<p>美國石油和天然氣行業存在一個重大故障線，這裏討論的不是地質學。簡單來説，<strong>戴文能源</strong>(DVN -1.76%)、<strong>Vitesse Energy</strong>(VTS -1.18%) 和 <strong>Chord Energy</strong>(CHRD -2.20%) 的股價估值低，股息率巨大，因為投資者認為巴肯油田資產的估值折價於其他地區，比如 Permian 盆地。然而，這三隻股票現在的估值吸引人，值得投資。</p>
<h2>美國五大產油地區</h2>
<p>以下是美國五大產油地區，讓我們瞭解為什麼投資者更青睞 Permian 盆地。</p>
<p><strong>地區</strong> |</p>
<p><strong>地點</strong> |</p>
<table>
<thead>
<tr>
<th><strong>2024 年 6 月石油產量（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>德克薩斯州和新墨西哥州 |</p>
<p>6,187 |
|</p>
<p>Bakken |</p>
<p>北達科他州和蒙大拿州 |</p>
<p>1,313 |
|</p>
<p>Eagle Ford |</p>
<p>德克薩斯州 |</p>
<p>1,106 |
|</p>
<p>Niobrara |</p>
<p>科羅拉多東北部和懷俄明東南部 |</p>
<p>697 |
|</p>
<p>Anadarko |</p>
<p>德克薩斯州和俄克拉荷馬州 |</p>
<p>383 |</p>
<p>數據來源：美國能源信息管理局。</p>
<p>Permian 地區不僅是產量最重要的地區，而且近年來產量增長最快。這與巴肯地區產量增長平平形成對比。</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 地區總石油產量數據</p>
<p>北達科他州能源報告 2023 年指出巴肯地層現在被行業認為是&#34;成熟&#34;的，這意味着該州許多運營商致力於以穩定的速度生產他們的土地，但生產的激增可能性較小。</p>
<h2>戴文能源、Vitesse Energy 和 Chord Energy</h2>
<p>投資者可能會對這些股票持半空的觀點並不困難。儘管 Vitesse Energy 今年上漲了 18%，但仍以 8.1% 的股息率交易，股票不會以這樣的股息率交易，除非市場對某些事情感到擔憂。</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 地區總石油產量數據</p>
<p>同樣，戴文能源和 Chord Energy 也以吸引人的股息率交易，部分原因可能是這兩家公司都進行了重大交易，增加了巴肯油田的資產。這三家公司今年都宣佈了在巴肯地區的交易。這是行業當前趨勢的一部分，石油和天然氣公司利用油價相對較高的現金流來收購資產，而市場繼續給予能源公司低估值。</p>
<p>今年這三家公司有一個共同點。</p>
<p>| 公司 |</p>
<p><strong>市值</strong> |</p>
<table>
<thead>
<tr>
<th><strong>2024 年宣佈的交易</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 億 |</p>
<p>同意收購 Williston 盆地（巴肯）價值 4000 萬美元的資產。 |  |
|</p>
<p>Chord Energy |</p>
<p>$92 億 |</p>
<p>與 Williston 盆地為重點的 Enerplus 合併，交易規模 110 億美元，Chord 股東擁有新公司 67%，Enerplus 股東持有 33%。 |  |
|</p>
<p>Devon Energy |</p>
<p>$280 億 |</p>
<p>以 50 億美元收購 Grayson Mills 的 Williston 盆地資產，包括 32.5 億美元現金和 17.5 億美元股票。 |  |</p>
<p>數據來源：公司介紹。</p>
<p>這三隻股票看起來都很有價值，市場似乎過於悲觀。</p>
<h2>Vitesse Energy</h2>
<p>Vitesse Energy 是一家不完全擁有或運營資產的不尋常的石油和天然氣公司。相反，它利用專有技術系統和管理經驗投資於由較大公司運營的井利益，主要在巴肯地區。這些公司包括 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>圖片來源：Getty Images。</p>
<h2>Chord Energy</h2>
<p>Chord Energy 現在預計 2024 年調整後的自由現金流為 12 億美元，管理層認為在 Williston 盆地擁有 10 年低盈虧平衡位置的足跡，提供領先同行的以油為主的產量。考慮到 12 億美元的自由現金流佔其市值的 13% 以上，該股票看起來能夠在十年內實現其整個市值甚至更多的自由現金流。</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>圖片來源：Getty Images。</p>
<h2>戴文能源</h2>
<p>在戴文能源也是類似情況，華爾街預計該公司未來三年將產生 109 億美元的自由現金流。管理層預計 Grayson Mill 交易將使自由現金流增加 15%。考慮到當前市值僅 280 億美元，戴文很快就能產生相當部分的市值自由現金流。</p>
<p>總的來説，儘管巴肯地區正在成熟，油價不會保持高位不變，但這三隻高股息股票看起來是很好的價值。</p>

戴文能源

<p>這篇文章討論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。由於市場對巴肯油田資產的擔憂，這些公司的估值較低，相比更具盈利能力的 Permian 盆地。儘管如此，它們提供了具有吸引力的股息收益和增長潛力，尤其是在最近的收購交易中。Permian 地區在產量上領先，而巴肯的增長已經停滯。投資者可能過於悲觀，這為這些股票提供了購買機會，無論市場持謹慎態度</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>美國石油和天然氣行業存在一個重大故障線，這裏討論的不是地質學。簡單來説，<strong>戴文能源</strong>(DVN -1.76%)、<strong>Vitesse Energy</strong>(VTS -1.18%) 和 <strong>Chord Energy</strong>(CHRD -2.20%) 的股價估值低，股息率巨大，因為投資者認為巴肯油田資產的估值折價於其他地區，比如 Permian 盆地。然而，這三隻股票現在的估值吸引人，值得投資。</p>
</div><h2>The top five oil-producing regions in the U.S.</h2>
<div class="lb-trans"><h2>美國五大產油地區</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>以下是美國五大產油地區，讓我們瞭解為什麼投資者更青睞 Permian 盆地。</p>
</div><p><strong>Region</strong> |</p>
<div class="lb-trans"><p><strong>地區</strong> |</p>
</div><p><strong>Location</strong> |</p>
<div class="lb-trans"><p><strong>地點</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 月石油產量（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>德克薩斯州和新墨西哥州 |</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>北達科他州和蒙大拿州 |</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>德克薩斯州 |</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>科羅拉多東北部和懷俄明東南部 |</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>德克薩斯州和俄克拉荷馬州 |</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>數據來源：美國能源信息管理局。</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 地區不僅是產量最重要的地區，而且近年來產量增長最快。這與巴肯地區產量增長平平形成對比。</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 地區總石油產量數據</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>北達科他州能源報告 2023 年指出巴肯地層現在被行業認為是&#34;成熟&#34;的，這意味着該州許多運營商致力於以穩定的速度生產他們的土地，但生產的激增可能性較小。</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>投資者可能會對這些股票持半空的觀點並不困難。儘管 Vitesse Energy 今年上漲了 18%，但仍以 8.1% 的股息率交易，股票不會以這樣的股息率交易，除非市場對某些事情感到擔憂。</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 地區總石油產量數據</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>同樣，戴文能源和 Chord Energy 也以吸引人的股息率交易，部分原因可能是這兩家公司都進行了重大交易，增加了巴肯油田的資產。這三家公司今年都宣佈了在巴肯地區的交易。這是行業當前趨勢的一部分，石油和天然氣公司利用油價相對較高的現金流來收購資產，而市場繼續給予能源公司低估值。</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>今年這三家公司有一個共同點。</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 年宣佈的交易</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 億 |</p>
</div><p>Chord Energy |</p>
<div class="lb-trans"><p>同意收購 Williston 盆地（巴肯）價值 4000 萬美元的資產。 |  |
|</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 億 |</p>
</div><p>Devon Energy |</p>
<div class="lb-trans"><p>與 Williston 盆地為重點的 Enerplus 合併，交易規模 110 億美元，Chord 股東擁有新公司 67%，Enerplus 股東持有 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 億 |</p>
</div><p>Data source: Company presentations.</p>
<div class="lb-trans"><p>以 50 億美元收購 Grayson Mills 的 Williston 盆地資產，包括 32.5 億美元現金和 17.5 億美元股票。 |  |</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>數據來源：公司介紹。</p>
</div><h2>Vitesse Energy</h2>
<div class="lb-trans"><p>這三隻股票看起來都很有價值，市場似乎過於悲觀。</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 是一家不完全擁有或運營資產的不尋常的石油和天然氣公司。相反，它利用專有技術系統和管理經驗投資於由較大公司運營的井利益，主要在巴肯地區。這些公司包括 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>圖片來源：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 現在預計 2024 年調整後的自由現金流為 12 億美元，管理層認為在 Williston 盆地擁有 10 年低盈虧平衡位置的足跡，提供領先同行的以油為主的產量。考慮到 12 億美元的自由現金流佔其市值的 13% 以上，該股票看起來能夠在十年內實現其整個市值甚至更多的自由現金流。</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>圖片來源：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>在戴文能源也是類似情況，華爾街預計該公司未來三年將產生 109 億美元的自由現金流。管理層預計 Grayson Mill 交易將使自由現金流增加 15%。考慮到當前市值僅 280 億美元，戴文很快就能產生相當部分的市值自由現金流。</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>總的來説，儘管巴肯地區正在成熟，油價不會保持高位不變，但這三隻高股息股票看起來是很好的價值。</p>
</div>

9 月份值得購買的三隻高收益油股