Core Viewpoint - Shell has denied any intention to acquire BP, citing a UK law that prohibits such a move for six months, focusing instead on its internal performance [1][2]. Group 1: Shell's Position - Shell clarified that it is not actively considering a bid for BP and has not engaged in any discussions regarding a potential acquisition [2]. - The statement was made in accordance with UK takeover rules, ensuring that Shell cannot change its position without specific conditions being met [2]. - Shell's focus remains on its own strategic goals rather than pursuing a large, debt-laden acquisition [2]. Group 2: BP's Situation - BP is currently in a financial struggle and is seeking to restructure by cutting costs, increasing fossil fuel investments, and divesting renewable energy assets [1]. - There are no clear alternative buyers for BP, as it seeks a "hard reset" to improve its market position [1][3]. Group 3: Market Analysis - Analysts suggest that any potential acquisition of BP by Shell is unlikely to occur before 2026, given BP's underperformance compared to global peers [3]. - The market perception of BP remains weak, and Shell's withdrawal from the acquisition talks further complicates BP's recovery prospects [3][4]. Group 4: Acquisition Challenges - Only a few companies have the capacity to acquire BP, which has a market value of $80 billion but is underperforming [4]. - Other potential buyers like ExxonMobil and Chevron are currently engaged in their own large-scale acquisitions, making them less likely candidates [4]. - Regulatory challenges could hinder any acquisition attempts, especially from foreign entities, with Shell potentially being viewed as a more acceptable buyer from a UK regulatory perspective [6]. Group 5: Shareholder Expectations - There is a question of whether Shell's shareholders prioritize growth or capital discipline and returns, as the industry has not rewarded growth-seeking strategies in a long time [7]. - BP's shareholders may need to exercise patience as the company navigates its financial restructuring, which could take several years [8]. Group 6: Debt Concerns - BP's debt situation, particularly residual liabilities from the 2010 Deepwater Horizon incident, poses significant risks for any potential acquirer [9]. - Analysts believe that merging with BP could dilute Shell's key performance metrics and contradict its communicated strategic focus [9].

Key Takeaways Shell and partners launch subsea compression at Ormen Lange, raising gas recovery from 75% to 85%. The upgrade could add 30-50 BCM of gas, enhancing exports to the UK and EU amid high demand. SHEL leads this innovation to extend field life, ensure safety and support Europe's energy independence. Shell plc (SHEL) , a London-based integrated oil and gas company, and its consortium partners, including Equinor ASA (EQNR) , have made a breakthrough in natural gas production at the Ormen Lange fie ...

Core Insights - The Changbei International Cooperation Project has produced a cumulative natural gas output of 62.5 billion cubic meters and generated sales revenue of 65.1 billion yuan, with internal profits for the Chinese side reaching 26 billion yuan, showcasing a successful model for international cooperation in China's petroleum industry [2] Project Background and Integration Effects - The project was initiated in 1999 when China National Petroleum Corporation (CNPC) signed a 30-year product-sharing contract with Shell to develop the Changbei block in the Ordos Basin, marking a significant step in China's "going out" strategy [2] - The project is located in the northern part of the Yulin gas field, characterized by low permeability, low porosity, and low abundance, serving as a key gas supply source for Beijing [2] Technological Innovation and Management Breakthroughs - The Shaanxi 141 well, known as the "meritorious well," has established a foundation for large-scale development of ancient geological natural gas, contributing to the increase in annual natural gas production in the Ordos Basin from 10 billion to 50 billion cubic meters [3] - The project has adopted an integrated geological engineering model to tackle development challenges, utilizing advanced drilling techniques and optimizing the gathering and transportation system to enhance efficiency and reduce costs [3] Excellent Operational Management - The project has implemented an advanced operational management system that integrates people, processes, facilities, and production, achieving unified scheduling, cost accounting, and operational standards [4] - The use of SAP systems for data sharing and the implementation of an intelligent control system have significantly improved efficiency and safety [4] Cultural Leadership and Future Outlook - The project has integrated HSE (Health, Safety, and Environment) culture with CNPC's management philosophy, establishing a robust safety management system and promoting safety awareness through various initiatives [4] - As a training ground for international talent and a platform for learning advanced international experiences, the project has developed a multi-level international talent pool and fostered a unique cooperative culture [5] - The successful development of the Changbei project serves as a valuable practical example for CNPC in its pursuit of becoming a world-class integrated international energy company [5]

Core Viewpoint - The speculation surrounding a potential takeover of BP by Shell highlights BP's significant discount and strategic shift, prompting investors to reassess the company's value and potential for acquisition [3][15]. Company Performance - BP's stock experienced a notable increase of up to 10% intraday on June 25, following reports of Shell's interest in acquiring the company, although Shell later denied these rumors [3]. - BP shares ended up 1.6% after the initial speculation, indicating a shift in investor sentiment regarding BP's strategic worth [3]. - Currently, BP's shares are trading around $30, reflecting only a 3% increase this year, which is underperforming compared to the S&P 500 and its U.S. counterparts [4]. Financial Metrics - BP has a market capitalization of $80 billion, which is less than half of Shell's, and is currently trading at a price-to-sales ratio of 0.44x, approximately 20% to 30% lower than its five-year average [4][8]. - The company reported an underlying replacement cost profit of $1.38 billion for Q1, which fell short of the $1.6 billion consensus and was a significant decrease from $2.7 billion the previous year [10]. Strategic Shift - BP is undergoing a strategic transition, moving away from its previous commitments to reduce oil output and invest heavily in renewables, now focusing more on oil and gas production [12][13]. - The company aims to increase its oil production to 2.5 million barrels of oil equivalent per day by 2030, while significantly reducing its renewable energy spending from $5 billion to as low as $1.5 billion annually [13]. M&A Considerations - A complete acquisition of BP by Shell is deemed improbable due to BP's substantial debt of $60 billion and regulatory scrutiny that would arise from such a merger [5][6]. - Political backlash is also a concern, as the U.K. government views BP as a strategic asset, which could complicate any takeover discussions [6]. Future Outlook - Despite the challenges, BP has three new startups and six discoveries in development, indicating potential growth opportunities if the company can stabilize its performance [11]. - BP continues to engage in hydrogen initiatives, suggesting a partial commitment to energy transition goals while focusing on more immediate economic opportunities [14].

Market Overview - US stock index futures are all up, with Dow futures rising by 0.28%, S&P 500 futures up by 0.38%, and Nasdaq futures increasing by 0.47% [1] - European indices also show positive movement, with Germany's DAX and the UK's FTSE 100 both up by 0.38%, while France's CAC40 is up by 0.17% [2][3] - WTI crude oil prices increased by 0.35% to $65.15 per barrel, and Brent crude oil rose by 0.47% to $66.74 per barrel [3][4] Economic and Policy Insights - Reports indicate that former President Trump is considering early nominations for the next Federal Reserve Chair, expressing dissatisfaction with current Chair Powell's pace on interest rate cuts [4] - Analysts from JPMorgan warn that current trade policies could lead to stagflation in the US by 2025, with a 40% chance of recession in the second half of this year [7] - Apollo Global Management's chief economist predicts a critical turning point for the US economy, with GDP growth expected to slow to 1.2% and inflation potentially reaching 3% by year-end [9] Company-Specific Developments - Micron Technology reported a record Q4 revenue of $9.3 billion, a 37% year-over-year increase, driven by strong sales of DRAM chips [10] - Nvidia's CEO Huang Renxun forecasts that robotics, particularly humanoid robots, will become a significant growth driver for the company, alongside AI technologies [11] - Tesla's recent Robotaxi launch faced technical issues during public testing, raising concerns about the commercial viability of its autonomous driving technology [12] - Shell has stated it has no intention of acquiring BP, dispelling rumors of a merger between the two oil giants [13]

金十数据6月26日讯，AJ Bell分析师Dan Coatsworth在市场评论中说，壳牌可能会面临一些股东对收购 竞争对手英国石油的反对。"壳牌可能很难让所有大股东都支持收购英国石油公司。投资者可能不欢迎 收购一家混乱的公司，这将使之成为一项风险较高的投资，"这位分析师说。这种规模的潜在交易可能 意味着壳牌的管理者会分心整合业务，并为任何被视为非核心的继承资产寻找买家。在《华尔街日报》 报道壳牌和英国石油正在就交易进行早期谈判后，壳牌表示无意收购英国石油。英国石油公司发言人拒 绝对此报道发表评论。 分析师：壳牌可能难获股东对收购英国石油的支持 ...

Auchincloss在 2 月份宣布了一项"重新调整"计划，其中包括重新将重点转向石油和天然气领域、减少股 票回购，并承诺出售资产以及偿还债务。这一新策略并未得到许多投资者的热烈欢迎，而且对于埃利奥 特而言也还不够彻底，后者仍在继续推动更彻底的变革。 正是在这种背景下，英国石油公司逐渐被视为一个可能被收购的目标。尽管没有哪家公司提出收购要 约，但据说英国石油公司的几个同行和竞争对手都在私下里对这一情况进行了评估。 智通财经APP获悉，壳牌公司(SHEL.US)表示，无意对英国石油公司(BP.US)发起收购要约，驳斥了此前 有关欧洲两大巨头公司正在积极商讨合并事宜的报道。这一公告消除了有关英国两大石油巨头最终合并 的猜测。此前，英国石油业绩不佳已持续数年，同时激进股东埃利奥特投资管理公司(Elliott Investment Management)也不断施压。壳牌的声明意味着它受英国收购法规的约束，这使得其在六个月内无法向英 国石油公司提出收购要约。 根据英国收购法规定，对于那些公开表示无意对某家公司提出收购要约的潜在竞购者，将有一项为期六 个月的限制措施。具体而言，英国《收购法》第 2.8 条规定，一旦有人 ...

Group 1: Oil and Gas Market - Japan's largest gas supplier, Tokyo Gas, is negotiating a long-term liquefied natural gas procurement agreement with the United States [1] - Shell is reportedly in preliminary talks to acquire BP [3] - If OPEC deems it necessary, Russia is willing to increase oil production again [3] - Vietnam's Ministry of Industry and Trade states that the country's refinery will produce 7.7 million tons of oil products in the second half of the year [3] - Israel's Ministry of Energy has approved the resumption of operations at a natural gas field [3] - The Turpan to Zhongwei section of the West-to-East Gas Pipeline has been fully completed and put into operation [3] Group 2: Metals and Mining - Goldman Sachs predicts that copper prices could reach a peak of $10,050 per ton this year [2]

智通财经6月26日电，壳牌称尚未积极考虑对英国石油提出收购要约。 ...

Group 1 - Shell plc clarifies it is not actively considering an offer for BP plc and has not made any approach or engaged in talks regarding a possible offer [1][2] - Shell confirms it will be bound by the restrictions set out in Rule 2.8 of the UK City Code on Takeovers and Mergers [2] - Shell's focus remains on delivering more value with less emissions through performance, discipline, and simplification [2] Group 2 - Shell reserves the right to set aside the restrictions in Rule 2.8 under specific circumstances, including agreement from BP's board or if a third party announces a firm intention to make an offer for BP [5]