据美国彭博新闻社2019年12月4日休斯顿报道，美国切萨皮克能源公司(Chesapeake Energy Corp.)减轻其100亿美元债务负担的举措缓解了人们对这家美国油气生产商生存能力的担忧，但威胁这家能源公司长期前景的根本性问题依然存在。
切萨皮克能源公司的股价和债券价格周三（4日）出现了上涨。此前切萨皮克能源公司曾表示，贷款机构已同意放松对其举债能力的一些限制，这为其此前的“持续经营”债券发行扫清了障碍。切萨皮克能源公司还宣布，该公司将从一些银行获得15亿美元的额外贷款，并计划以折扣价回购将在2025年到期的7亿美元票据，并将其他债券换成新的证券。
切萨皮克能源公司的融资方案可能会降低杠杆率，并削减其整体债务负担。切萨皮克能源公司目前的杠杆率大约为每股收益的4倍。然而，这并没有改变这家总部位于俄克拉荷马城的能源生产商的基本轨迹。据道明证券(TD Securities) 专注于能源行业高收益分析师的詹姆斯·斯派塞所说，近几年来，由于疲软的石油和天然气价格给美国的页岩热潮蒙上阴影，切萨皮克能源公司一直难以产生正的现金流。
斯派塞说：“我不确定这是否能解决他们的问题，根本问题是产生自由现金流。切萨皮克能源公司表示能够，但我认为这在很大程度上是在向投资者展示我的故事。”
切萨皮克能源公司没有回复记者的置评请求。
李峻 编译自 彭博社
原文如下：
Chesapeake Debt Deal Skirts Bankruptcy
Chesapeake Energy Corp.’s move to tame its $10 billion debt load alleviates immediate concerns about the oil and gas producer’s viability, yet fundamental issues threatening the company’s long-term outlook remain.
The company’s shares and bonds gained Wednesday after it said lenders agreed to loosen some restrictions on its ability to incur debt, clearing up a prior “going concern” issue. Chesapeake also announced it was securing an additional $1.5 billion loan package from a group of banks, as well as plans to buy back $700 million of notes due in 2025 at discounted prices and swap other bonds into new securities.
The company’s financing proposals could reduce leverage from its current level of around 4 times a measure of earnings and trim its overall debt load. Yet it doesn’t change the fundamental trajectory for the Oklahoma City-based energy producer, which has struggled to generate positive cash flow in recent years as weak oil and gas prices cast a pall over America’s shale boom, according to James Spicer at TD Securities.
“I’m not sure that it solves their problems,” said Spicer, a high-yield analyst focused on the energy sector. “The underlying issue is generating free cash flow. The company is saying it can, but I think it’s very much a show-me story for investors.”
Chesapeake didn’t respond to a request for comment.
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