埃克森美孚以 595 亿美元收购石油和天然气生产商先锋自然资源的协议可能比雪佛龙以 530 亿美元收购赫斯的协议要大，但雪佛龙支付的价格更高。
资料来源：路透社
Pioneer 每年产生的现金是 Hess 的两倍，但全股票交易对 Pioneer 的估值仅为 12 个月现金流的 6.35 倍，而 Hess 为 11.65 倍。
这意味着雪佛龙为获得的每一美元现金流支付的价格几乎是埃克森美孚的两倍。
这种差异表明，雪佛龙对赫斯生产前景的评价高于埃克森美孚对先锋公司的评价。
先锋公司的所有收入都来自美国，特别是该国最大的油田、德克萨斯州西部和新墨西哥州东部的二叠纪页岩盆地，该盆地目前拥有最有利可图的面积，但其储量正在缓慢减少。
另一方面，赫斯公司近四分之一的收入来自石油热点圭亚那，该国斯塔布鲁克区块的低成本海上产量持续增长。
雪佛龙并未进入圭亚那，但它渴望建立一个立足点以赶上埃克森美孚，后者已经是南美国家的最大生产商。
（大卫·弗伦奇驻纽约报道；格雷格·鲁梅里奥蒂斯和玛格丽塔·蔡编辑）
Exxon Mobil’s $59.5 billion deal to acquire oil and gas producer Pioneer Natural Resources may have been larger than Chevron’s $53 billion agreement to buy Hess, but it is Chevron that is paying a loftier price tag.
Source: Reuters
Pioneer generates twice as much annual cash as Hess, but the all-stock transactions value Pioneer at just 6.35 times its 12-month cash flow compared with 11.65 times for Hess.
This means Chevron is paying close to double the price for every dollar of acquired cash flow compared with Exxon.
The discrepancy shows how Chevron values Hess’ production prospects more highly than Exxon values Pioneer’s.
Pioneer derives all its revenue from the U.S., specifically the country’s biggest oilfield, the Permian shale basin in West Texas and eastern New Mexico, which currently has the most lucrative acreage but whose reserves are slowly dwindling.
Hess, on the other hand, derives close to a quarter of its revenue from oil hot-spot Guyana, where low-cost offshore production from its Stabroek block continues to rise.
Chevron is not present in Guyana and was keen to establish a foothold to catch up with Exxon, which is already the top producer in the South American country.
(Reporting by David French in New York; Editing by Greg Roumeliotis and Marguerita Choy)