聚焦上游业务！石油巨头明确2026年资本支出方向

石化行业走出去...01-04

近日雪佛龙、道达尔能源、bp等石油公司相继披露2026年支出指引在审慎中谋增长在转型里找平衡成为石油巨头们的岁末基调而它们的资本支出计划也透露出行业发展的真实图景或稳或降，聚焦高回报核心资产作为美国页岩油领域的代表企业雪佛龙的支出计划最具指向性其180亿～190亿美元的内生性资本支出较2025年155亿美元的计划上限提升约22%，但仍处于长期指导目标下限，凸显“增投但审慎”的态度。公司董事长兼...

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Oil majors clarify direction of capital expenditures in 2026","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"COP":0.9,"TTFNF":0.9},"content_text":"近日雪佛龙、道达尔能源、bp等石油公司相继披露2026年支出指引在审慎中谋增长在转型里找平衡成为石油巨头们的岁末基调而它们的资本支出计划也透露出行业发展的真实图景或稳或降，聚焦高回报核心资产作为美国页岩油领域的代表企业雪佛龙的支出计划最具指向性其180亿～190亿美元的内生性资本支出较2025年155亿美元的计划上限提升约22%，但仍处于长期指导目标下限，凸显“增投但审慎”的态度。公司董事长兼CEO明确表示，这一计划旨在“聚焦回报率最高的投资机会”。具体来看，170亿美元（占比90%）投向勘探开发等上游业务，其中105亿美元用于美国本土项目，近60亿美元专门锁定二叠纪、丹佛—朱尔斯堡等页岩油核心产区，支撑2026年美国地区日产量超200万桶油当量的目标；另有70亿美元投向圭亚那深水、东地中海等全球海上高潜力项目，4亿美元资本化利息专项支持圭亚那项目扩张。相比之下，下游业务仅获10亿美元投资，低碳及新能源业务则以10亿美元额度嵌入整体预算，体现“油气主业优先”的逻辑。欧洲能源巨头中，壳牌的“稳定策略”与bp的“收缩转型”形成鲜明对比。壳牌将2025～2028年资本支出稳定在200亿～220亿美元区间。从业务分配看，其投资呈现“传统与转型并重”特征：每年80亿美元投向传统上游油气，80亿～90亿美元用于天然气一体化、化工等转型支撑业务，50亿～60亿美元投入市场营销及可再生能源等增长型业务。bp则在2025年2月的“战略重置”中明确削减资本支出，虽未披露2026年具体数字，但确定将纳入2027年130亿～150亿美元的框架内执行，较2024年减少10亿～30亿美元。值得注意的是，bp将上游油气投资提升至每年约100亿美元，同时将新能源转型投资从之前的目标削减超50亿美元，降至每年15亿～20亿美元。道达尔能源与康菲石油的支出计划则紧扣“成本管控”主题。道达尔能源160亿美元的2026年支出，是其2026～2030年750亿美元成本节约计划的重要组成部分，该计划旨在“以更低成本维持产量增长”。公司近期通过资产置换获得纳米比亚海上Mopane油田40%的作业权，并计划2026年启动首口探井，这笔投资将由其承担50%，成为其海外资产扩张的重要落点。康菲石油的支出下降则与项目周期高度相关——管理层判断2025年为长周期项目投资“峰值年”，随着阿拉斯加Willow等核心项目度过投资高峰，2026年支出将自然回落。现金流为王，在转型中踩稳节奏几大巨头的支出布局共同指向“现金流优先、股东回报至上”的核心诉求雪佛龙明确将资本支出控制在长期指引下限，目的是“在油价波动中保持战略灵活性”，同时承诺为股东带来“优厚回报”；壳牌的稳定支出框架直接与“更多现金流分配给股东”的承诺挂钩；康菲石油则计划将约45%的经营现金流通过股息和股票回购返还给投资者，这一目标得到规模效应与成本管控的双重支撑。在能源转型的大背景下，巨头们正在告别“激进投入”，转向“务实平衡”。雪佛龙仅将10亿美元用于低碳及新能源业务，占总支出比例不足6%，且明确服务于“降低碳强度”的辅助目标。bp大幅削减可再生能源投资后，将转型焦点收缩至沼气、生物燃料等更易落地的领域，并通过轻资产合作模式降低风险。道达尔能源则坚持“天然气为过渡核心”的战略，将20%～35%的资本分配给天然气业务，同时保留25%～30%的电力投资额度，形成“石油—天然气—电力”的梯度布局。壳牌虽保留新能源投资规模，但将其与下游零售网络深度绑定，通过近5万个零售站点的终端优势，推动风能、太阳能与传统油气的协同销售。2026年，这些资本支出计划将逐步落地。对于能源巨头们而言，如何抓住高回报机会，在维持油气收益的基础上推进转型，将成为衡量其生存能力的关键指标——而它们的每一步布局，都将深刻影响全球能源市场的未来走向。来源：碳客Lab","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2601026099","isCrawlerRequest":true}