利润暴跌、暂停回购、砍减绿色投资：欧洲油企正在大撤退

格隆汇02-12

随着2026年2月全球能源财报季步入尾声，壳牌（Shell）、英国石油（BP）、挪威国家石油（Equinor）等能源巨头相继披露2025年业绩成绩单。2025年，全球原油市场遭遇显著寒流，布伦特原油全年均价由2024年的约80.8美元/桶跌至69.1美元/桶，创下新冠疫情以来最大年度跌幅。这一宏观环境直接冲击了欧洲能源巨头的盈利根基，三家企业均遭遇不同程度的利润滑坡。Shell 2025年全年调整...

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href=https://www.gelonghui.com/p/3836752><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>随着2026年2月全球能源财报季步入尾声，壳牌（Shell）、英国石油（BP）、挪威国家石油（Equinor）等能源巨头相继披露2025年业绩成绩单。2025年，全球原油市场遭遇显著寒流，布伦特原油全年均价由2024年的约80.8美元/桶跌至69.1美元/桶，创下新冠疫情以来最大年度跌幅。这一宏观环境直接冲击了欧洲能源巨头的盈利根基，三家企业均遭遇不同程度的利润滑坡。Shell 2025年全年调整...</p>\n\n<a href=\"https://www.gelonghui.com/p/3836752\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0368265418.SGD","symbol_name":"Blackrock World Energy Fund A2 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2025年全年调整后利润达185.3亿美元，较2024年下滑22%。其中，第四季度利润创下五年来单季最低纪录，化工业务持续低迷与原油交易表现疲软，成为拖累整体盈利的主要因素。BP公司2025年全年利润由2024年的89亿美元滑落至74.9亿美元。更引发市场关注的是，BP在2025年第四季度计提了约40亿美元的资产减值，其中绝大部分来自其此前重点布局的低碳与可再生能源项目。Equinor是三家企业中利润缩水最严重的一家，净利润从上一年的88亿美元骤降至50.4亿美元，跌幅接近43%，盈利端遭受重创。从“回报股东”转向“保命优先”盈利下滑导致企业现金流持续收紧，曾经热衷于通过股票回购回馈股东的能源巨头，纷纷调整财务策略，转向更具防御性的发展姿态。“保现金、强资产负债表”，已成为当前欧洲油气行业心照不宣的共识。这一战略转向在BP身上体现得最为彻底。2月10日，BP正式宣布暂停股份回购计划，明确表示将所有超额现金流全部用于强化资产负债表，以此应对可能长期持续的低油价环境。与此同时，Equinor也大幅缩减回购规模，将2026年的股份回购额度从50亿美元砍至15亿美元，降幅达70%。即便是一向以财务稳健著称的壳牌，虽未暂停回购计划，但也明确表示，正通过削减非核心业务开支，全力保障股东派息稳定。向生存需求妥协财报清晰显示，过去几年轰轰烈烈的能源转型激进浪潮，正迎来一场沉重的战略转向——在低油价波动与转型阵痛的双重挤压下，欧洲能源巨头集体收缩战线，全面回归石油和天然气核心业务。过去几年，欧洲能源巨头曾作为全球能源转型的“先锋”，高调布局低碳与可再生能源领域，而如今，它们正集体“转身”，向更务实的发展路径靠拢。一方面，巨头们纷纷重回油气“舒适区”。BP新管理层已明确调整战略，不再强制缩减油气产量，转而聚焦核心油气项目的价值提升；Equinor则更为直接，将未来两年的可再生能源投资预算直接减半，同时重申对挪威大陆架及北极地区油气开发的长期投入，坚定回归核心主业。另一方面，低碳资产价值重估成为行业常态。巨额的低碳资产减值背后，是高利率、低回报环境下，早期激进的绿色投资逐渐沦为企业的财务包袱。壳牌CEO萨旺提出的“以更少排放创造更多价值”战略，本质上就是对低收益绿色项目的“瘦身”，将资源优先投向高毛利的液化天然气（LNG）及上游油气勘探业务，实现资源的优化配置。几年前，这些石油巨头还试图在气候压力下率先推进能源转型。而2025年的财报表明，能源安全和财务韧性已重新回归企业发展的首位。在“生存还是转型”的艰难博弈中，欧洲能源巨头们在2025年给出了明确的答案：在未知的行业风暴面前，石油和天然气主业，依然是它们手中最坚实、最可靠的“避风港”。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":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 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