據今日油價4月26日報道，隨著油價徘徊在每桶20美元左右，且金融危機才剛剛開始，石油巨頭們正面臨著前所未有的財務問題。挪威國家石油公司成為了第一家削減股息的大型石油公司，該公司將其股息削減了67%，且在之后可能會繼續削減。

周五，意大利埃尼集團公布其第一季度利潤下降94%，值得注意的是，一季度還沒有受到當前經濟衰退的全面沖擊。埃尼集團削減了30%的支出，并將其今年的產量預期下調了10-12.5萬桶/天。埃尼集團首席執行官克勞迪奧·德斯卡齊表示：" 3月以來，全球經濟經歷著70多年來最復雜的時期，我們無法預計2020年的市場走勢。”

據英國《金融時報》和伍德麥肯茲數據顯示，如果未來兩年布倫特原油均價為每桶38元，那么，美國和歐洲最大的幾家石油公司就有損失1750億美元現金的風險。

各大石油公司通常會不惜一切代價守住股息。當無法同時支付資本支出和股東支出(過去10年一直如此)時，石油巨頭們就會采取削減支出、出售資產和增加新債務等舉措。不過，在今天的危機環境中，這一模式變得更具挑戰性。在石油大量過剩、需求持續下滑的情況下，拋售資產并不是真正可以依賴的策略。首先，各類產品的買家都將非常少，至少不會以大公司希望的價格購買。此外，潛在買家的財務狀況可能更糟糕，沒有數十億美元的資金可以用來投資那些不需要的項目。

這使得削減開支和債務成為主要手段。埃克森美孚在去年全年發行70億美元債券后，僅在3月和4月就已經背負了180億美元的額外債務。在過去的幾周里，殼牌公司已經收回了200億美元的新債務。

目前還不清楚這種策略能持續多久。自3月份以來，埃克森美孚的信用評級已被兩家評級機構下調。穆迪分析師在4月初寫道，埃克森美孚的現金流軌跡在進入2020年時已經相對疲弱。隨著高速增長的資本投資加上低迷的石油和天然氣價格，以及下游和化工行業的低盈利，導致該公司2019年的自由現金流為負值，債務也不斷增加”。

獨立的美國頁巖公司的情況則更糟。據估計，在10天的時間里，德克薩斯州有2500名石油和天然氣工人失去了工作。由于價格低廉，大陸資源公司已經關閉了在北達科他州的大部分生產。今年3月，西方石油公司削減了86%的股息，該公司的財務困境相較其他石油巨頭要嚴重得多，在去年收購阿納達科石油公司之后，該公司基本上無法再承擔新的債務。

與獨立的頁巖鉆探商相比，石油巨頭在危機中生存的能力要強得多，可能會以一種小規模、多負債的形式生存下來。

當前危機的影響將是長期的。據Rystad能源公司稱，由于目前的開支削減，到2030年，全球石油供應將減少6%，大約有價值1950億美元的非頁巖項目被推遲。

鄒勤 摘譯自 今日油價

原文如下：

Big Oil’s Dilemma: Cut Dividends Or Cut Operations

The oil majors are facing a financial vice like they never have before. With oil prices hovering around $20 per barrel and no end in sight for the global pandemic, the financial pain has only just begun. Norway’s Equinor became the first large oil company to cut its dividend, slashing it by 67 percent. It may not be the last.

On Friday, Italy’s Eni reported a 94 percent decline in profit in the first quarter, a period that did not capture the full brunt of the current slump. Eni cut spending by 30 percent and lowered its production guidance for this year by 100,000-125,000 bpd. “The period since March has been the most complex period the global economy has seen for more than 70 years,” Eni CEO Claudio Descalzi said. “Like everyone, we expect a complicated 2020.”

The largest U.S. and European oil companies are in danger of burning through $175 billion in cash if Brent averages $38 per barrel over the next two years, according to the FT and Wood Mackenzie.

The majors have typically guarded dividends at almost all costs. When unable to cover capex and also shareholder payouts – as has consistently been the case over the past decade – the majors have resorted to some combination of spending cuts, asset sales and taking on new debt.

That formula becomes more challenged in today’s crisis environment. With a massive surplus of oil and the prospect of a persistent slump in demand, selling off assets isn’t really a strategy they can rely on. For one, there are going to be very few buyers for anything, at least not at prices the majors would want. Also, would-be buyers are probably in worse financial shape and don’t have billions of dollars lying around that they can throw at the majors for their unwanted projects.

That leaves spending cuts and debt as the main instruments the majors will use. ExxonMobil has already taken on an additional $18 billion in debt in March and April alone, after $7 billion in bonds issued in all of last year. Shell has taken out $20 billion in new debt in the past few weeks.

It’s unclear how long that strategy can last. ExxonMobil has already seen its credit downgraded by two different ratings agencies since March. Exxon's cash flow trajectory was “already relatively weak entering 2020, as very high growth capital investment combined with muted oil and gas prices and low [earnings in its downstream and chemicals segments] resulted in substantial negative free cash flow and rising debt in 2019,” Moody’s analysts wrote in early April.

Independent U.S. shale companies are in even worse shape. An estimated 2,500 oil and gas workers lost their jobs in Texas in a 10-day span. Continental Resources has shut in most of its production in North Dakota because of low prices. In March, Occidental Petroleum cut its dividend by 86 percent. Occidental is in a much more serious financial predicament than the oil majors, largely unable to take on new debt after its unfortunately timed takeover of Anadarko Petroleum last year.

The oil majors have a much better ability to survive the crisis than independent shale drillers, but they may survive in a smaller, more indebted form compared to before the pandemic.

The effects of the current crisis will be felt over the long-term. According to Rystad Energy, global oil supply will be 6 percent lower in 2030 than it otherwise would have been due to the current cutbacks in spending. Roughly $195 billion in non-shale projects have been delayed, Rystad said.