据烃加工新闻4月9日消息称，Enverus发布了2021年第一季度美国上游并购活动摘要。报告显示，本季度的交易额为34亿美元，比去年第四季度下降了88%。
这是美国经济活动连续第三年放缓。交易在2019年和2020年有所回升，在2021年第二季度，随着先锋自然资源公司以64亿美元收购私人持有的双点能源公司，交易活动有所回升。
2021年第一季度的交易活动主要集中于传统石油领域的重产资产。合并后，巴肯和鹰福特占总交易价值的三分之二，尽管这两个区块只有三笔重大交易(两笔在巴肯，一笔在鹰福特)。原油价格的强劲反弹改善了这些较发达地区的现金流，这可能有助于激发买家的额外兴趣。
一季度活动的另一个显著因素是私人股本公司的参与。本季度最大的两笔交易都是由私募股权投资公司发起的：格雷森米尔能源公司以9亿美元收购了巴肯，和瓦利达斯能源公司以8.8亿美元收购鹰福特。接下来的两笔最大交易是布鲁因勘探生产公司（以前由私人股本支持，在破产重组后由债权人拥有）和格雷纳迪尔能源合作伙伴II的出售，后者由私人资本提供商EnCap和凯恩安德森赞助。
Enverus的并购分析师Andrew Dittmar表示："在2020年的大部分活动由上市公司之间的并购主导之后，我们将看到私募股权在2021年的并购市场上发挥更突出的作用。在多年对非常规资源进行大量投资之后，私人勘探开发公司通过销售或首次公开募股（IPO）寻找退出市场遇到了困难，并因此削减了在新协议上的支出。现在，从2020年12月到2021年，我们已经看到了几个著名的撤资，以及来自行业私营方面的新投资。
曹海斌 摘译自 烃加工新闻
原文如下：
US oil and gas deal value fell 88% in 1Q21, according to report
Enverus has released its summary of 1Q21 US upstream M&A activity. The report shows US$3.4 billion in deal value was transacted during the quarter – an 88% decline from 4Q20.
This is the third year in a row US activity has started slow. Deals rallied in 2019 and 2020, and in 2Q21, activity has picked up with Pioneer Natural Resources’ US$6.4 billion buyout of privately held DoublePoint Energy.
1Q21 deal activity largely focused on production-heavy assets in legacy oil plays. Combined, the Bakken and Eagle Ford accounted for two-thirds of total deal value despite having only three significant deals across the two plays (two in the Bakken and one in the Eagle Ford). A strong rally in crude oil prices improving cash flow from these more developed areas likely helped spur the additional buyer interest.
Another distinguishing factor of 1Q21 activity was involvement by private equity firms. The top two deals of the quarter were both acquisitions by private equity-sponsored E&Ps: Grayson Mill Energy’s US$900 million buy in the Bakken and Validus Energy’s US$880 million Eagle Ford purchase. The next two largest deals were sales by Bruin E&P (formerly private equity-backed and then owned by creditors following a bankruptcy reorganisation) and Grenadier Energy Partners II, which was sponsored by private capital providers EnCap and Kayne Anderson.
“After most of 2020’s activity was dominated by mergers between public companies, we are seeing private equity play a more prominent role in M&A markets in 2021,” said Andrew Dittmar, M&A analyst at Enverus. “Following years of heavy investment in unconventional resources, private E&Ps were having a challenging time finding exits either through sales or IPOs and had consequently tamped back spending on new deals. Now, in December 2020 and continuing into 2021, we have seen several prominent exits plus new investments from the private side of the industry.”
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