国际大石油公司经营业绩及战略动向分析

Analysis of International Petroleum Majors' Business Performance and Strategic Orientation

2017年以来受全球经济稳步复苏和油价回升影响,国际大石油公司上半年经营呈现了油气产量稳中有升、原油加工量下降,经营业绩大幅攀升、上游盈利能力显著增强、下游业绩出现分化,资本支出继续下滑、投资结构短期"减上游增下游"明显、更加注重投资短期高回报项目,经营现金流增幅显著、自由现金流由负转正等趋势。文章分析总结了近几年五大国际石油公司的战略调整动向:从"多元化"向"专业化"转型,专注打造优势领域,实现资产核心化;从"油气公司"向"气油公司"转型,持续加大天然气业务投入;从"燃料型"向"燃料型+原料型"炼化公司转型,持续优化炼油资产,积极发展化工业务;对新能源业务的未来看法不一。国际大石油公司积极实施战略调整,谋求资产和业务转型、确立优势领域等一系列战略举措,对低油价时期维持业绩相对稳定、维护竞争地位、寻求可持续发展以及迎接能源变革等发挥了积极作用。

Infuenced by gradual global economic resumption and oil price hike, international oil majors saw a series of characteristics in their business operation in the frst half of 2017, such as stable growth in oil and gas production, fall of crude processing amount, dramatic growth in business performance, remarkable enhancement of upstream proft-making ability with downstream business performance becoming divided, continual slide in capital expenditure, “downstream rising while upstream declining” in investment structure on a short-term basis, more importance attached to short-term high-returns projects, business cash fow rising substantially, and free cash fow turning into positive from negative. This article analyzes the strategic orientations adjusted by fve international petroleum majors in recent years. They have focused on their advantageous areas for centralization of the assets, converting into “specialized type” from “multi-element type”. They are also in the transition from “oil and gas companies” to “gas and oil companies” to increase investment into natural gas business and from “fuel type” to “fuel type ＋ raw material type” oil refning and chemical companies to optimize refnery assets and accelerate chemical business development. They held different opinions on the future of new energy business. International petroleum majors have adopted a series of strategic measures, such as actively adjusting their strategies, making efforts for conversion of assets and business and focusing on the advantageous areas. Those measures have played an active role in maintaining business stability and competitive position, seeking sustainable development and making response to energy revolution at the time of low oil prices.