能源对冲基金着眼加拿大石油行业

据世界石油1月10日报道，在去年大举做空美国页岩油气公司之后，一家能源对冲基金正将目光转向遭受重创的加拿大石油行业。

据知情人士透露，韦斯特贝克资本管理公司(Westbeck Capital Management)在去年实现了40%的增长后，认为押注加拿大公司会更好，因为它们不需要像押注美国公司那样花费大量资产，因此拥有更高水平的自由现金流。此外，加拿大油田的产量并没有像美国页岩油田那样迅速下滑。

近年来，加拿大能源行业遭受了一波金融打击，原因是缺乏管道供应外输能力，阻碍了增长前景。这促使外国公司在过去三年中剥离了300多亿美元的资产。

但转机可能即将到来。

伦敦韦斯特贝克首席执行官Jean-Louis Le Mee表示："以目前的油价来看，加拿大的石油公司正在产生大量的自由现金流，因为他们不是花钱来发展自己的产品，而是花钱来维持产品。”

LeMee此前是BlueGold Capital Management的联合创始人，他更喜欢加拿大中型企业股票，比如MEG Energy、Baytex Energy、Crescent Point Energy、Parex Resources和Torc Oil&Gas。

此前，TD证券在下调美国勘探和生产公司评级时，维持了对加拿大能源行业的增持立场。

王佳晶 摘译自 世界石油

原文如下：

Hedge fund that won big shorting U.S. shale is bullish align="justify">After big wins shorting U.S. shale companies last year, align="justify">After gaining 40% last year, according to a person familiar with the results, Westbeck Capital Management is betting Canadian firms are better positioned because they don’t need to spend as much as their U.S. counterparts, giving them a higher level of free cash flow. Also, oil fields in Canada aren’t experiencing the rapid rate of production declines that has plagued companies operating in American shale fields.

Canada’s energy industry has seen a wave of financial blows in recent years, driven by a lack of pipeline availability that has choked off growth prospects. That’s prompted foreign companies to ditch more than $30 billion of assets in the past three years.

But a turnaround may be coming.

“At current oil prices, Canadian oil names are generating gigantic amounts of free cash flows as they aren’t spending money to grow their product, they are just spending to maintain it,” said Jean-Louis Le Mee, chief executive officer at London-based Westbeck.

Le Mee, who previously co-founded BlueGold Capital Management, said he favors Canadian mid-cap names like MEG Energy, Baytex Energy, Crescent Point Energy, Parex Resources and Torc Oil & Gas.

Earlier this week, TD Securities maintained an overweight stance align="justify">