<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/07/Oil-drill-pumping.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1152" height="720" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/07/Oil-drill-pumping.png"/></p>
<p>美国页岩行业预计将在中小型生产商之间进行新一轮的并购驱动整合。</p>
<p>这一趋势主要是由于在日益竞争的交易环境中对扩大规模的渴望，Rystad Energy 在其最新报告中表示。</p>
<p>根据这家总部位于挪威的能源情报公司，对于寻求强劲商业估值的勘探与生产（E&amp;P）公司而言，规模和效率是关键驱动因素。</p>
<p>收购奖励那些保持高产量和低成本的运营商，正在成为计算股东价值的关键因素。</p>
<h2>规模和效率作为关键驱动因素</h2>
<p>较小的 E&amp;P 公司面临有限的选择来实现规模并抵御进一步的行业整合。</p>
<p>它们的选择要么是购买大型企业剥离的资产，要么是收购私人持有的 E&amp;P 公司。然而，这两种策略都不太可能提供这些公司所需的必要规模。</p>
<p>鉴于需要在其细分市场中提升地位或提升到顶级档次以获得有利的估值，Rystad Energy 认为较小的运营商现在将追求同行之间的组合，这意味着将出现新一波的平等合并。</p>
<p>“这可能是由于机会稀缺和不断变化的收购选项菜单而导致的战略转变。尽管较小的 E&amp;P 公司最有可能被收购，但它们也在努力通过收购过去两年经历的并购浪潮中剩余的资产来提升自身的地位，这可能包括埃克森美孚、钻石背、 Occidental 和康菲石油希望剥离的非核心资产，” Rystad Energy 的油气并购副总裁 Atul Raina 在报告中表示。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/image-90.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="707" height="647" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/image-90.png"/></p>
<p>来源：Rystad Energy</p>
<p>大多数可用市场资产，通常估值在 5 亿到 10 亿美元之间，为潜在买家提供了有限的非有机增长机会。</p>
<p>这主要是由于它们缺乏高质量的库存和显著的生产价值，Raina 表示。</p>
<blockquote>
<p>这个选项和私人收购都无法真正推动较小买家的发展。</p>
</blockquote>
<h2>有限的选择</h2>
<p>根据 Rystad Energy 的说法，Permian Resources 在当前市场环境中有可能成为收购目标或积极收购者。</p>
<p>其他公司，包括 Matador、HighPeak 和 Chord，也被视为未来并购活动的强有力候选者。</p>
<p>Coterra Energy、Ovintiv 和 Devon Energy 也是可能出现的整合者，或继续在上游并购中活跃，受到战略投资组合定位和当前估值动态的影响。</p>
<p>考虑到 Coterra 和 Ovintiv 的规模相当、天然气聚焦和丰富的库存，潜在的合并可能带来战略优势。</p>
<p>这两家公司都采取多盆地战略，Coterra 在 Permian、Marcellus 和 Anadarko 地区运营，而 Ovintiv 则遵循类似模式。</p>
<p>然而，尽管这种近乎平等的组合具有优势，但仍需解决某些关键挑战。</p>
<h2>关键候选者和动态变化</h2>
<p>这些参与者面临两个可能的方向：它们可以通过收购大型公司的资产实现非有机增长，或者与规模相当或更小的运营商合并或接管，Rystad Energy 表示。</p>
<p>与整合初期阶段不同，买家旨在增加其主要运营领域的规模，最近 Crescent 和 SM 的收购则优先考虑规模，即使没有实质性的运营协同效应。</p>
<p>错过了最初的激增，这些 E&amp;P 公司现在的合并倍数显著低于过去两年的水平。</p>
<p>鉴于其运营的多样性，这些合并的长期价值在很大程度上取决于它们实现一般和行政费用协同效应的能力，并利用规模的增加来降低资本成本，Rystad 表示。</p>
<blockquote>
<p>市场是否会以不同的方式评估绝对规模和具有实质性运营协同效应的规模，仍有待观察。</p>
</blockquote>
<p>这篇文章的标题为《规模和效率推动美国页岩并购的新一轮整合，Rystad Energy 表示》，首次出现在 Invezz 上。</p>

CTRA

<p>Rystad Energy 报告称，美国页岩行业正经历一波由并购驱动的整合，原因在于中小型生产商对规模和效率的需求。较小的勘探与生产公司面临有限的增长选择，这可能导致它们之间的合并。像 Permian Resources、Matador 和 Coterra Energy 等关键参与者为未来的并购活动做好了准备。重点在于实现规模和降低成本，尽管面临挑战，战略性合并仍然提供了潜在的优势</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/07/Oil-drill-pumping.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/07/Oil-drill-pumping.png"/></p>
<p>The US shale sector is anticipating a new round of M&amp;A-driven consolidation among small- and medium-sized producers.</p>
<div class="lb-trans"><p>美国页岩行业预计将在中小型生产商之间进行新一轮的并购驱动整合。</p>
</div><p>This trend is mainly fueled by the desire for increased scale in an increasingly competitive deal-making landscape, Rystad Energy said in its latest report.</p>
<div class="lb-trans"><p>这一趋势主要是由于在日益竞争的交易环境中对扩大规模的渴望，Rystad Energy 在其最新报告中表示。</p>
</div><p>For Exploration &amp; Production (E&amp;P) companies aiming for strong business valuations, scale and efficiency are critical drivers, according to the Norway-based energy intelligence company.</p>
<div class="lb-trans"><p>根据这家总部位于挪威的能源情报公司，对于寻求强劲商业估值的勘探与生产（E&amp;P）公司而言，规模和效率是关键驱动因素。</p>
</div><p>Acquisitions, which reward operators for maintaining high volumes and low costs, are becoming a crucial factor in calculating shareholder value, it said.</p>
<div class="lb-trans"><p>收购奖励那些保持高产量和低成本的运营商，正在成为计算股东价值的关键因素。</p>
</div><h2>Scale and efficiency as critical drivers</h2>
<div class="lb-trans"><h2>规模和效率作为关键驱动因素</h2>
</div><p>Smaller E&amp;P companies face limited options to achieve scale and withstand further industry consolidation.</p>
<div class="lb-trans"><p>较小的 E&amp;P 公司面临有限的选择来实现规模并抵御进一步的行业整合。</p>
</div><p>Their choices are either to purchase assets divested by larger players or acquire privately held E&amp;P firms. However, neither of these strategies is anticipated to deliver the necessary scale these companies require.</p>
<div class="lb-trans"><p>它们的选择要么是购买大型企业剥离的资产，要么是收购私人持有的 E&amp;P 公司。然而，这两种策略都不太可能提供这些公司所需的必要规模。</p>
</div><p>Given the need to move higher within their segment or elevate to a top-tier profile for favorable valuations, Rystad Energy believes that smaller operators will now pursue combinations within their peer group, implying a new wave of a merger of equals.</p>
<div class="lb-trans"><p>鉴于需要在其细分市场中提升地位或提升到顶级档次以获得有利的估值，Rystad Energy 认为较小的运营商现在将追求同行之间的组合，这意味着将出现新一波的平等合并。</p>
</div><p>“This is likely a shift in strategy due to the scarcity of opportunities and an ever-evolving menu of acquisition options. Although smaller E&amp;Ps are the most likely to be snapped up, they are also on a mission to punch above their weight by acquiring what’s left of the M&amp;A waves experienced over the last two years, which could include non-core assets that ExxonMobil, Diamondback, Occidental, and ConocoPhillips are looking to shed,” Atul Raina, vice president, oil and gas M&amp;A, Rystad Energy, said in the report.</p>
<div class="lb-trans"><p>“这可能是由于机会稀缺和不断变化的收购选项菜单而导致的战略转变。尽管较小的 E&amp;P 公司最有可能被收购，但它们也在努力通过收购过去两年经历的并购浪潮中剩余的资产来提升自身的地位，这可能包括埃克森美孚、钻石背、 Occidental 和康菲石油希望剥离的非核心资产，” Rystad Energy 的油气并购副总裁 Atul Raina 在报告中表示。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/image-90.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/image-90.png"/></p>
<p>Source: Rystad Energy</p>
<div class="lb-trans"><p>来源：Rystad Energy</p>
</div><p>The majority of available market assets, typically valued between $500 million and $1 billion, present limited inorganic growth opportunities for potential buyers.</p>
<div class="lb-trans"><p>大多数可用市场资产，通常估值在 5 亿到 10 亿美元之间，为潜在买家提供了有限的非有机增长机会。</p>
</div><p>This is primarily due to their lack of both high-quality inventory and significant production value, Raina said.</p>
<div class="lb-trans"><p>这主要是由于它们缺乏高质量的库存和显著的生产价值，Raina 表示。</p>
</div><blockquote>
<p>Neither this option nor private acquisitions would be able to truly move the needle for smaller buyers.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>这个选项和私人收购都无法真正推动较小买家的发展。</p>
</blockquote>
</div><h2>Limited options</h2>
<div class="lb-trans"><h2>有限的选择</h2>
</div><p>According to Rystad Energy, Permian Resources is positioned to be either an acquisition target or an active acquirer in the current market environment.</p>
<div class="lb-trans"><p>根据 Rystad Energy 的说法，Permian Resources 在当前市场环境中有可能成为收购目标或积极收购者。</p>
</div><p>Other companies, including Matador, HighPeak, and Chord, are also considered strong candidates for future M&amp;A activity.</p>
<div class="lb-trans"><p>其他公司，包括 Matador、HighPeak 和 Chord，也被视为未来并购活动的强有力候选者。</p>
</div><p>Coterra Energy, Ovintiv, and Devon Energy are also potential candidates that may emerge as consolidators or continue to be active in upstream M&amp;A, influenced by strategic portfolio positioning and current valuation dynamics.</p>
<div class="lb-trans"><p>Coterra Energy、Ovintiv 和 Devon Energy 也是可能出现的整合者，或继续在上游并购中活跃，受到战略投资组合定位和当前估值动态的影响。</p>
</div><p>A potential merger between Coterra and Ovintiv, given their comparable size, natural gas focus, and deep inventory, could offer strategic advantages.</p>
<div class="lb-trans"><p>考虑到 Coterra 和 Ovintiv 的规模相当、天然气聚焦和丰富的库存，潜在的合并可能带来战略优势。</p>
</div><p>Both companies pursue a multi-basin strategy, with Coterra operating across the Permian, Marcellus, and Anadarko regions, and Ovintiv following a similar model.</p>
<div class="lb-trans"><p>这两家公司都采取多盆地战略，Coterra 在 Permian、Marcellus 和 Anadarko 地区运营，而 Ovintiv 则遵循类似模式。</p>
</div><p>However, despite the merits of this near-equals combination, certain key challenges still need to be addressed.</p>
<div class="lb-trans"><p>然而，尽管这种近乎平等的组合具有优势，但仍需解决某些关键挑战。</p>
</div><h2>Key candidates and shifting dynamics</h2>
<div class="lb-trans"><h2>关键候选者和动态变化</h2>
</div><p>These players face two possible directions: they can pursue inorganic growth by acquiring assets from larger firms, or they can merge with or take over an operator of comparable or smaller size, Rystad Energy said.</p>
<div class="lb-trans"><p>这些参与者面临两个可能的方向：它们可以通过收购大型公司的资产实现非有机增长，或者与规模相当或更小的运营商合并或接管，Rystad Energy 表示。</p>
</div><p>In contrast to the initial phase of consolidation, where buyers aimed for increased scale in their primary operating areas, recent acquisitions by Crescent and SM prioritise scale even without substantial operational synergy.</p>
<div class="lb-trans"><p>与整合初期阶段不同，买家旨在增加其主要运营领域的规模，最近 Crescent 和 SM 的收购则优先考虑规模，即使没有实质性的运营协同效应。</p>
</div><p>Having missed the initial surge, these E&amp;P companies are now engaged in mergers at significantly lower multiples compared to those seen over the past two years.</p>
<div class="lb-trans"><p>错过了最初的激增，这些 E&amp;P 公司现在的合并倍数显著低于过去两年的水平。</p>
</div><p>Given the diverse nature of their operations, the long-term value of these mergers hinges crucially on their ability to achieve G&amp;A synergies and leverage increased scale to reduce their cost of capital, Rystad said.</p>
<div class="lb-trans"><p>鉴于其运营的多样性，这些合并的长期价值在很大程度上取决于它们实现一般和行政费用协同效应的能力，并利用规模的增加来降低资本成本，Rystad 表示。</p>
</div><blockquote>
<p>It remains to be seen whether the market values absolute scale and scale with tangible operational synergies differently.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>市场是否会以不同的方式评估绝对规模和具有实质性运营协同效应的规模，仍有待观察。</p>
</blockquote>
</div><p>The post Scale and efficiency drive fresh round of consolidation in US shale M&amp;A, says Rystad Energy appeared first on Invezz</p>
<div class="lb-trans"><p>这篇文章的标题为《规模和效率推动美国页岩并购的新一轮整合，Rystad Energy 表示》，首次出现在 Invezz 上。</p>
</div>

Rystad Energy 表示，规模和效率推动了美国页岩油气行业并购的新一轮整合