市场消息：俄罗斯放弃了通过土耳其进入欧洲天然气市场的想法。 跟踪天然气市场动态 +订阅 跟踪俄乌冲突局势 +订阅 ...

5月26日下午，中国石油大学（北京）的翠宫报告厅内座无虚席，学生们在聆听一场油气勘探领域的大 师课。 此次授课的主角，是中国工程院院士、中国石化总地质师、中国石化石油勘探开发研究院院长郭旭升。 在近40年的职业生涯中，郭旭升带领团队，发现了全球首个超深层生物礁大气田元坝气田、我国首个页 岩气大气田涪陵气田…… 当天，在国务院国资委宣传工作局、国务院国资委新闻中心和中国青年报社联合主办的"强国总师思政 课"上，郭旭升结合理论知识、地质构造图和珍贵现场勘探影像，从深地空间的战略价值切入，串联起 我国海相天然气勘探的艰苦突围历程，分享了从普光气田、元坝气田到涪陵页岩气田的关键突破，以及 他对青年的寄语，为在场学生展开了一幅"向地球深部探能源"的奋斗长卷。 进军深地的意义 什么是深地？郭旭升开篇点出概念："深地，是指人类难以达到的浅地表之下的固体地球的深部"。 郭旭升展示了一幅地球内部构造图进一步帮助学生们加强理解，他介绍："深地勘探是非常困难的。首 先，岩石坚硬难以进入；其次，地球内部构造复杂导致信号微弱难以识别；而且向地下每百米温度要提 高3摄氏度左右，很多仪器装备很难适应深部高温，稳定性非常差。" 紧接着，郭旭 ...

Core Viewpoint - The lecture by Guo Xusheng, a leading figure in oil and gas exploration, emphasized the strategic importance of deep earth exploration in China, highlighting significant breakthroughs in marine natural gas exploration and the need for independent innovation in the energy sector [3][11]. Group 1: Deep Earth Exploration - Deep earth refers to the solid earth beneath the shallow surface, which is difficult to access due to hard rocks and complex geological structures [4][5]. - China has identified 173 types of mineral resources in deep earth, with proven oil reserves of 1,257 million tons and natural gas reserves of 212 trillion cubic meters [5]. - The strategic importance of deep earth exploration was recognized in national policies, including the "13th Five-Year" plan, which elevated the research and development of deep earth resources to a new strategic level [5][6]. Group 2: Breakthroughs in Marine Natural Gas - The discovery of the Puguang gas field marked a significant turning point in China's marine natural gas exploration, with the first successful exploration occurring after extensive foundational research [9][10]. - The Yuanba gas field, discovered in 2007, is the world's first ultra-deep marine bio-reef gas field, with proven reserves of 219.5 billion cubic meters [10][11]. - The development of marine gas fields is crucial for China's energy strategy, as 90% of the world's oil and gas reserves come from marine sedimentary basins [7][8]. Group 3: Shale Gas Development - The shale gas revolution has transformed the global energy landscape, prompting China to focus on independent innovation in shale gas exploration [11][12]. - The Fuling shale gas field has produced over 70 billion cubic meters of gas since its discovery, contributing significantly to China's natural gas supply [14]. - The successful development of shale gas has positioned China as the second country after North America to achieve commercial shale gas production [14][15].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][11]. Core Views - The company is positioned to benefit from the high demand in the Xinjiang civil explosives market, being the only producer of ammonium nitrate in the region, which provides both supply and licensing advantages [3][9]. - Following the acquisition by Guangdong Hongda, the company is expected to receive additional civil explosive capacity and optimized regional layout, leading to significant revenue and profit elasticity [3][9]. - Projected net profits for the company are estimated to reach 750 million, 890 million, and 940 million yuan for the years 2025 to 2027, respectively [3][9]. Company Overview - The company operates in the civil explosives and chemical sectors, covering the entire civil explosives industry chain, including upstream natural gas transportation, LNG, and ammonium nitrate production, as well as downstream blasting engineering and mining services [6][20]. - The company was established in 1958 and has undergone several transformations, becoming a joint-stock company in 2011 [20][21]. Civil Explosives Sector - The civil explosives market in Xinjiang is experiencing rapid growth due to the release of coal production capacity, with the company benefiting from its comprehensive industry chain [7][54]. - The company has a production capacity of 119,500 tons of industrial explosives and is the only producer of ammonium nitrate in Xinjiang, with a capacity of 660,000 tons per year [7][22]. - The market share of leading companies in the civil explosives industry is increasing, with the CR10 rising from 44% in 2017 to 62% in 2024 [7][59]. Chemical Sector - The company has expanded its chemical production capabilities through the acquisition of Xinjiang Yuxiang HuYang Chemical Co., which includes products like compound fertilizers, melamine, and ammonium nitrate [8][24]. - By the end of 2024, the company’s production capacities for melamine, urea, nitro compound fertilizer, and ammonium nitrate are projected to reach 210,000, 600,000, 900,000, and 660,000 tons per year, respectively [8][25]. Financial Performance - The company’s revenue and net profit have shown fluctuations, with a significant increase in revenue from 2.61 billion yuan in 2021 to 6.90 billion yuan in 2022, followed by a decline in 2024 due to low prices of bulk chemicals [31][37]. - In 2024, the company achieved a revenue of 6.10 billion yuan, a decrease of 13.1% year-on-year, and a net profit of 670 million yuan, down 21.7% year-on-year [31][41]. Market Dynamics - The demand for civil explosives is primarily driven by mining activities, with coal mining accounting for a significant portion of the demand [59][65]. - Xinjiang's coal production is expected to continue growing, supported by national policies and the region's rich coal resources, which will further drive the demand for civil explosives [69][73].

美国至5月23日当周EIA天然气库存将于十分钟后公布。 ...

今日重点关注的财经数据与事件：2025年5月29日 周四 ① 待定 英国央行行长贝利致辞 ② 02:00 美联储公布5月货币政策会议纪要 ③ 04:30 美国至5月23日当周API原油库存 ④ 20:30 加拿大第一季度经常帐 ⑤ 20:30 美国至5月24日当周初请失业金人数 ⑥ 20:30 美国第一季度实际GDP年化季率修正值 ⑦ 22:00 美国4月成屋签约销售指数月率 ⑧ 22:30 美国至5月23日当周EIA天然气库存 ⑨ 次日00:00 美国至5月23日当周EIA原油库存 ⑩ 次日00:00 美国至5月23日当周EIA库欣原油库存 ⑪ 次日00:00 美国至5月23日当周EIA战略石油储备库存 ⑫ 次日02:00 美联储理事库格勒致辞 相关链接 ...

备忘录显示：德国认为，在没能实现目标的情况下，干预天然气库存的门槛偏高。（彭博） ...

增厚公司业绩，释放长期投资价值 根据交易方案，以2024年财务数据口径测算，交易完成后新奥股份基本每股收益（EPS）将从人民币 1.46元/股提升至人民币1.56元/股，增长6.8%，归属于上市公司股东的核心利润将从51.43亿元提升至 93.40亿元，增长81.6%，交易预计将可以提升资本市场表现空间、充分保障投资者利益。 在股东回报方面，公司同步披露以本次交易实施为前提的2026-2028年度分红规划，承诺三年内股东分 红比率不低于当年归属于上市公司股东的核心利润的50%。结合2023-2025年已公布的分红预期，2025 年预计每股基础分红0.96元人民币，另叠加每股特别派息0.18元人民币（针对A股股东），总计每股1.14 元。进一步彰显公司对投资者长期价值的重视与回馈。 5月28日，新奥股份（600803.SH）召开2024年年度股东大会，公司拟通过换股加现金方式私有化控股 子公司新奥能源（02688.HK）的重大资产重组方案，获股东的广泛支持，以超99.9%高票通过，标志着 公司"天然气产业链一体化协同"的核心战略取得关键进展。 根据《重大资产购买暨关联交易报告书（草案）》，本次交易将由新奥股份全 ...

原油震荡格局何时破？ 原油市场暗流涌动，哪些关键信号需重点盯防？天然气空头持续加仓，但出现底部支撑，这是否意味着 反转契机？点击查看详细分析！ 相关链接 ...

Financial Data and Key Metrics Changes - The company reported total operating revenues of $63 million for Q1 2025, with FLNG tariffs reaching $73 million during the quarter [36] - Total EBITDA for Q1 was $41 million, driven largely by lower Brent and TTF prices, with a twelve-month EBITDA of $218 million [37] - The net income for the quarter was $13 million, consistent with the previous quarter, including $32 million of non-cash items [38] - The company declared a dividend of $0.25 per share, equating to approximately $105 million annually [38] Business Line Data and Key Metrics Changes - The Hilli FLNG maintained a 100% operational uptime and has delivered 132 cargoes since 2018, producing over 9.2 million tonnes of LNG [5][6] - The Gimi FLNG is in the final stage of commissioning, with a contractual EBITDA of $151 million based on 90% capacity utilization [7] - The Mark II FLNG conversion is progressing well, with a projected delivery by the end of 2027 [9] Market Data and Key Metrics Changes - The company has a market cap of approximately $4 billion and total net debt of under $100 million, with a net debt to EBITDA ratio of around 2.8x [5] - The LNG market is expected to grow significantly, with the U.S. being the largest producer, holding a 23% market share [21] Company Strategy and Development Direction - Golar LNG aims to transform into a market-leading infrastructure company with a focus on FLNG services, supported by a backlog of over $17 billion in EBITDA [11][72] - The company is targeting opportunities with competitive wellhead gas to secure attractive base tariffs with commodity upside participation [30] - The strategic focus includes risk mitigation in Argentina through regulatory frameworks and long-term contracts [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth potential, citing a strong backlog and favorable market conditions for LNG [60][67] - The board is open to exploring strategic alternatives if the share price does not reflect the company's value over time [90][94] Other Important Information - The company has fully exited LNG shipping with the sale of Golar Arctic and its equity stake in Avenir LNG [4] - The company is in discussions for potential new FLNG units and is ramping up shipyard activity to safeguard construction timelines [30][79] Q&A Session Summary Question: Could you touch on the overall commercial strategy for offtake on the Argentina projects? - The strategy involves a mix of Brent, JKM, and TTF linked volumes, with some left for spot sales, targeting high-paying countries near Argentina [76] Question: Is there any additional upside on the Argentina contracts for excess production? - The contracts are for full capacity, with no additional upside for excess production, similar to the Gimi contract [78] Question: When do you start thinking about ordering long lead items for another new build? - For conversions, the timeline is approximately three years, while new builds take about four years [79] Question: What is the JV's breakeven price for the commodity exposure? - The breakeven is assumed to start at $7.5, with upside from $8, and Golar is liable for 10% of the required investments for infrastructure [81][82] Question: Is the company considering strategic alternatives if the share price remains low? - The board is focused on creating value for shareholders and will consider options if the share price does not reflect the company's value over time [90][94] Question: Can you clarify any remaining CapEx associated with Gimi? - No material payments are expected in the second quarter, with revenues from Gimi to start contributing to the P&L upon commencement of operations [95]