据世界能源新闻网2月17日休斯顿报道，全球4大著名会计师事务所之一的安永会计师事务所（EY）日前在其最新一期《2018年全球油气交易回顾》报告中表示，尽管全球去年油气交易量下降了18%，但全球去年油气并购交易总额增加了797亿美元，达到了4268亿美元。

EY表示，尽管油价上涨提振了去年前两个季度的交易兴趣，但由于油价随后跌至2015年的水平，去年下半年全球油气并购交易市场又恢复了谨慎。

展望未来，今年的油气并购交易环境可能会受到大宗商品价格下跌、不确定的政治气候和能源转型战略的影响。

EY全球油气交易咨询服务主管安迪?布罗根表示：“过去3年的油气并购交易环境反映出，由于能源转型继续严重影响企业的投资组合战略，企业已适应了人们眼中的新常态。”

布罗根补充称：“风险敏感性和对投资组合优化的持续关注已在去年把资本从上游转移到中下游。由于大宗商品价格回落，我们预计企业将继续在现金支出方面表现出克制。然而，我们预计，2019年期间，其它资金来源将支撑油气并购交易活动的增加。”

去年，全球上游交易价值同比从1648亿美元下降到了1303亿美元，交易数量下降了26%。影响去年油气并购交易活动的其它因素包括，上游企业在资本配置方面采取了更为自律的方式，专注于生产率最高的资本支出相关投资以及减少债务。

尽管预期将从石油过渡到天然气，但这似乎没有转化为具体的天然气交易活动。事实上，这类交易的比例在过去一年中从21%下降到了13%。

去年全球中游交易创下了5年来的新高(1931亿美元)，是同期油气交易总额最高的一年(45%)。由于美国税收法规的变化，企业进行重组和合并，公司精简和重组推动了油气并购交易总额的近75%(1400亿美元)。

报告说，企业还将继续专注于降低资本成本、增加资本准入和改善资产负债表，为基础设施扩张做准备。

李峻 编译自 World Energy News

原文如下：

Oil & Gas M&A Deal Value Up in 2018

Global oil and gas total deal value increased by US$ 79.7b during 2018 to reach US$426.8b, despite a decrease of 18% in deal volume, said EY Global oil and gas transaction review 2018.

It said that while the first two quarters of 2018 saw greater deal appetite aided by rising oil prices, caution returned in the second half of the year due to a decline in the oil price to 2015 levels.

Looking ahead, the 2019 mergers and acquisitions (M&A) environment will likely be shaped by lower commodity prices, uncertain political climate and energy transition strategies, the review said.

Andy Brogan, EY Global Oil & Gas Transaction Advisory Services Leader, says: “The deal environment for the past three years has reflected adjustment to a perceived new normal, as the energy transition continues to weigh heavily on companies’ portfolio strategies."

He added: "Risk sensitivity and a continued focus on portfolio optimization has shifted capital from upstream to mid and downstream in 2018. With a retreat in commodity prices, we expect companies to continue to show restraint in how they spend their cash. However, we anticipate that other sources of funding will underpin an increase in M&A activity during 2019.”

Upstream deal value declined from US$164.8b to US$130.3b during 2018, while deal counts declined by 26%. Other factors impacting M&A activity last year included a more disciplined approach to capital deployment, with upstream players focusing on their highest productivity capex-related investments and reducing debt.

Despite expectations of the transition from oil to gas, this did not seem to translate into gas specific transactions activity; indeed the proportion of these deals declined from 21% to 13% over the course of the year.

Last year marked a five year high for midstream transactions (US$193.1b), representing the largest total deal value (45%) for oil and gas transactions during that period. Corporate simplification and restructuring drove almost 75% ($140b) of the total deal value, as companies restructured and consolidated their affiliates in response to changes in US tax regulations.

Companies also continued their focus on lowering capital costs, increasing capital access and improving balance sheets to position for infrastructure expansion.