英国石油暂停股票回购 油价承压再度显现

Core Viewpoint - BP's fourth-quarter profits met expectations, but the company announced a suspension of stock buybacks to strengthen its balance sheet amid declining oil prices [1][5]. Financial Performance - The benchmark replacement cost profit for the last three months of 2025 was $1.54 billion, aligning with analyst expectations [1][5]. - BP's net profit for the full year of 2025 was $7.49 billion, below the analyst forecast of $7.58 billion and a decrease from nearly $9 billion in 2024 [1][5]. - BP's fourth-quarter net debt stood at $22.18 billion, down from approximately $23 billion in the same period last year [2][7]. - The operating cash flow for the fourth quarter of 2025 was $7.6 billion, an increase from $7.43 billion in the previous year [3][7]. Strategic Decisions - The board decided to suspend stock buybacks and allocate excess cash to strengthen the company's balance sheet [6][7]. - BP's interim CEO, Carol Hall, emphasized the company's progress in four core objectives: enhancing cash flow and returns, reducing costs, and solidifying the balance sheet [6][7]. Industry Context - The European oil and gas sector is facing a challenging environment, with international oil prices experiencing the largest annual decline since the COVID-19 pandemic, raising concerns about supply surplus [4][7]. - Competitors like Equinor and Shell reported weak quarterly earnings due to falling oil prices, with Equinor reducing its stock buyback from $5 billion to $1.5 billion and cutting investments in renewable and low-emission energy projects [4][8][7].