There will be blood血色将至.docxVIP

There will be blood血色将至The ingenuity of America’s shale industry is admirable, the state of its finances awful美国页岩油产业的创新能力令人敬佩，但其财务状况却不容乐观翻译：@Kevin校对：@黑彪蓝色为不确定部分Jul 4th 2015 | From the print edition WALL STREET loves a good scrap almost as much as the wildcatters who drill for oil do. No wonder that the fight over the finances of America’s shale-oil industry has turned nasty. In one corner are shortsellers, including David Einhorn, a hedge-fund manager whose scalps include Lehman Brothers. They argue that “fracking”—the business of blasting oil out of rocks using water, sand and chemicals—is a bottomless pit into which too much cash has been thrown.华尔街的石油投机家乐见页岩油行业变成垃圾，以便做空牟利。石油公司则希望页岩油行业成为石油行业的一块“香饽饽”，以开采页岩油牟利。难怪美国页岩油产业资金之争愈演愈烈。一方面，包括大卫·艾因霍恩（David Einhorn）（曾成功做空雷曼兄弟公司（Lehman Brothers）的对冲基金经理）在内的做空者都认为“水力压裂法”——一种通过将水、沙和化学品的混合液泵入岩石以开采石油的工艺——是“烧”了太多钱的无底洞。In the other corner are America’s oil pioneers, who say that shale can thrive even though the benchmark American oil price has dropped from over $100 a barrel last year to $57 today. The oilmen are backed by plenty of other investors who are still pumping money into shale firms: some $35 billion of equity and bonds has been raised since December.Both sides have a point. It makes sense to be cheery about the long-term prospects for shale energy—and to be queasy about today’s bunch of fracking firms (see article).另一方面，美国石油行业的先驱认为即使美国油价基准已从去年的逾100$/桶跌至现在的57$/桶，页岩油依然会繁荣发展。石油商有很多其他投资者的支持，这些投资者一直在向页岩油企业投入大量资金：自去年十二月，投资者们募集到价值约350亿美元的股票和债券。双方的观点都有道理。一些人既对页岩能源的长期发展前景持乐观态度，同时也为现在遍地开花的水力压裂服务商感到担忧，这也在情理之中。Shale matters. The industry has become huge—listed firms have invested over half a trillion dollars of capital. Much of that money has been raised through junk bonds: if you include privately held companies, shale firms owe almost as much debt as Greece. After drilling beneath much of Texas and North Dakota, they account for 5% of global oil output. The health of shale firms affects people around the world, from Western drivers