英国石油暂停股票回购，能源巨头转型压力持续加剧

Core Viewpoint - BP has announced the suspension of its $750 million quarterly stock buyback plan to strengthen its balance sheet amid significant transformation pressures [1][8]. Financial Performance - BP reported a net profit of $1.54 billion for the fourth quarter, aligning closely with analyst expectations of $1.53 billion [5][12]. - The company maintained its Brent crude oil price assumption for this year at $72.9 per barrel, consistent with previous strategic assessments, despite oil futures dropping below $70 from last year's peak of over $80 [6][12]. Strategic Decisions - BP has prioritized repairing its balance sheet over returning cash to shareholders, retracting its guidance to return 30%-40% of operating cash flow [1][8]. - The company plans to keep capital expenditures at the lower end of its guidance range for 2026, indicating a cautious approach to spending [1][8]. - BP's net debt at the end of last year was approximately $22.2 billion, with a maintained target range of $14 billion to $18 billion for the end of 2027 [1][8]. Asset Management - BP is expected to achieve up to $15 billion in cost reductions by 2027, including a $6 billion financing from the sale of its Castrol lubricants business [4][11]. - The company aims for a cumulative asset disposal target of $20 billion over three years, needing to match the $5.3 billion already achieved in 2025 [4][11]. Leadership Changes - The recent leadership changes, including the appointment of new CEO Meg O'Neill, are seen as a move to clear obstacles for a more prudent transformation strategy [1][9]. - O'Neill is anticipated to accelerate the divestment of low-return clean energy projects, a direction welcomed by shareholders [7][13]. Market Position - BP's production growth is lagging behind competitors like Chevron and ExxonMobil, with expectations for slightly lower production in 2026 compared to last year [4][11]. - The company is facing challenges in regaining market trust in its capital allocation, as highlighted by analysts [4][11]. Energy Transition - BP has recorded approximately $4 billion in impairments related to its energy transition business, including significant write-downs on previously acquired low-carbon assets [7][13]. - The cumulative impairments since late 2022 have reached nearly $25 billion, reflecting setbacks in BP's climate ambitions [7][13].