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香港特别行政区
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4月15日,MonetaMarkets亿汇表示,近期油价下跌对美国石油生产商,尤其是二叠纪盆地的生产商带来了显著挑战。由于额外的公司成本上升,美国石油生产商在60美元/桶的WTI价格水平下难以维持利润空间。贸易政策的不确定性以及市场的剧烈波动,进一步威胁到美国石油产量的增长。

  MonetaMarkets亿汇进一步分析认为,2025年新项目的综合公司现金流WTI盈亏平衡价格已升至约62.50美元。这一价格水平远高于大多数美国页岩油生产商的基本盈亏平衡点,尤其是二叠纪盆地的生产商。RystadEnergy的研究显示,除了勘探和生产成本外,更高的门槛回报率、股息支付和债务服务成本,使得许多美国石油生产商的“综合”公司现金流盈亏平衡价格接近62.50美元/桶。

  MonetaMarkets亿汇还提到,尽管二叠纪盆地的盈亏平衡价格在页岩油产区中最具竞争力,但由于最佳剩余地块分布不均,一些增长可能面临风险。此外,美国石油生产商在过去几年中一直依赖高股息政策来吸引投资者,这进一步增加了维持现金流的压力。

  MonetaMarkets亿汇强调,如果当前的油价下跌趋势持续,美国石油产量增长可能会受到威胁。生产商可能不得不削减活动以维持投资者的派息,这将导致二叠纪盆地的产量增长大幅放缓。尽管特朗普政府试图通过降低价格和增加产量来平衡市场,但其贸易政策引发的市场不确定性,已经导致油价下跌,进而抑制了石油需求。

  MonetaMarkets亿汇总结称,美国石油生产商在过去几年中所采用的商业模式,在当前油价水平下将难以维持。为了保护利润空间,生产商可能需要在短期活动水平、投资者派息或库存保护之间做出牺牲。投资者应密切关注油价走势以及相关政策变化,以便及时调整投资策略,降低风险。

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