据油价网2021年8月18日报道，早在今年4月份，我们就曾报道过，在油价回升之际，美国的石油和天然气公司仍在创纪录的水平上申请破产。 较小的油气生产商是主要的受害者，因为在今年第一季度，总共有8家北美油气生产商申请破产保护，总债务达到18亿美元。 但现在看来，美国大规模的申请破产保护数量终于减少了。
根据能源和重组律师事务所Haynes and Boone的数据，今年第二季度，只有4家美国勘探和生产(E&P)公司申请破产保护，使今年上半年的申请破产保护数量降至12家，这是6年来的最低水平。
更重要的是，第二季度美国没有任何十亿美元破产保护的生产商，这是连续12个季度首次出现这种情况。4家申请保护的勘探和生产公司的总债务为18亿美元，是2015年前6个月以来的最低水平，当时记录的总债务为36亿美元。
油田服务(OFS)公司申请破产保护的报告更加复杂，申请数量较低，但总债务较高。
Haynes和Boone表示，有8家OFS公司在今年第二季度申请破产保护，今年上半年申请破产保护的OFS公司的数字将达到13家。 13家公司的总债务超过59亿美元，是2015年以来第四高的上半年债务总额，海上钻井公司Seadrill Ltd占了其中大部分份额。
中游油气公司通常是最不容易破产的，这是因为许多中游油气公司都是资金雄厚的综合勘探和生产公司旗下的子公司，通常一年只有6家中游油气公司申请破产保护。 这一趋势在今年第二季度继续存在，在4月至6月期间，没有一家中游油气公司申请破产，因此今年上半年美国只有3家中游油气公司申请破产保护。
申请破产保护的3家中游油气公司的总债务为670万美元，是2018年上半年以来的最低水平，当时为6200万美元。
页岩复出
由于德尔塔变异毒株的持续蔓延，油价一直在横盘交易，引发了人们的担忧，但报告称，尽管美国的施压被视为看涨，但欧佩克+认为没有必要向市场释放更多石油。
日前，美国敦促欧佩克产油国提高产量，以缓解不断上涨的汽油价格。美国认为，汽油价格大幅上涨对全面经济复苏构成威胁。
但也许美国并不想在自家后院寻找更多的石油产量。
Velandera 能源公司的Manish Raj告诉记者，美国石油产量正在缓慢上升，现在比年初增加了30万桶/天。
国际能源署(IEA)在其最新报告中预测，我们能够开始看到美国页岩的强劲复苏，非欧佩克产油国的原油供应预计在2022年将增加170万桶/天，其中美国将占增长的60%。 贝克休斯最新的每周调查发现，美国在用的石油钻机数增加了10部，达到397部，为16个月以来的最高水平。
事实上，挪威著名能源研究和商业情报公司雷斯塔能源公司表示，美国页岩行业将在2021年创下一个重要里程碑：创纪录的对冲前收入。
挪威能源分析师表示，如果今年WTI期货价格继续强劲上涨，均价在60美元/桶，且天然气和天然气液体价格保持稳定，美国页岩生产商预计今年的油气收入将达到创纪录的1950亿美元。 此前对冲前收入的最高纪录是在2019年创下的1910亿美元。
这个估计数包括二叠纪、巴肯、阿纳达科、鹰福特和奈厄布拉勒盆地所有致密油水平井的油气销售。
然而，雷斯塔能源公司表示，如果今年WTI平均价格至少达到60美元/桶，致密油生产商的油气销售、运营现金和EBITDA收益都可能创下历史新高，但由于许多生产商仍致力于维持运营纪律，资本支出将只会出现温和增长。
这意味着大量多余的现金将用于偿还债务，并以更多的股息和股票回购来回报股东。
李峻 编译自 油价网
原文如下：
Is The U.S. Shale Bankruptcy Rout Over?
Back in April, we reported that U.S. oil and gas companies were still filing for bankruptcy at record levels right in the midst of an oil price recovery. Smaller producers were the main victims as a total of eight North American oil and gas producers with an aggregate debt of $1.8B filed for bankruptcy protection in Q1 2021. But it now appears that the massive wave of bankruptcies has finally abated.
According to Energy and restructuring law firm Haynes and Boone, just four U.S. exploration and production (E&P) companies filed for Chapter 11 during the second quarter, bringing the tally for H1 2021 to 12, the lowest number in six years.
More importantly, there were no producers with billion?dollar bankruptcies during the quarter, the first time this has happened in 12 consecutive quarters. The aggregate debt tab of $1.8B by the four E&Ps that filed for protection ranks as the lowest amount since the first six months of 2015, when it clocked in at $3.6 billion.
The report for oil field services (OFS) was more mixed, with the number of filings low but aggregate debt high.
Haynes and Boone says eight OFS companies filed for Chapter 11 in Q2 2021 to bring H1 2021 numbers to 13 companies. The aggregate debt for the 13 companies came in at over $5.9 billion, the fourth-highest H1 total since 2015, with offshore driller Seadrill Ltd (OTCQX:SDRL) accounting for the lion's share.
Midstream oil and gas companies are usually the least bankruptcy prone, with just six filing for protection in a typical year thanks to many being subsidiaries of deep-pocketed integrated E&Ps. This trend continued during the second quarter with zero midstreamers filing for bankruptcy between April and June, thus bringing H1 2021 total to three.
Aggregate debt for the three midstream companies that filed for protection was $6.7 million, the lowest H1 total since 2018 when it was $62 million.
Shale comeback
Oil prices have been trading sideways with the continuing spread of the coronavirus delta variant presenting a major wall of worry but reports that OPEC+ sees no need to release more oil into the market despite U.S. pressure being viewed as bullish.
Last week, the administration urged the OPEC producers to raise production to ease rising gasoline prices which it views as a threat to full economic recovery.
But maybe U.S won't have to look beyond his own backyard for more oil production.
Velandera Energy's Manish Raj has told MarketWatch that U.S. oil production has been slowly "creeping up and is now 300K bbl/day higher from the beginning of the year."
In its latest report, the International Energy Agency (IEA) has predicted that we could start to see a strong comeback by U.S. shale, with supply from non-OPEC producers expected to rise by 1.7 mb/d in 2022, with the US accounting for 60% of the growth. Baker Hughes' latest weekly survey found that the number of active, oil-targeted rigs in the U.S. jumped by 10 to a 16-month high of 397 rigs.
Indeed, Rystad Energy says the U.S. shale industry is align="justify"> According to the Norwegian energy navel-gazer, U.S. shale producers can expect a record-high hydrocarbon revenue of $195 billion before factoring in hedges in 2021 if WTI futures continue their strong run and average at $60 per barrel this year and natural gas and NGL prices remain steady. The previous record for pre-hedge revenues was $191 billion set in 2019.
The estimate includes hydrocarbon sales from all tight oil horizontal wells in the Permian, Bakken, Anadarko, Eagle Ford, and Niobrara.
However, Rystad says that whereas hydrocarbon sales, cash from operations, and EBITDA for tight oil producers are all likely to test new record highs if WTI averages at least $60 per barrel this year, capital expenditure will align="justify"> That means a lot of the excess cash will be going into paying down debt and also rewarding shareholders with more dividends and share buybacks.