智通财经APP了解到，如果欧洲能源巨头壳牌(SHEL.US)收购另一欧洲能源巨头英国石油公司 (BP.US)，这将成为欧洲历史上最大规模的交易之一，并首次创造出足以挑战全球石油行业领袖——埃 克森美孚(XOM.US)和雪佛龙(CVX.US)的欧洲石油巨擘，整合后的油气超级巨无霸上游石油和天然气产 量将达到每天近 500 万桶油当量，届时可能大幅超过上述两大石油行业领袖。 尽管英国石油当前的处境并不理想——过去一年其股价下跌近三分之一大幅跑输欧洲基准股指以及油气 行业的同行们，投资者们普遍对其能源转型以及扭亏为盈计划信心不足。但是，该笔潜在的大型收购交 易对壳牌具有颠覆性的意义。 然而，此次超级大规模合并将面临重大挑战，包括英国石油公司本身的高额债务和负债、潜在的反垄断 竞争问题以及需要被迫出售大量资产，这些都可能成为此项大规模交易的障碍。 石油巨擘即将诞生 瑞银集团的分析师团队指出，两家总部设在伦敦的石油巨头合并后，其上游石油和天然气整体产量将接 近日均 500万桶油当量，较壳牌目前的大约270万桶/日猛烈增长85%，从而成为全球最大规模的归属于 投资者们的油气生产巨头。作为对比，总部位于美国的全球最大规模油 ...

Core Viewpoint - Shell plc reported first-quarter 2025 earnings per ADS of $1.84, exceeding the Zacks Consensus Estimate of $1.54, driven by higher natural gas realizations, although down from $2.38 in the previous year due to lower LNG sales [1][2]. Financial Performance - Shell's revenues for the first quarter were $70.2 billion, a decrease from $74.7 billion in the first quarter of 2024, missing the consensus estimate by 12.2% [2]. - The company repurchased $3.3 billion in shares during the first quarter and plans an additional $3.5 billion in repurchases for the second quarter [2]. - Cash flow from operations was $9.3 billion, down 29.5% year-over-year, with free cash flow of $5.3 billion compared to $9.8 billion a year ago [9]. Segment Performance - **Upstream**: Reported a profit of $2.3 billion, up from $1.9 billion year-over-year, mainly due to higher natural gas prices [2]. - **Integrated Gas**: Adjusted income fell to $2.5 billion from $3.7 billion, impacted by a 2.3% decrease in LNG sales volumes to 16.49 million tons [5]. - **Chemicals and Products**: Adjusted profit dropped 72% to $449 million from $1.6 billion, attributed to unfavorable tax movements [4]. - **Marketing**: Income increased to $900 million from $781 million year-over-year, due to lower operating expenses and higher margins [6]. - **Renewables and Energy Solutions**: Reported an adjusted loss of $42 million, down from a profit of $163 million, primarily due to asset disposals [7]. Production and Pricing - Worldwide realized liquids prices averaged $71.49 per barrel, down 6.6% year-over-year, while natural gas prices increased by 21.3% [3]. - Upstream volumes averaged 1,855 thousand oil-equivalent barrels per day, a slight decrease of 0.9% from the previous year [3]. - Liquids production rose by 0.3% to 1,335 thousand barrels per day, while natural gas output fell by 3.7% to 3,020 million standard cubic feet per day [3]. Guidance - For the second quarter of 2025, Shell expects upstream volumes between 1,560-1,760 MBOE/d and Integrated Gas production between 890 MBOE/d and 950 MBOE/d [10].

Core Viewpoint - Shell plc is exploring a potential acquisition of BP plc, which could be one of the largest mergers in the oil industry, driven by BP's declining market capitalization and strategic missteps [1][2][4]. Group 1: Shell's Interest in BP - Shell is evaluating the strategic and financial feasibility of acquiring BP, with discussions gaining momentum due to BP's nearly 22.4% decline in share value over the past year [2][3]. - Shell's market capitalization is approximately $200.5 billion, more than double BP's $76 billion, indicating a significant performance gap between the two companies [3]. - Shell is preparing for various scenarios, including the possibility of competing bids, allowing it to act swiftly if necessary [3][9]. Group 2: BP's Challenges - BP has faced declining investor confidence and strategic challenges, particularly following a leadership transition that shifted focus from green energy back to oil and gas [4][5]. - The recent drop in Brent crude prices below $70 per barrel has complicated BP's cash flow outlook, leading to increased pressure from activist investors like Elliott Investment Management, which holds a 5% stake in BP [5][4]. - BP's restructuring efforts and weakened valuation may make it more vulnerable to acquisition interest [9]. Group 3: Shell's Strategic Direction - Under CEO Wael Sawan, Shell is undergoing a strategic overhaul, focusing on streamlining operations and prioritizing its core fossil fuel portfolio [6]. - Shell's CEO emphasized that any major acquisition must enhance free cash flow per share and align with long-term financial objectives [7]. - The recent acquisition of Pavilion Energy reflects Shell's strategy of pursuing targeted, high-return investments, which could be further amplified by a potential BP acquisition [8][10].

1. 5月5日(周一)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.62%，标普500指数期货跌0.77%，纳指期货跌 0.95%。 盘前市场动向 4000美元!高盛重申"金牛"预测。受美元走软支撑，黄金周一走强。截至发稿，黄金期货涨超2%，报约3325美元/盎司;黄金现货 涨超2%，报约3317美元/盎司。黄金价格今年迄今已飙升近四分之一，4月曾触及每盎司3500美元以上的纪录高位，但在过去几 周有所回落，早些时候的上涨主要由特朗普极具破坏性的贸易和地缘政治政策引发的避险买盘、投机性需求和全球央行的买盘 推动。周一，高盛在一份报告中称，黄金将继续跑赢白银，央行需求强劲是推高金银价格比的一个因素。因此，该行预计白银 不会赶上目前正在持续的黄金涨势。高盛还表示，如果经济衰退发生，估计ETF资金流入的加速将推动黄金价格到年底达到 3880美元。该行重申对黄金的结构性看涨观点，基本预期年底金价为每盎司3700美元，到2026年中期则达4000美元。 欧佩克+增产暴击油价至四年低位，华尔街紧急下调预期。沙特主导的激进举措正在重塑全球石油市场格局——通过欧佩克+大 幅增产，这一行动正迫使华尔街分析师纷纷下调油 ...

知情人士透露，相关讨论尚处初期阶段，壳牌可能选择专注于股票回购和补强型收购，而非大型合并。 此外，知情人士补充称，另有多家能源巨头也在评估是否参与竞购英国石油。 业内人士表示，壳牌在做出任何决定之前，都在密切关注英国石油不断恶化的公司市值(过去一年下跌 了近30%)。壳牌的出价可能取决于英国石油公司市值的进一步恶化，或者英国石油对外界兴趣持开放 态度的信号。另一种选择是，如果有其他竞标者率先出现，壳牌可以利用目前的准备迅速采取行动。 智通财经APP获悉，据媒体援引知情人士消息报道，壳牌(SHEL.US)正在探索收购其竞争对手英国石油 (BP.US)的可能性，尽管该公司尚未采取行动，而是在观望油价和英国石油股价的持续下跌是否会使这 一交易更具吸引力。报道还称，壳牌在最近几周就此类大型合并的战略和财务可行性向顾问进行了咨 询。 英国石油长期表现低迷主要与其前任首席执行官Bernard Looney推行的净零战略有关。继任者Murray Auchincloss今年2月宣布战略调整，包括重新聚焦石油业务、削减季度股票回购规模及承诺出售资产。 然而，更广泛的市场挑战，包括OPEC+加速增产和美国总统特朗普发起的贸易战引 ...

About this content About Ian Lyall Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually. Prior to Proactive, Ian helped lead the business outpu ...

Core Insights - Shell has made significant progress in Q1 2025, aligning with its long-term vision of delivering value with reduced emissions while ensuring consistent shareholder returns [1][2] - The company has met its financial targets for 2025 almost a year early, prompting the establishment of new financial targets while maintaining its carbon reduction ambitions [2] Financial Performance - Shell's Q1 results indicate strong performance, with a focus on disciplined growth and portfolio repositioning [1][2] - The completion of divestments in Singapore and Nigeria is part of the strategy to enhance financial targets and streamline operations [2] Strategic Moves - The acquisition of Pavilion Energy has been finalized, which is expected to strengthen Shell's market position [3]

Group 1: Market Performance - Dow futures rose by 0.41%, S&P 500 futures increased by 0.35%, and Nasdaq futures gained 0.14% [1] - Popular Chinese stocks mostly saw gains, with XPeng up over 6%, Alibaba rising more than 4%, and NIO, Li Auto, and JD.com all increasing over 3% [1] Group 2: Company Earnings and Forecasts - Apple reported Q2 revenue of $95.4 billion, exceeding analyst expectations of $94.66 billion, but faced a projected $900 million increase in costs due to tariffs, leading to a 2.78% drop in stock price [1] - Amazon's Q1 earnings surpassed expectations, but the company provided a weak outlook for Q2, estimating revenue between $13 billion and $17.5 billion, below the consensus of $17.64 billion, resulting in a 2.25% decline in stock price [1] - Shell's Q1 adjusted profit was $5.58 billion, exceeding the expected $5.09 billion, and announced a $3.5 billion stock buyback, leading to a 3.33% increase in stock price [2] - McDonald's reported a 3.6% decline in U.S. same-store sales, the largest drop since Q2 2020, which was worse than the anticipated 1.7% decline [2] - General Motors updated its financial guidance, citing potential tariff impacts of up to $5 billion, lowering its adjusted EBIT forecast to a range of $8.2 billion to $10 billion, down from $11 billion to $12 billion [2] Group 3: Banking Sector - ING reported a strong Q1 performance with a net profit of €1.46 billion, surpassing the market expectation of €1.4 billion, and announced a €2 billion stock buyback, resulting in a 4.67% increase in stock price [3]

The Shell gas station logo is displayed on February 13, 2025 in Austin, Texas.British oil giant Shell on Friday reported a sharp fall in first-quarter profit, following a period of weaker crude prices.Shell reported adjusted earnings of $5.58 billion for the first three months of the year, beating analyst expectations of $5.09 billion, according to an LSEG-compiled consensus. A separate forecast from analysts polled by Vara Research had expected Shell's first-quarter profit to come in at $4.96 billion.Shell ...

Core Insights - Shell reported strong financial results for Q1 2025, with adjusted earnings of $5.6 billion, reflecting robust performance across various business segments [5][3][11] - The company completed the acquisition of Pavilion Energy, enhancing its LNG business, and divested from the Nigeria onshore and Singapore Energy and Chemicals Park, optimizing its portfolio [1][5][4] - Shell announced a $3.5 billion share buyback program for the next three months, marking the 14th consecutive quarter of buybacks of at least $3 billion [2][5][6] Financial Performance - Adjusted Earnings for Q1 2025 were $5.6 billion, with adjusted EBITDA at $15.25 billion and cash flow from operations (CFFO) at $9.28 billion [3][5] - CFFO excluding working capital was $11.9 billion, with a working capital outflow of $2.7 billion [5][6] - The company maintained a resilient balance sheet with net debt of $41.5 billion and gearing of 19% [6][5] Segment Performance Integrated Gas - Adjusted earnings were $2.48 billion, with adjusted EBITDA of $4.74 billion [3] - LNG sales volumes increased to 16.5 million tonnes in Q1 2025, up from 15.5 million tonnes in Q4 2024 [8] Upstream - Adjusted earnings were $2.34 billion, with adjusted EBITDA of $7.39 billion [3] - Liquids production remained stable at 1,335 kboe/d, while gas production was slightly lower at 3,020 million scf/d [9] Marketing - Adjusted earnings were $0.9 billion, with marketing sales volumes at 2,674 kb/d [3][10] - Mobility sales volumes decreased to 1,964 kb/d, while lubricants sales increased to 87 kb/d [10] Chemicals & Products - Adjusted earnings were $0.45 billion, with refinery processing intake rising to 1,362 kb/d [3][14] - Global indicative refining margin improved to $6.2 per barrel [14] Renewables & Energy Solutions - Adjusted earnings were negative at $(0.042) billion, but external power sales remained stable at 76 TWh [3][15] - Renewables power generation capacity increased to 7.5 GW [15] Strategic Outlook - The company has a disciplined capital allocation strategy, with a cash capex outlook of $20-22 billion for 2025 [5] - Total shareholder distributions over the last four quarters accounted for 45% of CFFO, aligning with the target of 40-50% [5]