英国石油公司和皇家荷兰壳牌并购策略对比及对中国石油企业的借鉴

A Comparison between M&A Strategies of BP and Shell and What Chinese Oil Companies Can Learn from Them

20世纪90年代中期以后,世界石油行业展开了新一轮的兼并重组浪潮,英国石油公司(BP)和皇家荷兰壳牌公司分别选择了不同的并购策略。BP采取了积极进取的并购策略,进行了一系列的并购活动,其中与阿莫科、阿科的两次合并奠定了BP跻身三大跨国石油公司的基础,极大地提高了BP原油和天然气的储产量。而壳牌拒绝进行大规模的兼并收购活动,只是进行了一些中小规模的并购,且在上游领域的大手笔并购方面一直置身事外。壳牌对并购采取保守消极态度的根本原因是其独特的双重所有权结构,此外,对油价走势的错误估计也是一个重要原因。迥异的并购策略最终决定了两家公司在21世纪头10年中不同的发展轨迹。BP不仅站稳了全球三大跨国石油公司的位置,同时也极大地增强了公司抵御风险的能力,储量替代率始终保持在100%以上,并且于2009年底已经在基本纯收入、营业收入、日均产能三大核心指标上全面压倒壳牌。中国的石油企业要想实现从国家石油公司到跨国国家石油公司的转变,也必须借助并购的力量,并购是实现跨越式发展的主要手段。同时,应考虑设立专门的并购部门,所进行的并购活动也应该是战略驱动型并购,而且并购目标可以适当向天然气领域倾斜。

The world oil industry has witnessed a new wave of mergers and acquisitions since the mid- 1990s and British Petroleum（BP） and Shell have opted different M＆A tactics.Adopting an aggressive M＆A tactic ,BP has been engaged in a series of M＆A activities.The merger of Amoco and ARCO laid the founda- tion for BP becoming one of the world＇s three largest oil multinationals and significantly raised the company＇ s oil and gas reserves.By contrast,Shell would not engage in large-scale M＆A activities and only carried out some small and medium-sized acquisitions.The company has also long stayed aloof from large-scale M＆As in the upstream sector.The unique double-ownership structure of the company is thought to be the largest ratio- nale behind the company＇s conservative attitude towards M＆A.Another reason for this attitude is the compa- ny＇s misestimate of oil price trends.Disparate M＆A tactics have led to different track records of the two companies in the first 10 years of this century.While securing its position as one of the world＇s three biggest oil companies,BP has considerably strengthened its ability to resist risks with its reserve replacement rate never dropping below 100%.At the end of 2009,BP overtook Shell in all the three major performance indices - basic net income,operating revenue and daily production capacity.To evolve to a multinational na- tional oil company from a national oil company,Chinese oil enterprises must take advantage of M＆As as M＆A is the main approach to achieving leapfrogging development.Departments specialized in M＆A issues should be established and M＆As carried should be strategy driven.These enterprises should also skew towards natural gas projects in selecting M＆A targets.