<p>美国石油和天然气行业存在一个重大故障线，这里讨论的不是地质学。简单来说，<strong>戴文能源</strong>(DVN -1.76%)、<strong>Vitesse Energy</strong>(VTS -1.18%) 和 <strong>Chord Energy</strong>(CHRD -2.20%) 的股价估值低，股息率巨大，因为投资者认为巴肯油田资产的估值折价于其他地区，比如 Permian 盆地。然而，这三只股票现在的估值吸引人，值得投资。</p>
<h2>美国五大产油地区</h2>
<p>以下是美国五大产油地区，让我们了解为什么投资者更青睐 Permian 盆地。</p>
<p><strong>地区</strong> |</p>
<p><strong>地点</strong> |</p>
<table>
<thead>
<tr>
<th><strong>2024 年 6 月石油产量（每日千桶）</strong></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
<p>Permian |</p>
<p>德克萨斯州和新墨西哥州 |</p>
<p>6,187 |
|</p>
<p>Bakken |</p>
<p>北达科他州和蒙大拿州 |</p>
<p>1,313 |
|</p>
<p>Eagle Ford |</p>
<p>德克萨斯州 |</p>
<p>1,106 |
|</p>
<p>Niobrara |</p>
<p>科罗拉多东北部和怀俄明东南部 |</p>
<p>697 |
|</p>
<p>Anadarko |</p>
<p>德克萨斯州和俄克拉荷马州 |</p>
<p>383 |</p>
<p>数据来源：美国能源信息管理局。</p>
<p>Permian 地区不仅是产量最重要的地区，而且近年来产量增长最快。这与巴肯地区产量增长平平形成对比。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8dc87722bf823a25b55f8865d4d4c93b.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8dc87722bf823a25b55f8865d4d4c93b.png"/></p>
<p>YCharts 提供的 Permian 地区总石油产量数据</p>
<p>北达科他州能源报告 2023 年指出巴肯地层现在被行业认为是&#34;成熟&#34;的，这意味着该州许多运营商致力于以稳定的速度生产他们的土地，但生产的激增可能性较小。</p>
<h2>戴文能源、Vitesse Energy 和 Chord Energy</h2>
<p>投资者可能会对这些股票持半空的观点并不困难。尽管 Vitesse Energy 今年上涨了 18%，但仍以 8.1% 的股息率交易，股票不会以这样的股息率交易，除非市场对某些事情感到担忧。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fedc355428e62f9899fa87129b3727ff.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fedc355428e62f9899fa87129b3727ff.png"/></p>
<p>YCharts 提供的 Permian 地区总石油产量数据</p>
<p>同样，戴文能源和 Chord Energy 也以吸引人的股息率交易，部分原因可能是这两家公司都进行了重大交易，增加了巴肯油田的资产。这三家公司今年都宣布了在巴肯地区的交易。这是行业当前趋势的一部分，石油和天然气公司利用油价相对较高的现金流来收购资产，而市场继续给予能源公司低估值。</p>
<p>今年这三家公司有一个共同点。</p>
<p>| 公司 |</p>
<p><strong>市值</strong> |</p>
<table>
<thead>
<tr>
<th><strong>2024 年宣布的交易</strong></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
<p>Vitesse Energy |</p>
<p>$7.63 亿 |</p>
<p>同意收购 Williston 盆地（巴肯）价值 4000 万美元的资产。 |  |
|</p>
<p>Chord Energy |</p>
<p>$92 亿 |</p>
<p>与 Williston 盆地为重点的 Enerplus 合并，交易规模 110 亿美元，Chord 股东拥有新公司 67%，Enerplus 股东持有 33%。 |  |
|</p>
<p>Devon Energy |</p>
<p>$280 亿 |</p>
<p>以 50 亿美元收购 Grayson Mills 的 Williston 盆地资产，包括 32.5 亿美元现金和 17.5 亿美元股票。 |  |</p>
<p>数据来源：公司介绍。</p>
<p>这三只股票看起来都很有价值，市场似乎过于悲观。</p>
<h2>Vitesse Energy</h2>
<p>Vitesse Energy 是一家不完全拥有或运营资产的不寻常的石油和天然气公司。相反，它利用专有技术系统和管理经验投资于由较大公司运营的井利益，主要在巴肯地区。这些公司包括 Chord Energy 和 Grayson Mill。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODkzOTQvb2lsZmllbGQtd29ya2VyLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODkzOTQvb2lsZmllbGQtd29ya2VyLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Chord Energy</h2>
<p>Chord Energy 现在预计 2024 年调整后的自由现金流为 12 亿美元，管理层认为在 Williston 盆地拥有 10 年低盈亏平衡位置的足迹，提供领先同行的以油为主的产量。考虑到 12 亿美元的自由现金流占其市值的 13% 以上，该股票看起来能够在十年内实现其整个市值甚至更多的自由现金流。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODkzOTQvb2lsLWJhcnJlbHMuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODkzOTQvb2lsLWJhcnJlbHMuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>戴文能源</h2>
<p>在戴文能源也是类似情况，华尔街预计该公司未来三年将产生 109 亿美元的自由现金流。管理层预计 Grayson Mill 交易将使自由现金流增加 15%。考虑到当前市值仅 280 亿美元，戴文很快就能产生相当部分的市值自由现金流。</p>
<p>总的来说，尽管巴肯地区正在成熟，油价不会保持高位不变，但这三只高股息股票看起来是很好的价值。</p>

戴文能源

<p>这篇文章讨论了九月份三家被低估、高收益的石油股票：戴文能源（Devon Energy）、Vitesse Energy 和 Chord Energy。由于市场对巴肯油田资产的担忧，这些公司的估值较低，相比更具盈利能力的 Permian 盆地。尽管如此，它们提供了具有吸引力的股息收益和增长潜力，尤其是在最近的收购交易中。Permian 地区在产量上领先，而巴肯的增长已经停滞。投资者可能过于悲观，这为这些股票提供了购买机会，无论市场持谨慎态度</p>

<p>There's a major fault line running through the U.S. oil and gas sector, and I'm not talking about geology here. Simply put, <strong>Devon Energy</strong>(DVN -1.76%), <strong>Vitesse Energy</strong>(VTS -1.18%), and <strong>Chord Energy</strong>(CHRD -2.20%) are trading on lowly valuations and colossal dividend yields because investors are pricing in Bakken oil field assets at a discount to other assets such as in the Permian Basin. However, all three stocks now trade on attractive valuations and are worth picking up.</p>
<div class="lb-trans"><p>美国石油和天然气行业存在一个重大故障线，这里讨论的不是地质学。简单来说，<strong>戴文能源</strong>(DVN -1.76%)、<strong>Vitesse Energy</strong>(VTS -1.18%) 和 <strong>Chord Energy</strong>(CHRD -2.20%) 的股价估值低，股息率巨大，因为投资者认为巴肯油田资产的估值折价于其他地区，比如 Permian 盆地。然而，这三只股票现在的估值吸引人，值得投资。</p>
</div><h2>The top five oil-producing regions in the U.S.</h2>
<div class="lb-trans"><h2>美国五大产油地区</h2>
</div><p>Here's a look at the top five oil-producing regions in the U.S. to get a sense of why investors favor the Permian over other assets.</p>
<p>|</p>
<div class="lb-trans"><p>以下是美国五大产油地区，让我们了解为什么投资者更青睐 Permian 盆地。</p>
</div><p><strong>Region</strong> |</p>
<div class="lb-trans"><p><strong>地区</strong> |</p>
</div><p><strong>Location</strong> |</p>
<div class="lb-trans"><p><strong>地点</strong> |</p>
</div><table>
<thead>
<tr>
<th><strong>Oil Production in June 2024 (thousands of barrels per day)</strong></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th><strong>2024 年 6 月石油产量（每日千桶）</strong></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
</div><p>Permian |</p>
<div class="lb-trans"><p>Permian |</p>
</div><p>Texas and New Mexico |</p>
<div class="lb-trans"><p>德克萨斯州和新墨西哥州 |</p>
</div><p>6,187 |
|</p>
<div class="lb-trans"><p>6,187 |
|</p>
</div><p>Bakken |</p>
<div class="lb-trans"><p>Bakken |</p>
</div><p>North Dakota and Montana |</p>
<div class="lb-trans"><p>北达科他州和蒙大拿州 |</p>
</div><p>1,313 |
|</p>
<div class="lb-trans"><p>1,313 |
|</p>
</div><p>Eagle Ford |</p>
<div class="lb-trans"><p>Eagle Ford |</p>
</div><p>Texas |</p>
<div class="lb-trans"><p>德克萨斯州 |</p>
</div><p>1,106 |
|</p>
<div class="lb-trans"><p>1,106 |
|</p>
</div><p>Niobrara |</p>
<div class="lb-trans"><p>Niobrara |</p>
</div><p>Northeast Colorado and Southeast Wyoming |</p>
<div class="lb-trans"><p>科罗拉多东北部和怀俄明东南部 |</p>
</div><p>697 |
|</p>
<div class="lb-trans"><p>697 |
|</p>
</div><p>Anadarko |</p>
<div class="lb-trans"><p>Anadarko |</p>
</div><p>Texas and Oklahoma |</p>
<div class="lb-trans"><p>德克萨斯州和俄克拉荷马州 |</p>
</div><p>383 |</p>
<div class="lb-trans"><p>383 |</p>
</div><p>Data: U.S. Energy Information Administration.</p>
<div class="lb-trans"><p>数据来源：美国能源信息管理局。</p>
</div><p>Not only is the Permian region the most important in terms of production, but it has also increased production the most in recent years. This stands in contrast to the mediocre growth in production in the Bakken.</p>
<div class="lb-trans"><p>Permian 地区不仅是产量最重要的地区，而且近年来产量增长最快。这与巴肯地区产量增长平平形成对比。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8dc87722bf823a25b55f8865d4d4c93b.png" alt="" original-src="https://media.ycharts.com/charts/8dc87722bf823a25b55f8865d4d4c93b.png"/></p>
<p>Permian Region Total Oil Production data by YCharts</p>
<div class="lb-trans"><p>YCharts 提供的 Permian 地区总石油产量数据</p>
</div><p>The maturing nature of the Bakken oil field is recognized in the North Dakota Energy Report 2023: &#34;The Bakken formation is now considered &#34;mature&#34; by the industry -- meaning that many of the operators in the state are dedicated to producing their acreage on a consistent and steady pace but that radical growth in production is less likely.</p>
<div class="lb-trans"><p>北达科他州能源报告 2023 年指出巴肯地层现在被行业认为是&#34;成熟&#34;的，这意味着该州许多运营商致力于以稳定的速度生产他们的土地，但生产的激增可能性较小。</p>
</div><h2>Devon Energy, Vitesse Energy, and Chord Energy</h2>
<div class="lb-trans"><h2>戴文能源、Vitesse Energy 和 Chord Energy</h2>
</div><p>It's not hard to see that investors may take a glass-half-empty viewpoint of these stocks. While Vitesse Energy is up 18% this year, it still trades on an 8.1% dividend yield, and stocks don't trade on such yields unless the market is concerned about <em>something.</em></p>
<div class="lb-trans"><p>投资者可能会对这些股票持半空的观点并不困难。尽管 Vitesse Energy 今年上涨了 18%，但仍以 8.1% 的股息率交易，股票不会以这样的股息率交易，除非市场对某些事情感到担忧。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fedc355428e62f9899fa87129b3727ff.png" alt="" original-src="https://media.ycharts.com/charts/fedc355428e62f9899fa87129b3727ff.png"/></p>
<p>Permian Region Total Oil Production data by YCharts</p>
<div class="lb-trans"><p>YCharts 提供的 Permian 地区总石油产量数据</p>
</div><p>Similarly, Devon Energy and Chord Energy also trade on attractive yields, and part of that reason probably comes down to significant deals both companies have done to add assets in the Bakken oil field. All three have announced deals in the Bakken this year. It's part of a current trend in the industry whereby oil and gas companies are using cash flows gushing from a relatively high price of oil to acquire assets at a time when the market continues to accord energy companies lowly valuations.</p>
<div class="lb-trans"><p>同样，戴文能源和 Chord Energy 也以吸引人的股息率交易，部分原因可能是这两家公司都进行了重大交易，增加了巴肯油田的资产。这三家公司今年都宣布了在巴肯地区的交易。这是行业当前趋势的一部分，石油和天然气公司利用油价相对较高的现金流来收购资产，而市场继续给予能源公司低估值。</p>
</div><p>It's not hard to see what all three have in common this year.</p>
<p>| Company |</p>
<div class="lb-trans"><p>今年这三家公司有一个共同点。</p>
</div><p><strong>Market Cap</strong> |</p>
<div class="lb-trans"><p>| 公司 |</p>
</div><table>
<thead>
<tr>
<th><strong>Deal Announced in 2024</strong></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
<div class="lb-trans"><p><strong>市值</strong> |</p>
</div><p>Vitesse Energy |</p>
<div class="lb-trans"><table>
<thead>
<tr>
<th><strong>2024 年宣布的交易</strong></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
</div><p>$763 million |</p>
<div class="lb-trans"><p>Vitesse Energy |</p>
</div><p>Agreed to acquire $40 million worth of assets in the Williston Basin (Bakken). |  |
|</p>
<div class="lb-trans"><p>$7.63 亿 |</p>
</div><p>Chord Energy |</p>
<div class="lb-trans"><p>同意收购 Williston 盆地（巴肯）价值 4000 万美元的资产。 |  |
|</p>
</div><p>$9.2 billion |</p>
<div class="lb-trans"><p>Chord Energy |</p>
</div><p>Combined with Williston Basin-focused Enerplus in an $11 billion enterprise deal, Chord shareholders own 67% of the new company, and Enerplus shareholders hold 33%. |  |
|</p>
<div class="lb-trans"><p>$92 亿 |</p>
</div><p>Devon Energy |</p>
<div class="lb-trans"><p>与 Williston 盆地为重点的 Enerplus 合并，交易规模 110 亿美元，Chord 股东拥有新公司 67%，Enerplus 股东持有 33%。 |  |
|</p>
</div><p>$28 billion |</p>
<div class="lb-trans"><p>Devon Energy |</p>
</div><p>Acquiring Grayson Mills' Williston Basin assets for $5 billion, consisting of $3.25 billion in cash and $1.75 billion in shares. |  |</p>
<div class="lb-trans"><p>$280 亿 |</p>
</div><p>Data source: Company presentations.</p>
<div class="lb-trans"><p>以 50 亿美元收购 Grayson Mills 的 Williston 盆地资产，包括 32.5 亿美元现金和 17.5 亿美元股票。 |  |</p>
</div><p>All three stocks look like a great value, and it appears that the market is being overly pessimistic here.</p>
<div class="lb-trans"><p>数据来源：公司介绍。</p>
</div><h2>Vitesse Energy</h2>
<div class="lb-trans"><p>这三只股票看起来都很有价值，市场似乎过于悲观。</p>
</div><p>Vitesse Energy is an unusual oil and gas company that doesn't fully own or operate assets. Instead, it uses a proprietary technology system and management's experience to invest in interest in wells operated by larger companies, primarily in the Bakken. These include Chord Energy and Grayson Mill.</p>
<div class="lb-trans"><h2>Vitesse Energy</h2>
</div><p>In addition, it uses hedging to protect against a fall in the price of oil. The strategy provides diversification across 7,000 producing wells, and Vitesse is almost an ETF on Bakken.</p>
<div class="lb-trans"><p>Vitesse Energy 是一家不完全拥有或运营资产的不寻常的石油和天然气公司。相反，它利用专有技术系统和管理经验投资于由较大公司运营的井利益，主要在巴肯地区。这些公司包括 Chord Energy 和 Grayson Mill。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODkzOTQvb2lsZmllbGQtd29ya2VyLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F789394%2Foilfield-worker.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Chord Energy</h2>
<div class="lb-trans"><h2>Chord Energy</h2>
</div><p>Chord Energy now expects $1.2 billion in adjusted free cash flow (FCF) in 2024, and management believes it has a &#34;footprint of 10 years of low breakeven locations delivering peer-leading oil-weighted production&#34; in the Williston Basin. Given that the $1.2 billion in FCF represents more than 13% of its market cap, the stock looks capable of delivering its entire market cap and more in FCF within a decade.</p>
<div class="lb-trans"><p>Chord Energy 现在预计 2024 年调整后的自由现金流为 12 亿美元，管理层认为在 Williston 盆地拥有 10 年低盈亏平衡位置的足迹，提供领先同行的以油为主的产量。考虑到 12 亿美元的自由现金流占其市值的 13% 以上，该股票看起来能够在十年内实现其整个市值甚至更多的自由现金流。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODkzOTQvb2lsLWJhcnJlbHMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F789394%2Foil-barrels.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Devon Energy</h2>
<div class="lb-trans"><h2>戴文能源</h2>
</div><p>It's a similar story at Devon Energy, where Wall Street expects the company will generate $10.9 billion in FCF over the next three years. Management expects the Grayson Mill deal will add 15% to FCF generation. With the current market cap at just $28 billion, it won't take long for Devon to generate a significant part of its market cap in FCF, either.</p>
<div class="lb-trans"><p>在戴文能源也是类似情况，华尔街预计该公司未来三年将产生 109 亿美元的自由现金流。管理层预计 Grayson Mill 交易将使自由现金流增加 15%。考虑到当前市值仅 280 亿美元，戴文很快就能产生相当部分的市值自由现金流。</p>
</div><p>All told, while the Bakken is maturing, and there's no guarantee the price of oil will stay high, these three high-yield stocks look like an excellent value.</p>
<div class="lb-trans"><p>总的来说，尽管巴肯地区正在成熟，油价不会保持高位不变，但这三只高股息股票看起来是很好的价值。</p>
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9 月份值得购买的三只高收益油股