据OGJ网站2019年2月12日休斯顿报道，美国能源信息署(EIA)的一份最新分析报告显示，上市的美国油气勘探和生产（E&P）企业在2018年发行了至少自2013年以来的最低数额的新融资，其中140亿美元来自债务以及20亿美元来自公开股票市场。

EIA表示，与往年相比，有几个因素可能导致美国E&P公司2018年的融资活动减少。

首先，2018年相对较高的利率水平导致了包括研发公司在内的所有公司发行债券或股票的成本上升。美国联邦基金利率在2018年平均为1.8%，是2008年以来的最高水平。由于原油价格下跌，能源企业债券收益率在去年第四季度出现上升。

除了更高的利率，与前几年相比，E&P公司可能需要更少的外部资金来源。截至2018年第三季度，46家美国石油生产商通过经营活动创造了560亿美元的现金流。2018年前三个季度的运营现金流高于2015-17年全年的现金流。

因此，美国E&P公司2018年全年的现金流可能是2014年以来这些公司的最高年度现金流。他们总共花费了600亿美元的资本支出，通过出售资产净产生了80亿美元。由于运营现金加上资产销售超过了资本支出，许多公司可能有足够的现金为其投资活动提供资金，而不需要发行债券或股票。

李峻 编译自 OGJ

原文如下：

EIA: New funding of US E&P companies lowest in 5 years

In 2018, publicly traded US oil and gas exploration and production companies issued the lowest amount of new funding since at least 2013, raising $14 billion in debt and $2 billion from public equity markets, according to an analysis by the US Energy Information Administration.

Several factors likely contributed to reduced financing activity in 2018 compared with previous years, EIA said.

First, the relatively higher level of interest rates in 2018 contributed to a higher cost of issuing debt or equity for all companies, including E&P firms. The US Federal Funds rate averaged 1.8% in 2018—the highest since 2008—and energy business bond yields increased in the fourth quarter as crude oil prices declined.

In addition to higher interest rates, E&P companies may have needed less outside sources of capital than in previous years. Through third-quarter 2018, a group of 46 US oil producers generated $56 billion in cash flow from operating activities. The amount of cash flow from operations through the first three quarters of 2018 was higher than full-year amounts from 2015-17.

[Native Advertisement]As a result, full-year 2018 cash flow will likely be the highest annual total since 2014 for these companies. Collectively, they spent $60 billion in capital expenditures and generated a net $8 billion from asset sales. Because cash from operations plus asset sales exceeded capital expenditures, many companies may have had enough cash to fund their investing activities without the need to issue debt or equity.