世界石油

（彭博社）“壳牌公司前首席执行官表示，在美国上市的国际石油公司受益于更高的市盈率、更多的资本获取渠道和更友好的投资者基础。

“这是一个重大问题，”本·范伯登在瑞士洛桑举行的《金融时报》商品全球峰会上讨论欧洲和北美石油和天然气公司之间的估值差距时表示。

欧洲超级巨头历来落后于美国同行，一些投资者指出，可再生能源方面的巨额支出是其股价表现不佳的部分原因。壳牌现任首席执行官瓦尔·萨万 (Wael Sawan) 将削减成本和向股东返还更多资金作为公司 10 季度冲刺计划的一部分，以此作为公司重组的一部分。

萨万在接受彭博社观点采访时承认，壳牌在伦敦上市似乎压低了其价值。

范伯登于 2022 年底从壳牌辞职，他表示，纽约证券交易所更深的资本池和更高的市盈率使北美估值高于欧洲。美国对石油和天然气公司的“更加积极”的态度也使各大石油公司受益。

“所有这些因素都对欧洲名单上的人不利，”他说。

范伯登补充说，虽然重新定位列表似乎是解决问题的明显方法，但这样做并不简单。与此同时，壳牌必须证明，尽管“价值被严重低估”，但它仍具有卓越的价值。

Van Beurden 承认，该公司曾考虑在 2021 年将上市地点迁至美国，随后壳牌宣布将放弃双重上市并将总部迁至伦敦。当时，它正试图解决与荷兰有关的问题，离开欧洲“太过遥远”。

“当然，我们考虑了各种选择，”范伯登说。 “我认为去英国是最合乎逻辑的下一步。这会是最后的游戏吗？你总是必须重新考虑还有哪些其他选择。”

主要图片（来源：路透社）

World Oil

(Bloomberg) – International oil companies listed in the U.S. benefit from higher multiples, greater access to capital and a friendlier investor base, according to Shell Plc’s former chief executive officer.

“It’s a major issue,” Ben van Beurden said when discussing the valuation gap between European and North American oil and gas players at the FT Commodities Global Summit in Lausanne, Switzerland.

European supermajors have historically lagged behind their U.S. peers, with some investors pointing at large spending on renewables as part of the reason why shares have underperformed. Shell’s current CEO, Wael Sawan, has made it his focus to cut costs and return more money to shareholders as part of a 10-quarter sprint to shake up the company.

In an interview with Bloomberg Opinion, Sawan acknowledged that Shell’s London listing seemed to be suppressing its value.

Van Beurden, who stepped down from Shell at the end of 2022, said that deeper capital pools and higher multiples across the board on the New York Stock Exchange lifted North American valuations higher than those of Europeans. “More positive” attitudes in the U.S. to oil and gas companies also benefited majors.

“All these factors conspire against the people listed in Europe,” he said.

While relocating listings seems an obvious solution to the problem, doing so isn’t straightforward, Van Beurden added. In the meantime, Shell has to demonstrate it has superior worth despite being “massively undervalued.”

Van Beurden acknowledged that the company considered moving its listing to the US in 2021 before Shell instead announced it would drop its dual listing and move its headquarters to London. At the time it was trying to solve issues that were related to the Netherlands and leaving Europe was “a bridge too far”.

“Of course we looked at all sorts of options,” Van Beurden said. “We thought that going to the UK was the most logical next step. Was it going to be the end game? You always have to reconsider what other options are there.”

Lead image (Credit: Reuters)