英国石油公司披露四季度净债务下降 同时计提数十亿美元能源转型相关减值损失

Core Viewpoint - The company warns of weakened profit outlook for Q4 2025 due to weak oil and gas product prices, poor trading performance, and significant impairment losses related to energy transition [1][5] Group 1: Upstream Business Performance - The company expects upstream production to remain stable compared to the previous quarter, with oil production steady but declines in natural gas and low-carbon energy output offsetting this stability [1][5] - Actual prices for commodities in the upstream segments are expected to decline, negatively impacting core reset cost profits [1][5] - The decline in natural gas prices is projected to reduce core profits by $100 million to $300 million, while the oil production segment may see profit reductions of $200 million to $400 million due to price lag effects [1][6] Group 2: Downstream Business Performance - The downstream business shows mixed results, with consumer business sales expected to decline due to seasonal factors, while fuel margins are anticipated to remain stable [2][6] - Refining business profit margins have improved, contributing approximately $100 million in gains, but these gains will be offset by frequent maintenance activities and temporary capacity losses from a fire at a refinery [2][6] - Oil trading performance is expected to be weak [2][6] Group 3: Impairment Losses and Financial Health - The company anticipates recording after-tax adjusted charges of $4 billion to $5 billion in Q4, primarily related to energy transition businesses and equity-accounted joint ventures [2][6] - Despite profit pressures, the company's balance sheet has improved significantly, with net debt expected to decrease to $22 billion to $23 billion by the end of Q4, down from $26.1 billion at the end of Q3 [2][7] - The company achieved approximately $3.5 billion in asset sales during the quarter, leading to total asset sale proceeds of about $5.3 billion for the year, exceeding the previous target of over $4 billion [2][7] Group 4: Tax Guidance and Strategic Challenges - The company updated its annual tax guidance, projecting the effective tax rate to rise from approximately 40% to around 42%, influenced by changes in profit distribution [3][7] - The statement highlights the strategic dilemma faced by the company in balancing cash flows from traditional oil and gas operations with the capital-intensive and increasingly volatile energy transition strategy [3][7] - Despite stable upstream production and ongoing asset divestitures improving the balance sheet, the weak trading environment and substantial impairment losses indicate continued profit volatility during the company's portfolio restructuring process [3][7] Group 5: Upcoming Financial Reporting - The company is scheduled to release its complete Q4 2025 and annual performance report on February 10, 2026 [4][7]