The "2013 Oil & Gas Industry Development Report Domestically and Internationally" newly published by the China National Petroleum Corporation's Institute of Economics and Technology shows that due to the decline in oil and gas production, low crude oil prices and rising costs, the major international oil company's operating revenue and net profit in 2013 For the second consecutive year, the decline has occurred and the return on investment has also shown a downward trend. In response to market challenges, major international oil companies have placed greater emphasis on value growth. From large-scale expansion to improved economic efficiency, several major international oil companies have focused on optimizing, intensive, and high-yield asset adjustments to improve existing asset quality and increase The development of deepwater, LNG, and unconventional oil and gas resources was strengthened, and cooperation with state oil companies was strengthened. The trend of oil companies from competition to competition has become increasingly prominent.
The general decline in operating performance Zhang Weizhong, director of the Development Strategy Institute of the China National Petroleum Corporation’s Institute of Economics and Technology, recently stated: “In 2013, the operating environment of major international oil companies was not optimistic. Under the combined effects of various factors, the operating performance of major international oil companies In 2013, the operating revenues of Exxon Mobil, BP, Shell, Chevron, and Total International Oil Company fell by an average of 3%, and net profit fell by 20%.
Zhang Weizhong believes that the reasons for the decline in the performance of international oil companies are manifold – the international oil price fluctuated at a high level, the production of refined oil continues to decline, and the overall gross profit of refining oil declined. The rising prices of engineering services and raw materials further weakened the profitability of oil companies.
At the same time, the return on investment of several major international oil companies also declined in 2013. According to the data released by Shell and Total, in the first nine months of 2013, Shell's average return on investment fell from 13.6% in 2012 to 10.4%, and Total fell from 15.8% to 14.1%.
The start of the shift in strategic objectives began to push international big oil companies to begin the process of transformation. In the increasingly complex market environment, international big oil companies generally realize that it is more and more difficult to rely solely on scale expansion to achieve growth in operating performance. Therefore, several major international oil companies have shifted from focusing on scale expansion to attaching importance to value growth and have begun to make efforts to change the mode of growth and improve quality and efficiency.
According to statistics, in 2013, the total oil and gas output of the major international oil companies and the total sales of oil products both fell by 2%, and the processing volume of crude oil also decreased by 7%. Zhang Weizhong analyzed that “there is such a downward trend, there are natural factors, but in reality it is subject to more subjective factors. The major international oil companies have voluntarily lowered their output targets to respond to changes in the industry environment and improve profitability.â€
In 2013, BP proposed to create value for shareholders through the long-term and sustainable increase of free cash flow, and establish value growth as the driving force for company development. Shell also stated that the company's development goal is to ensure that the company's earnings and cash flow keep growing at any stage of the industry cycle. Oil and gas production is no longer the company’s primary strategic driver.
Under the guidance of the concept of "profitable growth," international major oil companies began to optimize assets around intensive, optimized, and high-yield assets, free assets, and adjust and optimize the structure of downstream assets. In 2013, companies such as Shell, BP, Total, and Chevrolet, in varying degrees, have divested assets of lower-margin refineries and gas stations, as well as lower-efficiency upstream natural gas assets. At the same time, major companies pay more attention to improving operating cash flow. BP plans to increase its operating cash flow to 30 to 31 billion U.S. dollars this year; Shell plans to increase its total cash flow from 2012 to 2015 to 175 to 200 billion U.S. dollars; Total also plans to make the year between 2015 and 2017. The operating cash flow was increased to about 40 billion US dollars.
To enter the non-traditional field to improve profitability, access to adequate oil and gas resources is essential. Faced with the situation that the upstream production scale has changed from rising to falling, and the growth is weak in recent years, major oil companies will continue to develop deepwater, LNG and unconventional oil and gas as the focus of oil and gas production growth. In 2013, major projects invested by major international oil companies focused on deepwater oil and gas in the world, LNG in the Asia-Pacific region, unconventional oil and gas in North America, and oil sands projects in Canada. Of the 15 major projects that Shell plans to put into operation in 2013 and 2014, the combined proportion of deep water, LNG, oil sands, and unconventional oil and gas projects reached 67%.
“It is expected that by 2021, the output growth of major international oil companies will still rely mainly on four areas: deep water, LNG, oil sands, and unconventional oil and gas, while deep-water oil and gas is the largest source of production, followed by oil sands and unconventional resources. Diversification of oil company resources will result in a significant decline in the proportion of conventional onshore oil and gas production. It is expected that the ratio of conventional onshore oil and gas production of major international oil companies will decrease from 36% in 2011 to 32% in 2021.†Zhang Weizhong stated .
He also mentioned that at present, another challenge faced by the development of major international oil companies is the increase in the protection of their resource resources by the governments of resource-rich countries and the continuous growth of national oil companies. If an international oil company wants to acquire more resources and maintain its leading position in the world, it must establish a mutually beneficial and win-win strategic cooperative partnership with the local state oil company of the resource country. The competition is a competition and competition, and the investment risk is reduced.
The general decline in operating performance Zhang Weizhong, director of the Development Strategy Institute of the China National Petroleum Corporation’s Institute of Economics and Technology, recently stated: “In 2013, the operating environment of major international oil companies was not optimistic. Under the combined effects of various factors, the operating performance of major international oil companies In 2013, the operating revenues of Exxon Mobil, BP, Shell, Chevron, and Total International Oil Company fell by an average of 3%, and net profit fell by 20%.
Zhang Weizhong believes that the reasons for the decline in the performance of international oil companies are manifold – the international oil price fluctuated at a high level, the production of refined oil continues to decline, and the overall gross profit of refining oil declined. The rising prices of engineering services and raw materials further weakened the profitability of oil companies.
At the same time, the return on investment of several major international oil companies also declined in 2013. According to the data released by Shell and Total, in the first nine months of 2013, Shell's average return on investment fell from 13.6% in 2012 to 10.4%, and Total fell from 15.8% to 14.1%.
The start of the shift in strategic objectives began to push international big oil companies to begin the process of transformation. In the increasingly complex market environment, international big oil companies generally realize that it is more and more difficult to rely solely on scale expansion to achieve growth in operating performance. Therefore, several major international oil companies have shifted from focusing on scale expansion to attaching importance to value growth and have begun to make efforts to change the mode of growth and improve quality and efficiency.
According to statistics, in 2013, the total oil and gas output of the major international oil companies and the total sales of oil products both fell by 2%, and the processing volume of crude oil also decreased by 7%. Zhang Weizhong analyzed that “there is such a downward trend, there are natural factors, but in reality it is subject to more subjective factors. The major international oil companies have voluntarily lowered their output targets to respond to changes in the industry environment and improve profitability.â€
In 2013, BP proposed to create value for shareholders through the long-term and sustainable increase of free cash flow, and establish value growth as the driving force for company development. Shell also stated that the company's development goal is to ensure that the company's earnings and cash flow keep growing at any stage of the industry cycle. Oil and gas production is no longer the company’s primary strategic driver.
Under the guidance of the concept of "profitable growth," international major oil companies began to optimize assets around intensive, optimized, and high-yield assets, free assets, and adjust and optimize the structure of downstream assets. In 2013, companies such as Shell, BP, Total, and Chevrolet, in varying degrees, have divested assets of lower-margin refineries and gas stations, as well as lower-efficiency upstream natural gas assets. At the same time, major companies pay more attention to improving operating cash flow. BP plans to increase its operating cash flow to 30 to 31 billion U.S. dollars this year; Shell plans to increase its total cash flow from 2012 to 2015 to 175 to 200 billion U.S. dollars; Total also plans to make the year between 2015 and 2017. The operating cash flow was increased to about 40 billion US dollars.
To enter the non-traditional field to improve profitability, access to adequate oil and gas resources is essential. Faced with the situation that the upstream production scale has changed from rising to falling, and the growth is weak in recent years, major oil companies will continue to develop deepwater, LNG and unconventional oil and gas as the focus of oil and gas production growth. In 2013, major projects invested by major international oil companies focused on deepwater oil and gas in the world, LNG in the Asia-Pacific region, unconventional oil and gas in North America, and oil sands projects in Canada. Of the 15 major projects that Shell plans to put into operation in 2013 and 2014, the combined proportion of deep water, LNG, oil sands, and unconventional oil and gas projects reached 67%.
“It is expected that by 2021, the output growth of major international oil companies will still rely mainly on four areas: deep water, LNG, oil sands, and unconventional oil and gas, while deep-water oil and gas is the largest source of production, followed by oil sands and unconventional resources. Diversification of oil company resources will result in a significant decline in the proportion of conventional onshore oil and gas production. It is expected that the ratio of conventional onshore oil and gas production of major international oil companies will decrease from 36% in 2011 to 32% in 2021.†Zhang Weizhong stated .
He also mentioned that at present, another challenge faced by the development of major international oil companies is the increase in the protection of their resource resources by the governments of resource-rich countries and the continuous growth of national oil companies. If an international oil company wants to acquire more resources and maintain its leading position in the world, it must establish a mutually beneficial and win-win strategic cooperative partnership with the local state oil company of the resource country. The competition is a competition and competition, and the investment risk is reduced.
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