Financial Data and Key Metrics Changes - The company reported an adjusted operating income of $6.5 billion before tax and an IFRS net income of $300 million, impacted by an impairment on U.S. offshore wind projects [5][6] - Adjusted earnings per share was NOK 0.64, with cash flow from operations after tax being strong at $9.2 billion [6][20] - The net debt to capital employed ratio increased to 15.2%, reflecting the state's share of the buyback from last year booked as finance debt [21] Business Line Data and Key Metrics Changes - The company produced 2.096 million barrels per day, up more than 2% from last year, with a target of 4% production growth for the year [15] - Liquids production increased by 4%, driven by the ramp-up of Johan Castberg and high regularity on Johan Sverdrup [16] - Renewable production increased by 26%, mainly due to the ramp-up of Dogger Bank A in the UK [17] Market Data and Key Metrics Changes - The European gas market is impacted by lower storage levels, with inventories almost 20 percentage points lower than last year [7] - Gas prices in Europe and the U.S. were higher, while liquids prices were lower compared to the same quarter last year [17] - The company captured almost 80% higher gas prices in the U.S. onshore market [10] Company Strategy and Development Direction - The company is committed to cost and capital discipline, reporting flat cost development in the quarter [8] - Strategic progress includes the ramp-up of Johan Castberg and final investment decisions on Johan Sverdrup Phase III [9] - The company announced two long-term contracts for gas supply to the UK and Germany, indicating strong demand for Norwegian gas [9][61] Management's Comments on Operating Environment and Future Outlook - Management noted that energy markets are affected by geopolitical unrest and trade wars, leading to significant volatility in oil markets [7] - The company remains focused on operations and resilience amid uncertainty, with a robust balance sheet [8] - Management expressed confidence in the long-term role of natural gas in energy transition and electrification [46] Other Important Information - The company expects to deliver around $9 billion in capital distribution for the year, including a cash dividend of $0.37 per share and a share buyback of up to $1.265 billion [14] - An impairment of $955 million was recorded due to changes in regulations for future offshore wind projects in the U.S. [12] Q&A Session Summary Question: On the Empire Wind impairment and discount rate - Management clarified that the 3% discount rate used for impairment testing is an unlevered real discount rate after tax, justified by the fixed revenue profile for 25 years [26][27] Question: On working capital and trading volatility - Working capital is currently $5 billion, a reduction of $550 million, driven by upstream segment movements rather than trading activities [28][29] Question: On the new tax system in Norway - Tax payments will be evenly distributed over the year, with five installments in the second half of 2025 and five in the first half of 2026 [34][35] Question: On the Peregrino divestment and Bacalau project - The divestment of Peregrino is expected to close towards the end of the year, with Bacalau progressing well and expected to contribute significantly to international production [44][45] Question: On CapEx and competitive cash returns - Management emphasized that CapEx is a pretax number, while cash flow from operations is after tax, affecting comparisons with peers [87][88] Question: On Johan Sverdrup production and cost inflation - Johan Sverdrup is expected to maintain high production levels, with ongoing efforts to manage water and improve recovery rates [94][96] - Cost inflation pressures are expected to ease in Norway, while the market remains tight overall [98][99]

原油日报 | 2025-07-23 重新定义石化老旧装置或带来炼油产能优化 市场要闻与重要数据 1、纽约商品交易所8月交货的轻质原油期货价格下跌99美分，收于每桶66.21美元，跌幅为1.47%；9月交货的伦敦 布伦特原油期货价格下跌62美分，收于每桶68.59美元，跌幅为0.90%。SC原油主力合约收跌0.55%，报504元/桶。 2、 伊朗外交部发言人伊斯梅尔·巴加埃在例行记者会上表示，伊朗将与中国和俄罗斯就伊朗核计划问题举行三方 会谈。巴加埃表示，在过去一年中，伊朗与中国和俄罗斯就"快速恢复制裁"机制，进行了富有成效的磋商，以跟 进核协议的执行情况。同时巴加埃批评欧洲国家将该机制用作威胁伊朗的工具。 (来源：Bloomberg） 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 3、\t美国财政部长贝森特表示，下一轮美中会谈可能讨论中国购买俄罗斯和伊朗石油的问题。对于上述消息，在7 月22日举行的中国外交部例行记者会上，外交部发言人郭嘉昆在回应外媒记者"中方对此有何评论"的提问时表示， 在关税问题上，中方立场是一贯和明确的，希望美方同中方一道落实两国元首通话达成的重要共识，发挥中美 ...

Report Industry Investment Ratings - Crude oil: Adjusted from bullish to neutral and oscillatory [1] - Precious metals: Wide - range oscillation, not advisable to chase the uptrend [2] - Copper: Resistance at the upper integer level, cautious trading [3] - Aluminum: Short - term high - level oscillation, resistance around 21,000 yuan [4] - Cast aluminum alloy: More support compared to aluminum prices [5] - Alumina: High - level operation, beware of correction risks [6] - Zinc: Temporary wait - and - see, inclined to short above 23,000 [7] - Tin: Hold or increase short positions in far - month contracts [9] - Polysilicon: Temporary wait - and - see [10] - Industrial silicon: Expected to oscillate upward [11] - Rebar and hot - rolled coil: The futures market is expected to remain strong [12] - Iron ore: Short - term upward trend, but note increased volatility [13] - Coke: Likely to maintain the uptrend in the short term [14] - Coking coal: Likely to maintain the uptrend in the short term [15] - Manganese silicon: Follow the rebar trend, with a relatively small increase [16] - Ferrosilicon: Follow the rebar trend, with relatively weak increase [17] - Container Shipping Index (European Line): Short - term wide - range oscillation [18] - Fuel oil and low - sulfur fuel oil: FU is resistant to decline, LU follows crude oil [19] - Asphalt: BU cracking margin is expected to be supported [20] - Liquefied petroleum gas: The futures market runs weakly [21] - Urea: Expected to oscillate upward in the short term [22] - Methanol: The sustainability of the increase remains to be seen [23] - Pure benzene: Monthly spread band - trading, long in the short - to - medium term, short in the fourth quarter [24] - Styrene: The supply - demand contradiction is difficult to change in the short term [25] - Polypropylene and plastic: Market sentiment improves, but fundamentals remain weak [25] - PVC and caustic soda: PVC follows the overall sentiment in the short term, caustic soda is affected by macro factors [26] - PX and PTA: Wait for downstream demand to recover [27] - Ethylene glycol: Short - term long - position allocation, beware of pressure at previous highs [28] - Short - fiber and bottle - grade chips: Consider long - position allocation for short - fiber in the medium term [29] - Glass: Follow macro sentiment in the short term, pay attention to capacity reduction in the long term [30] - 20 - rubber, natural rubber, and butadiene rubber: Adopt a rebound strategy [31] - Soda ash: Follow macro sentiment in the short term, pay attention to capacity elimination [32] - Soybean and soybean meal: Oscillate before tariff and weather issues are clear [33] - Soybean oil and palm oil: Long - position allocation on dips [34] - Rapeseed and rapeseed oil: Short - term wait - and - see [35] - Soybean No.1: Follow weather and policy guidance in the short term [36] - Corn: Dalian corn futures may continue to oscillate at the bottom [37] - Live pigs: Follow policy guidance, far - month contracts are stronger [38] - Eggs: Seasonal rebound, pay attention to cold - storage egg release [39] - Cotton: Temporary wait - and - see or intraday trading [40] - Sugar: Expected to oscillate [41] - Apples: Temporary wait - and - see [42] - Wood: Temporary wait - and - see [43] - Pulp: Temporary wait - and - see or light long - position on dips [44] - Stock index: Risk preference is expected to be oscillatory and bullish, increase allocation to technology growth [45] - Treasury bonds: Expected to oscillate in the short term, with an increased probability of a steeper yield curve [46] Core Views - The international oil price is affected by factors such as tariffs and geopolitics, showing a trend of first pressure and then potential support [1] - Precious metals are affected by macro - sentiment and policy uncertainty, showing wide - range oscillations [2] - Base metals are affected by factors such as tariffs, supply - demand, and inventory, with different trends [3][4][7] - Energy and chemical products are affected by factors such as supply - demand, policies, and international sanctions, with diverse price trends [19][20][21] - Agricultural products are affected by factors such as weather, trade policies, and supply - demand, with different investment strategies [33][34][35] - Financial products are affected by factors such as economic data, policies, and trade agreements, showing different trends [45][46] Summary by Categories Energy - Crude oil: Overnight international oil prices declined, and the market rating was adjusted to neutral and oscillatory. The impact of tariffs and geopolitics on oil prices is significant [1] - Fuel oil and low - sulfur fuel oil: The fuel oil system futures are under pressure, but FU is resistant to decline, and the spread between high - and low - sulfur fuels continues to shrink [19] - Asphalt: The August refinery production plan decreased, and the low - inventory pattern supports the BU cracking margin [20] - Liquefied petroleum gas: Overseas markets are weak, and the domestic market is expected to stabilize under the situation of weak supply and demand [21] Metals - Precious metals: Overnight precious metals rose, and they are expected to oscillate widely due to policy uncertainty [2] - Base metals: - Copper: Overnight copper prices rose, and the market is waiting for the US tariff decision [3] - Aluminum: Aluminum prices are oscillating at a high level, and the cost provides support, but the inventory increase restricts the upward space [4][8] - Zinc: The supply pressure increases, and the short - term support is followed by the risk of a decline [7] - Tin: The price approaches the resistance area, and short positions in far - month contracts are recommended [9] - Alumina: It is at a high level, and the risk of a correction after a sharp increase needs attention [6] - Cast aluminum alloy: It is relatively strong compared to aluminum prices, and the supply shortage provides support [5] Chemicals - Polysilicon: The futures price hits the daily limit, and the cost transfer needs to be focused on [10] - Industrial silicon: Driven by polysilicon, it is expected to oscillate upward [11] - Methanol: Affected by coal production inspections, the sustainability of the increase remains to be seen [23] - Pure benzene: The spot price lags behind, and the monthly spread trading strategy is recommended [24] - Styrene: The supply and demand both increase slightly, and the inventory continues to accumulate [25] - Polypropylene and plastic: The market sentiment improves, but the fundamentals remain weak [25] - PVC and caustic soda: PVC is affected by capacity elimination and upstream news, and caustic soda is affected by macro factors [26] - PX and PTA: The price is under pressure, and the recovery of downstream demand is awaited [27] - Ethylene glycol: It is temporarily strong, but the supply increase may weaken the upward momentum [28] - Short - fiber and bottle - grade chips: Short - fiber may be long - position allocated in the medium term [29] Building Materials - Rebar and hot - rolled coil: The steel price oscillates, and the market sentiment is optimistic due to policies [12] - Iron ore: The supply increases, and the demand is stable. The short - term trend is upward [13] - Coke: The price continues to rise, and the inventory decreases slightly [14] - Coking coal: The price hits the daily limit, and the inventory is expected to continue to decline [15] - Manganese silicon: The inventory decreases, and it follows the rebar trend [16] - Ferrosilicon: The demand is acceptable, and it follows the rebar trend with a weak increase [17] - Glass: Driven by macro - sentiment, the price rises, and the long - term focus is on capacity reduction [30] Agricultural Products - Soybean and soybean meal: The US soybean good - quality rate declines slightly, and the price is expected to oscillate before the tariff and weather issues are clear [33] - Soybean oil and palm oil: The price oscillates, and long - position allocation on dips is recommended [34] - Rapeseed and rapeseed oil: The price of Canadian rapeseed declines, and short - term wait - and - see is recommended [35] - Soybean No.1: It rebounds strongly, and the short - term focus is on weather and policies [36] - Corn: The US corn grows well, and the Dalian corn futures may oscillate at the bottom [37] - Live pigs: The futures market is strong, and the focus is on policy implementation [38] - Eggs: The price enters the seasonal rebound stage, and the cold - storage egg release needs attention [39] - Cotton: The price rises slightly, and temporary wait - and - see or intraday trading is recommended [40] - Sugar: The price is expected to oscillate due to factors such as production and trade [41] - Apples: The price of new - season early - maturing apples increases, and temporary wait - and - see is recommended [42] - Wood: The price oscillates, and the short - term upward momentum is insufficient [43] - Pulp: The price rises, and temporary wait - and - see or light long - position on dips is recommended [44] Financial Products - Stock index: The A - share market rises, and the risk preference is expected to remain strong. Increase allocation to technology growth [45] - Treasury bonds: The price declines, and the short - term oscillation is expected, with a steeper yield curve [46]

智通财经7月22日电，香港交易所信息显示，贝莱德在中国石油股份的持股比例于07月16日从6.66%升 至7.15%。 ...

埃利奥特管理公司发言人：英国石油公司在成本基础、资本配置和扭亏计划方面存在特别明显的不足。 ...

| 能源 日报 | /// > 国経期货 | | | | --- | --- | --- | --- | | 2025年07月21日 | 操作评级 | | | | 高明宇 首席分析师 | 原油 | ☆☆☆ | | | F0302201 Z0012038 | 燃料油 | ☆☆☆ | | | 低硫燃料油 ☆☆☆ | 李祖智 中级分析师 | 沥青 | ☆☆☆ | | F3063857 Z0016599 | 液化石油气 ☆☆☆ | | | | 王盈敏 中级分析师 | | | | | F3066912 Z0016785 | | | | | 010-58747784 | | | | | gtaxinstitute@essence.com.cn | | | | 【原油】 隔夜国际油价反弹,SC09合约日内涨2.57%。伊拉克能源官员声明称近期无人机袭击已导致库尔德斯坦无油产 量减少14-15万桶/天，欧盟通过第18轮对俄罗斯能源制裁方案,供应担忧有所升温。但考虑到近期原油现货升 贴水及月差均未进一步走强,或显示强现实因素对油价的上行驱动减弱,7月贸易战的利空风险依然存在，油价 短期或难以突破震荡格局。 【燃料油&低硫燃料油 ...

金融界7月21日消息，上证指数高开高走，中证香港300上游指数 (H300上游，H30100)报2739.89点。 数据统计显示，中证香港300上游指数近一个月上涨3.08%，近三个月上涨17.66%，年至今上涨 12.89%。 据了解，中证香港300主题指数系列从中证香港300指数样本中根据中证行业分类选取符合相应主题的证 券作为指数样本，反映了在香港交易所上市各主题证券的整体表现。该指数以2004年12月31日为基日， 以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收 购、合并、分拆等情形的处理，参照计算与维护细则处理。 本文源自：金融界 作者：行情君 从指数持仓来看，中证香港300上游指数十大权重分别为：中国海洋石油（28.06%）、中国石油股份 （13.23%）、紫金矿业（10.89%）、中国神华（9.44%）、中国石油化工股份（9.23%）、中国宏桥 （4.71%）、中煤能源（3.3%）、招金矿业（3.07%）、洛阳钼业（2.83%）、兖矿 ...

Core Viewpoint - The event organized by Sinopec Shaanxi Petroleum Company aimed to enhance employee families' understanding of the company's operations and its commitment to environmental protection and green energy initiatives [1][9]. Group 1: Event Overview - The open day event took place on July 19, allowing 15 employee families to explore the smart energy initiatives at the Taiyuan Road refueling station in Xi'an [1]. - Activities included educational sessions on identifying genuine fuel products and environmental knowledge quizzes, engaging children in learning about fuel safety and environmental protection [3]. Group 2: Environmental Initiatives - Sinopec Shaanxi Petroleum has invested 25 million yuan in upgrading oil storage facilities and conducting environmental monitoring at refueling stations [5]. - The company has established 101 solar power projects and created four carbon-neutral pilot refueling stations, generating 550,000 kilowatt-hours of green electricity and reducing carbon emissions by over 14,000 tons [5]. - The initiatives contribute to ecological protection efforts in the Yellow River and Yangtze River basins, as well as pollution prevention in the Qinling Mountains and Fenwei Plain [5]. Group 3: Community Engagement - The event aimed to strengthen the connection between employees' families and the company, fostering a sense of belonging and recognition of the company's efforts in promoting a green and low-carbon lifestyle [9]. - Participants engaged in activities promoting the "Waste-Free City" initiative, signing commitments to adopt sustainable living practices [9].

港股"三桶油"盘初走高，中国石油股份(00857.HK)涨超3%，中国石油化工股份(00386.HK)涨超2%，中 国海洋石油(00883.HK)跟涨。 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 专利摘要：一种页岩注气驱油效率评价方法及注气实验装置。主要解决现有的驱油效率评价方法无法评 价岩心不同孔隙区间内的驱油效率的问题。包括以下步骤：S1、计算饱和水岩心核磁共振T2值与孔喉 半径转换系数C；S2、测试饱和页岩油岩心的核磁共振T2谱；S3、利用注气实验装置对饱和页岩油的岩 心进行注气吞吐实验，每次注气吞吐后测试岩心的核磁共振T2谱；S4、利用步骤S1中得到的转换系数C 将饱和页岩油岩心的核磁共振T2值转换为孔喉半径，根据页岩岩心的核磁共振T2谱信号幅度，计算岩 心不同孔隙区间的注气吞吐驱油效率。该评价方法可以评价不同吞吐轮次岩心驱油效率及岩心不同孔隙 区间驱油效率，同时可以开展高温高压注气吞吐实验。 通过天眼查大数据分析，中国石油天然气股份有限公司共对外投资了1284家企业，参与招投标项目496 次；财产线索方面有商标信息107条，专利信息30487条；此外企业还拥有行政许可169个。 证券之星消息，根据天眼查APP数据显示中国石油（601857）新获得一项发明专利授权，专利 ...