<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>美國頁岩行業預計將在中小型生產商之間進行新一輪的併購驅動整合。</p>
<p>這一趨勢主要是由於在日益競爭的交易環境中對擴大規模的渴望，Rystad Energy 在其最新報告中表示。</p>
<p>根據這家總部位於挪威的能源情報公司，對於尋求強勁商業估值的勘探與生產（E&amp;P）公司而言，規模和效率是關鍵驅動因素。</p>
<p>收購獎勵那些保持高產量和低成本的運營商，正在成為計算股東價值的關鍵因素。</p>
<h2>規模和效率作為關鍵驅動因素</h2>
<p>較小的 E&amp;P 公司面臨有限的選擇來實現規模並抵禦進一步的行業整合。</p>
<p>它們的選擇要麼是購買大型企業剝離的資產，要麼是收購私人持有的 E&amp;P 公司。然而，這兩種策略都不太可能提供這些公司所需的必要規模。</p>
<p>鑑於需要在其細分市場中提升地位或提升到頂級檔次以獲得有利的估值，Rystad Energy 認為較小的運營商現在將追求同行之間的組合，這意味着將出現新一波的平等合併。</p>
<p>“這可能是由於機會稀缺和不斷變化的收購選項菜單而導致的戰略轉變。儘管較小的 E&amp;P 公司最有可能被收購，但它們也在努力通過收購過去兩年經歷的併購浪潮中剩餘的資產來提升自身的地位，這可能包括埃克森美孚、鑽石背、 Occidental 和康菲石油希望剝離的非核心資產，” Rystad Energy 的油氣併購副總裁 Atul Raina 在報告中表示。</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>來源：Rystad Energy</p>
<p>大多數可用市場資產，通常估值在 5 億到 10 億美元之間，為潛在買家提供了有限的非有機增長機會。</p>
<p>這主要是由於它們缺乏高質量的庫存和顯著的生產價值，Raina 表示。</p>
<blockquote>
<p>這個選項和私人收購都無法真正推動較小買家的發展。</p>
</blockquote>
<h2>有限的選擇</h2>
<p>根據 Rystad Energy 的説法，Permian Resources 在當前市場環境中有可能成為收購目標或積極收購者。</p>
<p>其他公司，包括 Matador、HighPeak 和 Chord，也被視為未來併購活動的強有力候選者。</p>
<p>Coterra Energy、Ovintiv 和 Devon Energy 也是可能出現的整合者，或繼續在上游併購中活躍，受到戰略投資組合定位和當前估值動態的影響。</p>
<p>考慮到 Coterra 和 Ovintiv 的規模相當、天然氣聚焦和豐富的庫存，潛在的合併可能帶來戰略優勢。</p>
<p>這兩家公司都採取多盆地戰略，Coterra 在 Permian、Marcellus 和 Anadarko 地區運營，而 Ovintiv 則遵循類似模式。</p>
<p>然而，儘管這種近乎平等的組合具有優勢，但仍需解決某些關鍵挑戰。</p>
<h2>關鍵候選者和動態變化</h2>
<p>這些參與者面臨兩個可能的方向：它們可以通過收購大型公司的資產實現非有機增長，或者與規模相當或更小的運營商合併或接管，Rystad Energy 表示。</p>
<p>與整合初期階段不同，買家旨在增加其主要運營領域的規模，最近 Crescent 和 SM 的收購則優先考慮規模，即使沒有實質性的運營協同效應。</p>
<p>錯過了最初的激增，這些 E&amp;P 公司現在的合併倍數顯著低於過去兩年的水平。</p>
<p>鑑於其運營的多樣性，這些合併的長期價值在很大程度上取決於它們實現一般和行政費用協同效應的能力，並利用規模的增加來降低資本成本，Rystad 表示。</p>
<blockquote>
<p>市場是否會以不同的方式評估絕對規模和具有實質性運營協同效應的規模，仍有待觀察。</p>
</blockquote>
<p>這篇文章的標題為《規模和效率推動美國頁岩併購的新一輪整合，Rystad Energy 表示》，首次出現在 Invezz 上。</p>

CTRA

<p>Rystad Energy 報告稱，美國頁岩行業正經歷一波由併購驅動的整合，原因在於中小型生產商對規模和效率的需求。較小的勘探與生產公司面臨有限的增長選擇，這可能導致它們之間的合併。像 Permian Resources、Matador 和 Coterra Energy 等關鍵參與者為未來的併購活動做好了準備。重點在於實現規模和降低成本，儘管面臨挑戰，戰略性合併仍然提供了潛在的優勢</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>美國頁岩行業預計將在中小型生產商之間進行新一輪的併購驅動整合。</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>這一趨勢主要是由於在日益競爭的交易環境中對擴大規模的渴望，Rystad Energy 在其最新報告中表示。</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>根據這家總部位於挪威的能源情報公司，對於尋求強勁商業估值的勘探與生產（E&amp;P）公司而言，規模和效率是關鍵驅動因素。</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>收購獎勵那些保持高產量和低成本的運營商，正在成為計算股東價值的關鍵因素。</p>
</div><h2>Scale and efficiency as critical drivers</h2>
<div class="lb-trans"><h2>規模和效率作為關鍵驅動因素</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>較小的 E&amp;P 公司面臨有限的選擇來實現規模並抵禦進一步的行業整合。</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>它們的選擇要麼是購買大型企業剝離的資產，要麼是收購私人持有的 E&amp;P 公司。然而，這兩種策略都不太可能提供這些公司所需的必要規模。</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>鑑於需要在其細分市場中提升地位或提升到頂級檔次以獲得有利的估值，Rystad Energy 認為較小的運營商現在將追求同行之間的組合，這意味着將出現新一波的平等合併。</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>“這可能是由於機會稀缺和不斷變化的收購選項菜單而導致的戰略轉變。儘管較小的 E&amp;P 公司最有可能被收購，但它們也在努力通過收購過去兩年經歷的併購浪潮中剩餘的資產來提升自身的地位，這可能包括埃克森美孚、鑽石背、 Occidental 和康菲石油希望剝離的非核心資產，” Rystad Energy 的油氣併購副總裁 Atul Raina 在報告中表示。</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>來源：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>大多數可用市場資產，通常估值在 5 億到 10 億美元之間，為潛在買家提供了有限的非有機增長機會。</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>這主要是由於它們缺乏高質量的庫存和顯著的生產價值，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>這個選項和私人收購都無法真正推動較小買家的發展。</p>
</blockquote>
</div><h2>Limited options</h2>
<div class="lb-trans"><h2>有限的選擇</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>根據 Rystad Energy 的説法，Permian Resources 在當前市場環境中有可能成為收購目標或積極收購者。</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，也被視為未來併購活動的強有力候選者。</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 也是可能出現的整合者，或繼續在上游併購中活躍，受到戰略投資組合定位和當前估值動態的影響。</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>考慮到 Coterra 和 Ovintiv 的規模相當、天然氣聚焦和豐富的庫存，潛在的合併可能帶來戰略優勢。</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>這兩家公司都採取多盆地戰略，Coterra 在 Permian、Marcellus 和 Anadarko 地區運營，而 Ovintiv 則遵循類似模式。</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，儘管這種近乎平等的組合具有優勢，但仍需解決某些關鍵挑戰。</p>
</div><h2>Key candidates and shifting dynamics</h2>
<div class="lb-trans"><h2>關鍵候選者和動態變化</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>這些參與者面臨兩個可能的方向：它們可以通過收購大型公司的資產實現非有機增長，或者與規模相當或更小的運營商合併或接管，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>與整合初期階段不同，買家旨在增加其主要運營領域的規模，最近 Crescent 和 SM 的收購則優先考慮規模，即使沒有實質性的運營協同效應。</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>錯過了最初的激增，這些 E&amp;P 公司現在的合併倍數顯著低於過去兩年的水平。</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>鑑於其運營的多樣性，這些合併的長期價值在很大程度上取決於它們實現一般和行政費用協同效應的能力，並利用規模的增加來降低資本成本，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>市場是否會以不同的方式評估絕對規模和具有實質性運營協同效應的規模，仍有待觀察。</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>這篇文章的標題為《規模和效率推動美國頁岩併購的新一輪整合，Rystad Energy 表示》，首次出現在 Invezz 上。</p>
</div>

Rystad Energy 表示，規模和效率推動了美國頁岩油氣行業併購的新一輪整合