2018年全球油气行业资产及股权交易回顾与展望

2018 global oil and gas asset & equity transactions

2018年,全球油气交易总额为4268亿美元,比上年增长23%。石油公司资本支出为近5年最低,并购将继续成为资本需求的主要驱动力。上游领域交易总额为1303亿美元,比上年下降21%,其中美国交易额占60%;中游领域的交易总额为1931亿美元,比上年增长128%,是过去5年交易规模最大的一年,其中北美地区占95%;下游领域交易总额为825亿美元,比上年增长11%;油服领域交易总额为210亿美元,与上年相比降幅为11%。2019年,原油价格的短期波动将使资金流向在回报和现金流不稳定时仍有能力投资开发的公司。石油化工产品将成为新的需求增长点,船用燃料新标准将大大增加炼油行业压力。

Total global oil and gas transactions in 2018 are amounted to US$426.8 billion,an increase of 23% yearon-year.The capital expenditure of oil companies was the lowest over the recent past 5 years and merger and acquisition will continue to be the main driver of capital demands.Total transactions in the upstream sector are amounted to US$130.3 billion and decreased by 21% year-on-year with the United States transactions accounting for 60% of the total.Midstream sector has transactions of a total US$193.1 billion,an increase of 128% year-on-year,the largest one over the past 5 years,with 95% happened in North America.US$82.5 billion of downstream sector transactions,an increase of 11% year-on-year and US$21.0 billion of oilfield services sector transactions,a decrease of 11% year-on-year.Short-term crude oil price volatility in 2019 will lead capital flow to companies with investment and development abilities in time of uncertain returns and cash flow.Petrochemical products will become a new demand growth driver and the demand for higher standard marine fuel will increase the pressure of refining industry significantly.