Industry Overview - The crude oil pricing environment is expected to experience significant volatility, negatively impacting exploration and production activities of integrated energy companies [1] - The Zacks Oil and Gas Integrated International industry includes companies involved in upstream, midstream, and downstream operations across various global regions [3] - Integrated players are gradually focusing on renewables to lower emissions and cut carbon intensity of products sold [4] Current Challenges - The integrated energy sector is navigating a highly uncertain macroeconomic environment, with refining, renewable energy, and chemical segments under pressure due to limited market visibility [5] - A slowdown in oil production growth in the U.S. is driven by shareholder demands for capital returns rather than production expansion, leading to reduced revenues [6] - Growing demand for renewable energy is expected to decrease reliance on oil and natural gas, adversely impacting integrated energy firms primarily engaged in fossil fuel production [7] Industry Performance - The Zacks Oil and Gas Integrated International industry ranks 189, placing it in the bottom 23% of the 245 Zacks industries, indicating bleak near-term prospects [8][9] - The industry has underperformed the broader Zacks Oil - Energy sector and the S&P 500, declining 5.4% over the past year compared to the S&P 500's growth of 17.3% [10] Valuation Metrics - The industry is currently trading at a trailing 12-month EV/EBITDA ratio of 4.27X, lower than the S&P 500's 17.85X and the sector's 4.77X [13] - Over the past five years, the industry has traded between 2.75X and 6.54X, with a median of 4.11X [14] Key Companies - Chevron completed a $53 billion acquisition of Hess Corporation, enhancing its upstream portfolio and gaining a 30% interest in the Stabroek Block offshore Guyana, which holds over 11 billion barrels of recoverable oil [17] - ExxonMobil's acquisition of Pioneer Natural Resources expanded its production capabilities in the Permian Basin, allowing it to maintain low production costs and a robust project pipeline in offshore Guyana [21] - Shell's acquisition of Pavilion Energy strengthens its LNG trading capabilities, targeting a 4-5% annual increase in LNG sales over the next five years [23]

【DT新材料】 获 悉 ， 据外媒报道，国际能源巨头 壳牌公司（Shell） 正与顾问团队商讨收购竞争对手 英 国石油公司（BP） 的可能性，若交易达成，将缔造一家市值约2050亿英镑（约合人民币1.97万亿元）的全 球能源与航运巨擘，成为油气行业有史以来规模最大的并购案之一。 彭博社援引知情人士消息称，这家石油巨头近几周来持续与顾问团队探讨收购BP的可行性及战略价值。 最 终决策很大程度上将取决于BP股价是否持续下探。 过去12个月来，由于业务重组计划未能获得投资者认可 叠加油价暴跌，BP股价已累计下跌近三分之一。 壳牌也可能按兵不动，等待BP主动寻求其他潜在收购方率 先行动。 报道称相关讨论仍处初期阶段，壳牌最终或选择专注于股票回购及小型收购，而非推进如此大规模的并 购。 壳牌公司发言人表示："正如我们多次强调的，当前工作重心是持续强化公司运营效能、保持战略定力 并推进业务精简，以此充分释放壳牌的内在价值。" 这两家英国石油巨头若成功合并，将缔造能源行业史上 最具里程碑意义的交易之一。 BP长期业绩低迷的困境，很大程度上源于前任首席执行官伯纳德·卢尼（Bernard Looney）推行的净零排放 战略。 ...