低迷油價致西方大型油企負債飆升

The net debts of the largest Western oil companies have surged by a third over the past year, increasing their vulnerability to another fall in oil prices.

西方大型石油企業的淨債務在過去一年中飆升了三分之一，加劇了它們在油價再度下跌情況下的脆弱性。

The aggregate net debt of the 15 largest North American and European oil groups rose to $383bn at the end of March, up $97bn from 12 months ago, according to company reports compiled by Bloomberg.

根據彭博(Bloomberg)彙編的公司報告，北美和歐洲15家最大石油集團的淨債務總額截至今年3月底增至3830億美元，比12個月前高出970億美元。

Oil companies’ revenues have slumped as a result of the crash in crude prices that began in the summer of 2014. Although they have cut capital and operating costs sharply, most of them have had to borrow to finance their investment programmes and dividend payments.

石油公司營收下滑的原因是原油價格自2014年夏天起大跌。儘管這些企業已大幅削減資本支出和營運成本，但它們當中的大多數不得不借款以開展投資計劃和派息。

The debt surge was particularly sharp in the first quarter of this year, when oil prices dropped to a low of about $27 per barrel.

債務升勢在今年第一季度尤爲劇烈，該季度油價一度跌至每桶約27美元的低谷。

Although interest rates are near record lows and oil prices have since recovered, ending last week at about $49, the increased indebtedness of the industry means it will face greater difficulties should oil prices slip back again.

雖然利率接近歷史低點，油價也已從谷底回升（上週結束時達到每桶約49美元），但石油行業負債增加意味着，若油價再度回落，該行業將面臨更大困難。

That would be likely to mean more job losses and investment cuts, as well as possibly dividend cuts and more defensive mergers and acquisitions.

那很可能會意味着更多裁員和投資削減，以及可能的股息削減和更多的防禦性併購。

Part of the increase in oil debt over the past year is accounted for by the $19bn cash component of Royal Dutch Shell’s acquisition of BG Group. But all the large companies have reported sharp increases in their borrowings.

過去一年期間石油業債務增加，有一部分可歸因於荷蘭皇家殼牌(Royal Dutch Shell)以現金加股票方式收購BG集團(BG Group)的190億美元現金部分。但是所有大公司都報告借款急劇增加。

ExxonMobil’s net debts rose to $38.3bn at the end of March from $27.6bn a year earlier, while BP’s rose to $30.6bn from $24.6bn over the same period.

埃克森美孚(ExxonMobil)的淨負債在3月底升至383億美元，而一年前爲276億美元；同期英國石油(BP)的淨負債從246億美元升至306億美元。

The rising debts and lowered expectations for future oil prices have prompted many credit rating agencies to downgrade oil companies, with Exxon last month losing its triple A grade from Standard & Poor’s.

債務不斷上升，而對未來油價水平的預期有所降低，這種局面促使很多信用評級機構調降石油企業的評級，上月埃克森失去了標準普爾(Standard & Poor’s)的AAA評級。

Although the rebound in oil prices is improving companies’ cash flows, and they are continuing to bear down on costs, they are still under financial strain with crude at present levels.

儘管油價反彈正在改善各企業的現金流，同時它們仍在繼續壓縮成本，但在目前油價水平上，它們的財務狀況仍然緊張。

Jason Bloom, director of commodity research at Invesco PowerShares, said: “Prices at these levels are a big problem, not just for the smaller exploration and production companies, but also for the majors.”

Invesco PowerShares的大宗商品研究主管賈森•布魯姆(Jason Bloom)表示：“目前的油價水平是一個很大的問題，不僅對較小的勘探和生產企業是如此，對大公司同樣如此。”