世界石油

出版商注：雪佛龙公司将于2024 年 8 月 18 日至 21 日出席EnerCom 丹佛能源投资会议。请注册参加。

（彭博社）“雪佛龙公司连续第二个季度超出预期，近期收购带来的强劲石油产量增长帮助该公司利用了每桶 80 美元以上的原油价格。

调整后第一季度利润为每股 2.93 美元，比彭博共识分析师平均预期高出 3 美分。原油产量超出预期近 2 百万桶/日。

雪佛龙正面临投资者和分析师的质疑，质疑其投资组合是否具有足够的长期增长潜力，特别是如果其以 530 亿美元收购赫斯公司 (Hess Corp.) 失败的情况下。今年 3 月，埃克森美孚公司对雪佛龙收购赫斯在圭亚那近海大型石油项目中 30% 股份的权利提出异议，导致该交易遇到障碍。

由于投资者钦佩雪佛龙的财务实力和大股东回报，雪佛龙在疫情期间和之后的表现均优于竞争对手。去年，其回购额接近 150 亿美元，占已发行股票的 5%。但随着全球石油需求创下新纪录，电动汽车销量下滑，该行业开始再次瞄准原油产量增长。

这就是为什么赫斯交易对雪佛龙如此重要。它将获得首席执行官迈克·沃斯(Mike Wirth)所说的“行业中最具吸引力、最长寿的增长资产”30%的股份。这也将有助于缩小与埃克森美孚的估值差距，埃克森美孚经营着圭亚那的斯塔布鲁克石油公司块并拥有45%。

尽管沃斯仍希望完成对赫斯的收购，但他正试图向投资者证明雪佛龙自身拥有足够的有机增长潜力。该公司的目标是在没有 Hess 的情况下今年产量增长 4% 至 7%，主要来自二叠纪盆地（墨西哥湾的一个新海上平台）以及雪佛龙 8 月份收购的 PDC Energy。

Wirth此前曾表示，二叠纪盆地产量将在今年上半年下降，然后在下半年强劲增长，整个地区的年增长率约为10%。从长远来看，雪佛龙的增长前景面临更大挑战。哈萨克斯坦的一个大型扩建项目超出了预算并落后于计划，二叠纪地区以外的页岩油产量预计将持平。

主要图片（来源：路透社）

World Oil

Publisher’s Note: Chevron Corp will present at EnerCom Denver- The Energy Investment Conference on August 18-21, 2024. Register to attend.

(Bloomberg) – Chevron Corp. surpassed expectations for a second straight quarter as strong oil-production growth from recent acquisitions helped the company take advantage of crude prices above $80 a bbl.

Adjusted first-quarter profit of $2.93 a share was 3 cents higher than the average of analyst estimates in the Bloomberg Consensus. Crude-oil production of almost 2 MMbpd exceeded forecasts.

Chevron is facing questions from investors and analysts over whether its portfolio has enough long-term growth potential, especially if its $53 billion acquisition of Hess Corp. falls apart. The deal hit a roadblock in March when Exxon Mobil Corp. disputed Chevron’s right to absorb Hess’ 30% stake in a massive, Exxon-run oil project offshore Guyana.

Chevron outperformed rivals during and after the pandemic as investors admired its financial strength and large shareholder returns. Last year, its buybacks amounted to almost $15 billion, or 5% of outstanding shares. But with global oil demand hitting fresh records and electric vehicles sales stumbling, the industry is starting to target crude-production growth once again.

That’s why the Hess deal is so vital to Chevron. It would provide a 30% stake in what Chief Executive Officer Mike Wirth has called “the industry’s most attractive, long-lived growth asset.” It would also help narrow the valuation gap with Exxon, which operates Guyana’s Stabroek Block and owns 45%.

While Wirth still expects to complete the Hess acquisition, he’s attempting to make the case to investors that Chevron has enough organic growth potential on its own. The company is targeting between 4% and 7% production growth this year without Hess, largely from the Permian Basin, a new offshore platform in the Gulf of Mexico, and the addition of PDC Energy, which Chevron acquired in August.

Wirth previously flagged that Permian production would drop in the first half of the year before rising strongly in the second half, for region-wide annual growth of about 10%. Longer term, Chevron’s growth outlook is more challenged. A giant expansion project in Kazakhstan is over budget and behind schedule, and shale production outside the Permian region is expected to flatline.

Lead image (Credit: Reuters)