低油价下油气并购市场走势及其启示

The Trend Of Oil And Gas M&A Market Under Low Oil Prices And Its Enlightenment

2014年下半年油价下跌进入低油价期以来,油气收并购市场交易量萎缩、交易价格下降、交易主体与高油价期相比也发生了重大变化。石油公司是收并购市场的主体之一,收并购市场是油公司实施战略措施的重要平台,因此收并购市场的变化也反应了油公司在低油价期的战略调整方向。石油公司应遵循在缓解当前经营困境的短期目标和保持未来发展潜力的长期目标间保持平衡的原则。建议中国的石油公司实施战略转型,从规模发展向效益发展转变;实施差异化战略,注重资产优化和价值增长;实施逆周期战略,注重前瞻性决策和可持续发展。

Since the drop in oil prices into the period of low oil prices,the trading volume in the oil and gas acquisition and mergers and acquisitions market has shrunk,trading prices have declined,and major changes have taken place in the trading entities compared with the period of high oil prices.Oil companies are one of the main entities in the M&A market.The M&A market is an important platform for oil companies to implement strategic measures.Therefore,changes in the M&A market also ref lect the strategic direction of the oil companies in the low oil price period.Oil companies should follow the principle of balancing the shortterm goals of mitigating current business difficulties with the long-term goals of maintaining future growth potential.It is suggested that China’s oil companies implement strategic transformation,shift from scale development to efficiency development,implement differentiated strategies,focus on asset optimization and value growth,implement countercyclical strategies,and focus on forward-looking decisions and sustainable development.