The net debts of the largest Western oil companies have surged by a third over the past year, increasing their vulnerability to another fall in oil prices.

西方大型石油企業(yè)的凈債務(wù)在過(guò)去一年中飆升了三分之一，加劇了它們?cè)谟蛢r(jià)再度下跌情況下的脆弱性。

The aggregate net debt of the 15 largest North American and European oil groups rose to $383bn at the end of March, up $97bn from 12 months ago, according to company reports compiled by Bloomberg.

根據(jù)彭博(Bloomberg)匯編的公司報(bào)告怕享，北美和歐洲15家最大石油集團(tuán)的凈債務(wù)總額截至今年3月底增至3830億美元帚称，比12個(gè)月前高出970億美元档礁。

Oil companies’ revenues have slumped as a result of the crash in crude prices that began in the summer of 2014. Although they have cut capital and operating costs sharply, most of them have had to borrow to finance their investment programmes and dividend payments.

石油公司營(yíng)收下滑的原因是原油價(jià)格自2014年夏天起大跌和蚪。盡管這些企業(yè)已大幅削減資本支出和營(yíng)運(yùn)成本呐舔，但它們當(dāng)中的大多數(shù)不得不借款以開(kāi)展投資計(jì)劃和派息矫俺。

The debt surge was particularly sharp in the first quarter of this year, when oil prices dropped to a low of about $27 per barrel.

債務(wù)升勢(shì)在今年第一季度尤為劇烈吱殉，該季度油價(jià)一度跌至每桶約27美元的低谷。

Although interest rates are near record lows and oil prices have since recovered, ending last week at about $49, the increased indebtedness of the industry means it will face greater difficulties should oil prices slip back again.

雖然利率接近歷史低點(diǎn)厘托，油價(jià)也已從谷底回升（上周結(jié)束時(shí)達(dá)到每桶約49美元）友雳，但石油行業(yè)負(fù)債增加意味著，若油價(jià)再度回落铅匹，該行業(yè)將面臨更大困難押赊。

That would be likely to mean more job losses and investment cuts, as well as possibly dividend cuts and more defensive mergers and acquisitions.

那很可能會(huì)意味著更多裁員和投資削減，以及可能的股息削減和更多的防御性并購(gòu)包斑。

Part of the increase in oil debt over the past year is accounted for by the $19bn cash component of Royal Dutch Shell’s acquisition of BG Group. But all the large companies have reported sharp increases in their borrowings.

過(guò)去一年期間石油業(yè)債務(wù)增加流礁，有一部分可歸因于荷蘭皇家殼牌(Royal Dutch Shell)以現(xiàn)金加股票方式收購(gòu)BG集團(tuán)(BG Group)的190億美元現(xiàn)金部分涕俗。但是所有大公司都報(bào)告借款急劇增加。

ExxonMobil’s net debts rose to $38.3bn at the end of March from $27.6bn a year earlier, while BP’s rose to $30.6bn from $24.6bn over the same period.

吧袼В克森美孚(ExxonMobil)的凈負(fù)債在3月底升至383億美元再姑，而一年前為276億美元；同期英國(guó)石油(BP)的凈負(fù)債從246億美元升至306億美元找御。

The rising debts and lowered expectations for future oil prices have prompted many credit rating agencies to downgrade oil companies, with Exxon last month losing its triple A grade from Standard & Poor’s.

債務(wù)不斷上升元镀，而對(duì)未來(lái)油價(jià)水平的預(yù)期有所降低，這種局面促使很多信用評(píng)級(jí)機(jī)構(gòu)調(diào)降石油企業(yè)的評(píng)級(jí)霎桅，上月捌芤桑克森失去了標(biāo)準(zhǔn)普爾(Standard & Poor’s)的AAA評(píng)級(jí)。

Although the rebound in oil prices is improving companies’ cash flows, and they are continuing to bear down on costs, they are still under financial strain with crude at present levels.

盡管油價(jià)反彈正在改善各企業(yè)的現(xiàn)金流哆档，同時(shí)它們?nèi)栽诶^續(xù)壓縮成本蔽挠，但在目前油價(jià)水平上住闯，它們的財(cái)務(wù)狀況仍然緊張瓜浸。

Jason Bloom, director of commodity research at Invesco PowerShares, said: “Prices at these levels are a big problem, not just for the smaller exploration and production companies, but also for the majors.”

Invesco PowerShares的大宗商品研究主管賈森?布魯姆(Jason Bloom)表示：“目前的油價(jià)水平是一個(gè)很大的問(wèn)題，不僅對(duì)較小的勘探和生產(chǎn)企業(yè)是如此比原，對(duì)大公司同樣如此插佛。”

摘自http://www.ftchinese.com/story/001067781/ce