此次交易使Western Midstream得以收购该页岩区最大的水资源承包商之一。Western Midstream的最大股 东是西方石油(OXY.US)。根据Western Midstream的投资者简报，Aris控制着北美产量最大的石油产区二 叠纪盆地约790英里的废水管道，每天能够处理180万桶废水。 Western Midstream周三在一份声明中表示，根据该交易，股东们每持有1股Aris股票，可获得0.625股 Western Midstream普通股或25美元现金，这一价格较周二收盘价高出23%。Western Midstream还称，现 金选择权可能会根据比例进行调整，最高现金支付额为4.15亿美元。 页岩管道运营商Western Midstream(WES.US)同意以约15亿美元的现金和股票形式收购Aris Water Solutions(ARIS.US)，此举旨在将其业务拓展至二叠纪盆地蓬勃发展的水处理领域。 由于二叠纪盆地每生产一桶原油就会产生约五桶废水，废水处理业务正成为石油生产中日益重要的组成 部分。处理废水的主要方式是通过管道将其输送出去，然后注入地下的处置井。据行业咨询公司 ...

Core Viewpoint - Shenzhen Energy Group maintains a long-term credit rating of AAA with a stable outlook, reflecting its strong operational performance and financial stability [1][5][4]. Company Overview - Shenzhen Energy Group is a large comprehensive energy supplier under the Shenzhen Municipal Government's State-owned Assets Supervision and Administration Commission [5][9]. - The company has expanded its operational scale and improved its clean energy ratio, with a strong sustainability in its main business [5][9]. Financial Performance - In 2024, the company's total operating revenue increased by 1.75% to CNY 412.14 billion, while total profit rose by 12.67% to CNY 36.99 billion [5][17]. - As of the end of 2024, the company's total assets reached CNY 1,613.71 billion, with equity of CNY 582.05 billion [9][6]. Debt and Credit Metrics - The company has a low proportion of restricted assets, totaling CNY 3.868 billion, which is 2.40% of total assets [6]. - The total debt increased to CNY 98.262 billion by the end of 2024, with a debt-to-asset ratio of 74.78% [6][5]. Operational Strengths - The company has a diversified power generation structure, with a significant increase in clean energy capacity, which accounted for 74.63% of total installed capacity by the end of 2024 [12][18]. - The company operates 42 solid waste treatment plants with a total daily processing capacity of 50,515 tons [15][5]. Industry Context - The energy supply and environmental protection issues are becoming increasingly prominent, with a shift towards clean energy investments expected to continue [11][12]. - The power industry is anticipated to face cost pressures due to high fuel prices, particularly for coal and gas, while maintaining a balance between supply and demand [12][11]. Future Outlook - The company's overall power generation capacity is expected to expand further with the commissioning of new projects, reinforcing its competitive position in the industry [5][12]. - The credit rating outlook remains stable, with no immediate factors expected to trigger an upgrade or downgrade [5][6].