2003—2013年中外石油公司上游成本变动特点及其启示

Changes and revelations in upstream costs at foreign oil companies from 2003 to 2013

基于石油公司上游成本指标体系的定义,利用BP、壳牌、雪佛龙、菲利普斯(康菲)、中国石油和中国石化6家石油公司过去11年的年报数据,对比分析了各石油公司的油气发现成本、勘探开发成本、操作成本、勘探费用成本和供应成本的水平及其变动趋势,归纳分析了6家石油公司油气成本变动的特点和变化的原因。总结提出了四点认识:第一,石油公司油气成本的上升已经常态化和规律化,短期油气成本指标水平的对比对石油公司价值评估的作用和影响日趋弱化;第二,石油公司的油气储量的确认与投资支出周期背离,储量数值存在虚化和不确定性,需要重视储量投入和储量成果的合理匹配;第三,变成本管控为成本管理,以公司价值增长为成本管理尺度;第四,油气行业进入薄利经营时代,石油公司经营战略需要相应转变。

An upstream oil company cost index, based on annual data from6 oil companies, BP, Shell, Chevron, Phillips(ConocoPhillips)CNPC and Sinopec over the past 11 years, was used fo a comparative analysis of various oil and gas companies exploration and development costs, their operating costs, and the trend in the level and change in their expenses and supply costs and for a summary and analysis of the causes and characteristics of changes in their final oil and gas costs. This paper presents a four-point revelations: first, rising final oil and gas costs are already frequent and the norm, and short term the role and effect of the final oil and gas cost index level in determining estimated oil company value has increasingly diminished second, recognition of oil and gas reserves by oil companies is shifting away from the cycle of investment spending on reserves, making the value of reserves blurred and uncertain with a need to reasonably match reserves investment withreserves outcomes; third, cost control as final cost management, is being transformed into company value growth as a final cost management yardstick; fourth, the oil and gas industry is entering an era of operating on small profit margins, requiring a corresponding change in oil companies' operating strategy.