据油价网5月31日报道，继去年美国页岩领域出现了一些巨额交易，康菲石油与康乔资源（Concho Resources）合并，雪佛龙收购德文能源（Devon Energy）等之后，看来今年的并购趋势将延续。事实上，整合很可能是该行业前进的唯一道路。Cimarex首席执行官在本月早些时候宣布与Cabot Oil& Gas公司的全股票合并后表示:“这是我们度过业务周期的更好方式。”《华尔街日报》(Wall Street Journal)援引托马斯?乔登(Thomas Jorden)的话称，我们行业的需求，在向所有者返还自由现金流方面，(告诉我们)我们现金流的这种波动是毒药，这是对抗波动的一剂妙药。

近年来，页岩油股东对回报的要求确实越来越高，而去年席卷该行业的疫情危机只会加剧这些要求，并促使页岩油公司重新调整其优先事项。这次，与上次不同的是，他们似乎愿意坚持新的议程。但这需要进一步的整合。

在2014-2016年的上一轮经济低迷期间，页岩油生产商也曾承诺要控制产量增长，并向股东返还更多现金。但一旦价格开始反弹，产量增长将再次成为他们的首要任务。现在情况已经不同了。最近的暴跌要严重得多，而这一次，能源转型阵营给该行业带来了额外的压力，这一阵营正在改变能源公司股东的构成。

目前，争夺董事会席位以使油气公司改头换面、并不再过多关注石油和天然气的激进股东正在瞄准超级巨头。然而，随着能源转型议程重塑整个投资业务，它们蔓延到独立企业也只是时间问题。这只会增加美国页岩油面临的挑战，包括成本和生产控制。

郝芬 译自 油价网

原文如下：

The U.S. Shale Patch Could Be In For Another Wave of Mergers

After last year saw some huge deals in the U.S. shale space, with ConocoPhillips merging with Concho Resources and Chevron buying Devon Energy, among others, it looks that this year will see a continuation of the M&A trend. Indeed, it is likely that consolidation is the only way forward for the industry. "It's a better way to ride through the cycles in our business," said the chief executive of Cimarex following the announcement of its all-stock merger with Cabot Oil& Gas Corp earlier this month. "The demands of our sector, in terms of returning free cash flow to our owners, [tell us that] these swings in our cash flow are poison, and this is just a wonderful antidote to volatility," Thomas Jorden said as quoted by the Wall Street Journal.

Shale oil shareholders have indeed become more demanding about returns lately, and the pandemic-driven crisis that shook the industry last year only served to sharpen these demands and prompted shale companies to reorganize their priorities. This time, unlike last time, they seem to be willing to stick with the new agenda. But it requires further consolidation.

During the last downturn in 2014 to 2016, shale producers also promised to rein in production growth and return more cash to shareholders. But as soon as prices began to rebound, growth was once again number one on their priority lists. This is no longer the case. The recent slump was much more severe, and this time, there is additional pressure on the industry from the energy transition camp that is changing the makeup of energy companies' shareholders.

For now, activist shareholders vying for board seats to make oil and gas companies mend their ways and stop being so much about oil and gas are targeting the supermajors. However, it is only a matter of time before they spread to independents, too, as the energy transition agenda reshapes the whole investment business. This will only add to the challenges of U.S. shale oil, among them costs and production control.

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