国际大石油公司上游业务大调整的启示与建议

Analysis and suggestions on the upstream adjustments of international oil companies

通过对埃克森美孚、bp、壳牌、雪佛龙和道达尔5家国际大石油公司所面临的不同挑战,以及各公司上游投资与业务调整最新动态进行分析,发现新冠肺炎疫情以来,国际大石油公司纷纷大幅削减支出、严格控制投资。随着气候变化情景约束和来自各国政府、环保机构、社会活动人士及投资者的压力,也迫使各国际大石油公司放慢寻找化石燃料的步伐。一些公司坚定能源转型,但新能源领域尚不存在稳定的盈利模式,公司发展面临较大不确定性;一些公司仍固守油气主业,受到了来自公司股东和投资者的压力;一些公司传统油气业务和能源转型并行发展,总体表现较好。建议中国的石油公司油气业务与新能源业务平衡发展,重视增储上产的同时,把握机会优化资产组合。

Since the COVID-19 spread rapidly around the world,severely hit the global economy,oil companies slashed their expenditures and investments for self-protection,especially the largest five international operators,yet they are now facing different difficulties.Meanwhile,the constraints of climate change scenarios and pressures from governments,environmental protection agencies,social activists and investors force the major oil companies to slow down their pace to search for new reserves.Some of them are determined to transform,but the profitability of new energy is very unstable and the company’s development is facing even greater uncertainty.Those who still stick with oil and gas are under pressures from shareholders and investors.Some companies’oil and gas business and new energy have developed in parallel,and the overall performance is relatively good.It is recommended that China’s oil companies develop their oil and gas business and new energy business in a balanced manner,and focus on increasing reserves and production while seizing opportunities to optimize their asset portfolio.