战略转型期国际油服公司资本运营特点分析

Capital operation of international oil service companies in the period of strategic transformation

在能源低碳化、油气资源劣质化等诸多因素的叠加影响下,国际油服公司以合作、风险投资等方式迅速向新领域扩张,以资产/业务剥离、回收股票和企业分立等多种收缩性资本运营方式退出市场和业务。其在退出中采取慎重选择剥离方式,保证溢价,保留轻资产高增值环节;适时回购有价票据,对外提振信心,对内增加激励手段;分拆切离,灵活运作,助推快速抢占机遇;把握时机,主动退出,掌握市场运作的主动性等运作策略,在保持战略敏感,提升业务进入/退出的自觉性和主动性;系统评估业务组合,提升管理业务组合的积极性等方面对中国国有油服公司具有借鉴意义。

Under the superimposed influence of many factors such as low-carbon energy and poor quality of oil and gas resources,on the one hand,the international integrated oil service company rapidly expanded to new fields by means of cooperation and venture capital;on the other hand,it withdrew from the market and business by means of various contractive capital operations such as asset or business divestiture,stock recovery and enterprise separation.International oil companies choose the divestiture method carefully to guarantee the premium and retain the links of light assets and high value-added;timely repurchase of valuable bills to boost confidence externally and increase incentives internally;spin-off and separation with flexible operation to seize opportunities;grasp the opportunity,take the initiative to exit to master the initiative of market operation and other operation strategies,maintain strategic sensitivity and improve the consciousness and initiative of business entry or exit;systematic evaluate business portfolio and improve the enthusiasm of managing business portfolio,etc.These operation measures have reference significance to China’s state-owned oil service companies.