低油价周期国际石油公司资产剥离策略分析及借鉴启示.pdfVIP

专家分析 Expert Analysis 低油价周期国际石油公司资产 剥离策略分析及借鉴启示 1，2 2 2 徐  东 ，芮旭涛 ，许慧文 （1. 天津大学 管理与经济学部，天津 300072 ；2. 中国石油规划总院，北京 100083 ） 摘要：低油价周期下，剥离非核心油气资产是石油公司应对资产估值缩水、资产负债率高 企和自由现金流短缺等问题的典型做法。本文从分析国际石油公司和独立石油公司最近一轮资 产剥离情况入手，比较分析中外石油公司的不同操作模式及特点，总结市场出现的新方向、新 方式，旨在为国内石油公司在低油价下，结合国家深化油气体制改革和混合所有制改革的背 景，通过借鉴和参考国外石油公司的经验和做法，更好地探索低效资产退出策略、更有效地实 施资产优化组合，更加灵活地运用生产经营和资本运营双轮驱动模式以促进国内石油公司的健 康与可持续发展。 关键词：低油价周期；国际石油公司；资产剥离；新特点；新方式；借鉴启示 中图分类号：F416 文献标识码：A 文章编号：1003-2355-(2016)12-0018-05 Doi: 10.3969/j.issn.1003-2355.2016.12.003 Abstract: In low oil price cycle, oil companies have faced many difficulties including less asset valuations, higher debt ratio and free cash flow shortage, and the typical way to grapple with these problems is divesting non-core oil and gas assets. Based on the analysis of the latest round divestiture cases that were adopted by IOCs and EP, the article compares the operating modes and features between China and foreign oil companies and summarizes the new methods and features appeared on the market. Combining with the policy background of deepening the reform of oil and gas system mixed-ownership and taking the good experiences from foreign oil companies as reference, the article purposes how to probe the exit strategies of the inefficient assets, implement the assets optimization and combination, and apply the dual mode of production management and capital operation in order to promote the sustainable development of domestic oil companies. Key words: Low Oil Price Cycle; IOCs; Divestiture; New Features; New Methods; Insights 低油价周期对国际、国内石油公司的经营带 均 17% 上升到21% 以上，并有继续攀升的势头； 来严重的冲击，具体表现在公司资产价值普遍 自由现金流出现负数，主要石油公司均出现了现 严重缩水。据统计，2015 年埃克森美孚、壳牌