2015年全球典型独立石油公司生产经营特点分析

An Analysis of Operational Tactics of Typical Independent Oil Companies in 2015

2015年,国际石油价格低位运行,石油行业遭遇"寒冬",石油公司的生存发展愈加困难。选取9家具有典型性和代表性的独立石油公司作为研究对象,研究分析石油公司在应对低油价时生产经营策略出现的新变化。通过分析可知,低油价导致对标石油公司营业收入大幅下降,严重削弱了其盈利能力和可持续发展能力,并增加了生产经营风险。不过尽管如此,桶油五项成本和桶油折旧折耗与摊销(DD&A)分析显示,对标石油公司仍具有较强的生存能力,在油气勘探开发生产方面具有较大的盈利空间。但五项成本以外的其他成本导致盈利空间被压缩,甚至出现亏损。在应对低油价的过程中,维持较为充裕的现金流是对标石油公司的较优选择。尽管低油价导致现金流大幅下降,但对标石油公司仍积极采取措施增加现金流入,主要包括确保稳产增产、积极降本增效、计提资产减值和提升投资效率4个方面,这也是对标石油公司2015年生产经营方面最显著的特点。

International oil prices stayed at low levels throughout 2015 and the oil industry entered a winter of hardship.These companies are facing a more difficult situation.Selecting nine typical independent oil companies as subjects of research,this article analyzes new changes in oil companies＇ operational tactics at a time of low oil prices.Analysis shows that low oil prices have resulted in dramatic declines in benchmarked oil companies＇ operating revenue,significantly undermined their abilities to make profit and sustain growth and added risks to their operation.However,despite these adverse factors, ＂five costs＂ per barrel and Depreciation, Depletion and Amortization （DD＆A） per barrel analysis shows that the benchmarked oil companies still have strong abilities to survive and continue to enjoy high profit margins in the fields of oil and gas exploration, development and production.Nevertheless,other costs than the ＂five costs＂ have led to shrinking profit margins and even loss.At a time of low oil prices,the benchmarked oil companies generally prefer to maintain a relatively abundant cash flow.Although low oil prices have led to a dramatic decline in cash flows,these bench- marked companies still actively take measures to increase cash inflows,including ensuring stable production, cutting costs and increasing efficiency,withdrawing asset impairment and increasing investment efficiency.This is the most noticeable characteristic of these benchmarked oil companies＇ operation in 2015.