Does that have a dampening effect on the potential for larger deals like that? “Yeah, it's not great for big deals or small deals,” Dittmar says. “That movement down, volatility downside is bad for M&A. That's just a really tough combination to work around in the market. I think there probably are some big deals that potentially could have gotten done at a more stable or higher price and small ones that are going to be delayed by this movement down.” He went on to point out that some of the speculation regarding an ExxonMobil/Pioneer deal was likely based on the fact that Pioneer CEO Scott Sheffield has announced he will be retiring at the end of 2023. Noting that oil and gas is always a cyclical business that ebbs and flows with a variety of market factors, Dittmar speculates that potential buyers and sellers tend to look to cut deals when prices are in a sort of sweet spot at which “sellers feel that they're getting a good price on their assets and not selling at the bottom of the market, and buyers are feeling maybe there's still some more upside to be had or they're not at least buying at a peak.” The Bottom Line The comparative dearth of action indicates that neither class of potential dealmakers believes current market conditions present a prime time to strike on a deal. But that could change at any time, and it is not as if the bigger companies don’t have money to spend. Asked about the fact that both ExxonMobil and Chevron