Core Insights - Due to global trade tensions and unexpected OPEC+ production increases, Alberta's drilling companies are shifting focus towards natural gas [1][4] - The number of new natural gas well permits issued in Alberta increased by 26% in Q1, reaching 308, the highest quarterly total in two years, while oil well permits dropped by 24% to 293, the lowest since 2021 [1][4] Industry Trends - Canadian Natural Resources Ltd. saw its oil and gas permits rise to 88, the highest quarterly level in over a decade, with 59 for natural gas and 29 for oil [1] - ARC Resources Ltd. ranked second with 54 permits [1] - The International Energy Agency (IEA) reports Canada as the fourth-largest oil producer and fifth-largest natural gas producer globally, with most oil and significant natural gas exports going to the U.S. [1] Price Movements - WTI crude oil prices have dropped by $20 per barrel to around $63, while Canadian heavy oil (WCS) is discounted by approximately $9.65 per barrel compared to WTI [4] - Natural gas prices in Canada have risen from about CAD 1.50 per gigajoule to approximately CAD 2.00, supported by the upcoming operation of Canada's first LNG export facility [4] Production Shifts - Producers in the Montney Formation are transitioning towards gas-rich areas, moving away from pure oil production zones [4] - Companies are not only seeking natural gas but also natural gas liquids (NGLs) like condensate, which can be mixed with oil sands bitumen for pipeline transport and typically command higher prices than Canadian crude [4] - The demand for condensate is expected to increase in the coming years due to rising oil sands production [4] U.S. Market Insights - There is a growing interest in natural gas drilling in the U.S., particularly in the Haynesville and Marcellus formations, as indicated by Precision Drilling Corp.'s CEO [5] - U.S. producers remain cautious about oil drilling, with a statement from the U.S. Energy Secretary highlighting that a $50 per barrel oil price is unsustainable for U.S. producers [5]

亚太地区表现亮眼。报告显示，2024年，亚太地区探明石油总储量增加至465.7亿桶，增长了 1.4%；天然气储量比上一年同期增加了1%。各个国家中，印度石油和天然气部的数据显示，截至2023 年4月，印度石油储量增加到6.695亿吨，天然气储量为40.32万亿立方英尺，均高于前一年。印度尼西亚 的最新探明石油储量总计24.1亿桶，天然气储量为35.3万亿立方英尺。巴基斯坦油气储量也得到了大幅 提振，截至2024年6月，其石油总储量达到2.43亿桶，天然气储量也增至18.5万亿立方英尺。 西欧地区普遍下降。西欧的石油和天然气储量均低于上一年度的调查，主要是由于挪威和荷兰报告 的储量较低。挪威石油局（NPD）最新年度资源报告显示，挪威已探明的石油储量降至69.1亿桶，天然 气储量降至48.24万亿立方英尺。根据北海过渡管理局的最新估计，英国探明石油储量仍为15亿桶，已 探明的天然气储量降至7亿桶石油当量。丹麦能源署报告称，截至2024年1月，丹麦石油储量略有增加， 增至5800万立方米；天然气储量增加至11300亿立方英尺。 633.5万亿立方英尺。根据加拿大能源监管局（CER）评估，加拿大常规重油和轻质油储量为 ...

Group 1 - The core viewpoint of the article emphasizes the integration of oil and gas with new energy as a crucial aspect of the energy revolution under China's dual carbon goals [2][3] - The conference held at Shengli Oilfield gathered over 150 industry experts to share experiences and discuss the latest technologies and practices in the integration of oil and gas with new energy [1] - Key topics discussed included the development of new energy technologies, practical integration of oil and gas with new energy, and carbon asset development [1] Group 2 - Shengli Oilfield aims to build a new energy system characterized by multi-energy complementarity and clean efficiency, focusing on the coordinated development of traditional oil and gas, new energy, and green low-carbon industries [2] - The company is committed to enhancing energy supply and consumption, establishing advantages in green heat development, and transitioning towards a green oilfield model that prioritizes clean energy [2] - The leadership emphasized the importance of maximizing value, optimizing resources, and leveraging intelligent platforms to drive the integration of oil and gas with new energy [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a robust performance in Q1 2025, achieving revenue of 2.687 billion yuan, a year-on-year increase of 26.07%. The net profit attributable to shareholders reached 466 million yuan, up 24.04% year-on-year, while the net profit excluding non-recurring items was 462 million yuan, reflecting a 28.37% increase year-on-year [2][6]. - The change in delivery structure has impacted the gross margin, but the company has effectively controlled its operating expenses. The internationalization strategy is being executed successfully, with significant breakthroughs in overseas markets. The company has a sufficient backlog of orders, and both the company and its controlling shareholders are actively increasing their holdings, indicating confidence in future performance. The domestic demand for unconventional oil and gas extraction is rising, and as a leading provider of fracturing equipment, the company is expected to benefit significantly [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 31.43%, a decrease of 0.26 percentage points quarter-on-quarter and a decline of 4.29 percentage points year-on-year. The net profit margin was 17.79%, down 1.75 percentage points quarter-on-quarter and 0.2 percentage points year-on-year. The decline in profitability is attributed to the large-scale delivery of lower-margin conventional cementing equipment. However, as higher-margin fracturing equipment is gradually delivered, profitability is expected to normalize [12]. - The company maintained a good control over its operating expenses, with an expense ratio of 10.75% in Q1 2025, a year-on-year decrease of 2.74 percentage points [12]. International Expansion - The company has made significant progress in its internationalization strategy, with core products in the oil and gas field equipment and technology services experiencing sustained demand. Key international contracts include: 1. A preliminary development contract for the Mansuriya gas field in Iraq signed in May 2024. 2. Successful delivery and application of the first set of Chinese electric fracturing equipment in North America, with new orders secured in July 2024. 3. A total engineering contract for seven gas booster stations with BAPCO in Bahrain, valued at approximately 3.16 billion USD (about 22 billion yuan). 4. Winning a digital well site transformation project with ADNOC, with a contract value of approximately 6.555 billion yuan, setting a record for the company [12]. Order Backlog and Shareholder Confidence - The company secured new orders worth 18.232 billion yuan in 2024, a year-on-year increase of 30.64%, with overseas orders growing by 65.37%. As of the end of 2024, the backlog of orders stood at 10.155 billion yuan, providing strong support for future operational performance. Additionally, the company announced a stock buyback plan of 150-250 million yuan and the controlling shareholder plans to increase holdings by 50-70 million yuan, reflecting confidence in future growth [12]. Industry Outlook - The demand for unconventional oil and gas extraction in China is expected to increase, supported by the "14th Five-Year Plan" for modern energy systems, which emphasizes the exploration and development of unconventional resources. The company, as a leading provider of fracturing equipment, is well-positioned to benefit from the anticipated growth in the oilfield services market [12].

収期现日报 投资咨询业务资格:证监许可 【2011】1292 2025年4月25日 | 期货收盘价 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 4月24日 | 4月23日 | 涨跌 | 张跌幅 | 单位 | | 01合约 | 1726 | 1729 | -3 | -0.17% | 元/吨 | | 05合约 | 1766 | 1761 | 5 | 0.28% | | | 09合约 | 1758 | 1762 | -4 | -0.23% | | | 甲醇主力合约 | 2289 | 2300 | -11 | -0.48% | | | HOIr. A WHI IA & | | | | | | | 品种 | 4月24日 | 4月23日 | 涨跌 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | 无烟煤小块(晋城) | 1000 | 1000 | 0 | 0.00% | 元/吨 | | 动力煤坑口(伊金霍洛旗) | 445 | 445 | 0 | 0.00% | | | 动力煤港口(奏皇岛) | ...

贝克休斯油服：美国钻井公司四周以来首次增加油气钻机数量。 ...

4月17日晚间，贝肯能源（002828）披露2024年年报，报告期公司实现营业收入9.51亿元，虽较上年略 微收窄3.02%，但其西南地区和新疆两大重点业务区域分别实现14.42%和23.41%的增长，保障了归属于 上市公司股东的净利润432.18万元，归属于上市公司股东的扣除非经常性损益的净利润4492.69万元，同 比增长13.37%。 资料显示，贝肯能源是国内领先的油气资源开发综合服务商，能够为客户提供钻井总承包、压裂、化工 产品销售及配套的检测、维修等一揽子技术服务，形成了以北疆常规油气开发和东疆煤层气开发为主的 新疆市场，以川渝页岩气、致密气开发为主的西南市场，以煤层气、致密气开发为主的山西市场和以乌 克兰为主的国际市场的格局。 据年报披露，贝肯能源现有员工700多人，其中获得相关专业技术职称的人员400多人，拥有20—70型钻 机20部，50000水马力全电驱动压裂车组一套，各型无线随钻和地质导向仪器90套，各类固井泵、灰车 41台，具有承钻不同地区和不同地质条件下水平井、丛式井、斜直水平井、欠平衡井的钻压采一体化工 程技术服务能力，具备年完成进尺40万米的服务能力，能够从事常规油气、页岩气、致密 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has achieved a significant milestone by completing a deepwater drilling operation in 11.5 days, setting a new record for drilling cycles in ultra-deep water depths of 3500 to 4000 meters, showcasing the advanced capabilities of China's independent deepwater drilling technology [2][3]. Group 1: Technological Advancements - The successful drilling operation demonstrates the effectiveness of China's complete technical system for deepwater drilling and the "intelligent" technology strength in the ultra-deepwater drilling sector [2]. - CNOOC has developed a unique deepwater intelligent drilling technology system and lean management model, breaking down drilling tasks into hundreds of routine operations, which enhances safety and efficiency throughout the drilling process [2]. Group 2: Industry Growth and Impact - Since the 14th Five-Year Plan, the volume of deepwater well drilling operations in China has increased by over 74% compared to the previous five years, supporting the production of large deepwater oil and gas projects and the continuous rise in marine oil and gas output [3]. - Major projects such as the "Deep Sea No. 1" and the Lingshui 36-1 gas fields have been efficiently drilled, contributing to the large-scale development of complex offshore oil and gas resources and accelerating the growth of China's marine drilling equipment industry [3]. Group 3: Future Directions - CNOOC aims to further advance deepwater oil and gas development technologies towards deeper and faster drilling, transitioning from experience-driven to data-driven and intelligent decision-making processes [3]. - The breakthroughs in deepwater drilling technology not only enhance operational efficiency and safety but also provide a "Chinese solution" for global deep-sea oil and gas development, highlighting China's independent innovation capabilities in marine technology [3].

二、市场情绪 今日收盘时有48只股票涨停，有19只股票跌停。昨日涨停股票今日收盘收益为 0.33%，昨日跌停股票今日收盘收益为-3.54%。今日封板率62%，较前日下降0%，连 板率12%，较前日下降14%。 报 告 摘 要 一、 市场表现 今日(20250402) 规模指数中中证1000指数表现较好，板块指数中北证50指数表现较 好，风格指数中沪深300价值指数表现较好。综合金融、纺织服装、通信、银行、轻 工制造行业表现较好，国防军工、有色金属、电力公用事业、钢铁、医药行业表现较 差。黄酒、珠宝、家纺、PEEK材料、液态金属等概念表现较好，黄金精选、航空发 动机、光刻机、中航系、油气改革等概念表现较差。 三、市场资金流向 截至 20250401 两融余额为19140亿元，其中融资余额19028亿元，融券余额112亿元。 两融余额占流通市值比重为2.4%，两融交易占市场成交额比重为8.8%。 四、折溢价 20250401当日ETF溢价较多的是物联网ETF招商，ETF折价较多的是科创生物医药 ETF。近半年以来大宗交易日均成交金额达到16亿元，20250401当日大宗交易成交金 额为9亿元，近半年以来平均折价率 ...