Ой, как же я не люблю эти проторговки одного уровня....
We based this analysis primarily on the published financial reports of 54 publically traded companies, so the results do not necessarily represent the sector as a whole because the analysis does not represent the financial situation of private companies that do not publish financial reports. U.S. oil producers have benefited from higher oil prices as evidenced by the higher revenue and increased cash flow from operating activities (also known as operating cash flow, or OCF) reported by these companies. Despite higher OCF, these companies have not increased capital expenditures to 2019 levels, which has contributed to higher free cash flow (FCF), the financial measure found by subtracting capital expenditure from OCF. As a result of positive FCF, many oil producers have had the ability to pay capital expenditures by using OCF rather than by raising debt or issuing equity. Through 2Q21, companies have also not significantly increased oil production, instead drilling fewer wells and accessing their inventory of drilled but uncompleted wells (DUC) to complete new wells at reduced costs. According to their publically filed financial reports, the 54 U.S. oil producers that we analyzed have reversed their financial trends since 2018. Their FCF had been persistently lower than zero, but since 3Q20, FCF has become positive and has been increasing. Capital expenditures have trended downward and have remained lower than OCF since 3Q20 (Figure 2). With positive FCF, producers can pay for capital investment programs and use cash for other financing activities, including debt reduction, dividend increases, or share repurchases.   https://www.eia.gov/petroleum/weekly/archive/20... |
