近期，国际油价在美伊紧张局势反复等多重因素交织下呈现波动，油价短期逻辑已进入地缘溢价主导。油价震动中，资金抢筹布局石油板块，聚焦全产业链 工具石油ETF（561360）涨超2%，近20日吸金超20亿元。 短期逻辑：地缘溢价主导，油价易涨难跌 短期油价已脱离单纯的基本面定价，进入"地缘消息驱动"模式。市场交易的不是当下的库存，而是未来供应中断的概率。任何风吹草动都可能引发油价脉冲 式上行。 当前油价的定价权，已阶段性让渡给地缘政治。申银万国将其概括为"地缘主导、基本面托底"。这意味着两重含义： 第一，上行风险远大于下行风险。如果美伊发生任何形式的摩擦，或霍尔木兹海峡运输受到实质性干扰，油价将迅速突破当前区间。即使事件不落地，仅仅 是"谈判可能破裂"的消息，就足以驱动油价单日暴涨。 综上，原油市场的供需天平正在从"弱平衡"向"紧平衡"倾斜。过剩叙事正在被库存数据证伪，市场定价权正从看空者向看多者转移。 中长期逻辑：从"周期品"向"战略资产"的价值重估 第二，传统的供需分析框架暂时失效。当前市场关心的不是OECD库存是高是低，也不是中国需求恢复了几成，而是"伊朗的铀浓缩进度""美军在波斯湾的 部署密度""委内瑞拉总 ...

除利比亚业务拓展外，雪佛龙2025年第四季度财报显示调整后每股收益1.52美元，超出市场预期0.14美 元；产量同比增长20%至每日405万桶。管理层强调2025年实现现金流拐点，并计划2026年产量增长 7%-10%。此外，公司2025年支付股息128亿美元，回购股票121亿美元，过去五年累计股东回报超1000 亿美元，强化了投资者信心。 机构观点 2026年2月，30家机构中53%给予雪佛龙"买入或增持"评级，目标均价182.38美元。机构预测其2026年第 一季度每股收益1.499美元，虽同比下滑30.51%，但长期聚焦圭亚那及东地中海新项目潜力。 以上内容基于公开资料整理，不构成投资建议。 经济观察网截至2026年2月11日收盘，雪佛龙(CVX.N)股价报收185.82美元，单日上涨1.95%，突破60日 新高。当日最高价达186.52美元，成交金额约18.33亿美元，年初至今累计涨幅达21.92%。 近期事件 雪佛龙于2月11日宣布中标利比亚苏尔特盆地106号陆上合同区，并与利比亚国家石油公司签署谅解备忘 录，评估陆上钻探潜力。这一举措符合公司扩大北非和东地中海地区资产组合的战略，是近期股价突破 的 ...

Core Viewpoint - Southbound funds have significantly increased their holdings in China National Offshore Oil Corporation (CNOOC), indicating strong investor interest in the company [1] Group 1: Southbound Fund Activity - On February 11, southbound funds increased their holdings by 3.0556 million shares of CNOOC (00883.HK) [1] - Over the past 5 trading days, there have been 5 days of net increases, totaling 59.7527 million shares [1] - In the last 20 trading days, there were 14 days of net increases, amounting to 86.8373 million shares [1] - Currently, southbound funds hold 10.344 billion shares of CNOOC, representing 21.75% of the company's total issued ordinary shares [1] Group 2: Company Overview - CNOOC is primarily engaged in the exploration, development, production, and sales of crude oil and natural gas [1] - The company operates through three segments: exploration and production, trading, and business management [1] - The exploration and production segment focuses on upstream oil activities, including conventional oil and gas, shale oil and gas, oil sands, and other unconventional oil and gas [1] - The trading segment involves crude oil trading, including sales of crude oil and natural gas under production-sharing contracts with foreign partners and third-party crude oil trading [1] - The business management segment handles headquarters management, financial management, and research and development [1] - CNOOC operates in both domestic and international markets [1]

Financial Performance - The adjusted profit for Shell in Q4 2025 was $3.26 billion, representing an 11% year-over-year decline and marking a five-year low, primarily due to poor oil trading performance and losses in the chemicals sector [1][2] - The company announced a 4% increase in dividends to $0.372 per share and initiated a $3.5 billion stock buyback program [1][2] Project Development - Shell plans to commence new exploration activities offshore Namibia in April 2026, indicating a return to high-potential frontier basins, which may provide growth opportunities for its upstream business [3] - Capital expenditures for 2026 are expected to remain in the range of $20 billion to $22 billion, with ongoing cost reduction measures [3] Industry Policy and Environment - Investors will focus on the impact of oil price fluctuations, with Brent crude oil prices around $68 per barrel in early 2026, on Shell's cash flow, as well as the progress in improving the chemicals business [4] - The company previously warned that losses in the chemicals sector may persist, necessitating observation of its optimization measures [4]

证券之星消息，截至2026年2月10日收盘，洲际油气(600759)报收于5.27元，下跌2.41%，换手率 13.51%，成交量559.85万手，成交额29.77亿元。 洲际油气2025年三季报显示，前三季度公司主营收入15.37亿元，同比下降19.94%；归母净利润8307.61 万元，同比下降46.61%；扣非净利润9697.0万元，同比下降43.74%；其中2025年第三季度，公司单季度 主营收入4.81亿元，同比下降18.45%；单季度归母净利润3331.45万元，同比下降28.39%；单季度扣非 净利润4675.17万元，同比下降13.57%；负债率28.74%，投资收益-720.77万元，财务费用5413.12万元， 毛利率56.44%。洲际油气（600759）主营业务：石油勘探开发和石油化工项目的投资及相关工程的技 术开发、咨询、服务;石油化工产品、管道生产建设所需物资设备、器材的销售;油品贸易和进出口;能源 基础产业投资、开发、经营;新能源产品技术研发、生产、销售;股权投资;房屋租赁及物业管理。 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股 ...

Core Viewpoint - W&T Offshore, Inc. (WTI) is showing potential for a bullish breakout as it has reached a significant support level and experienced a "golden cross" in its moving averages [1]. Group 1: Technical Indicators - WTI's 50-day simple moving average has crossed above its 200-day simple moving average, indicating a bullish signal known as a "golden cross" [1]. - A golden cross typically signifies a trend reversal from a downtrend to an upward trend, consisting of three stages: a downtrend, the crossover of moving averages, and an upward price movement [2]. Group 2: Performance Metrics - WTI's stock price has increased by 47.9% over the last four weeks, suggesting strong momentum [3]. - The company currently holds a 2 (Buy) rating on the Zacks Rank, indicating positive market sentiment [3]. - Earnings expectations for WTI have improved, with one upward revision and no downward changes in the last 60 days, leading to an increase in the Zacks Consensus Estimate [3]. Group 3: Investment Considerations - Given the significant technical indicators and positive earnings estimate trends, investors are encouraged to consider adding WTI to their watchlist [5].

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].

Group 1: Report Information - Report Date: February 10, 2026 [1] - Researcher: Zhao Ruochen [4] - Futures Practitioner Certificate Number: F03151390 [4] - Investment Consulting Practitioner Certificate Number: Z0023496 [4] - Email: zhaoruochen_qh@chinastock.com.cn [4] Group 2: Crude Oil and Natural Gas Market - Adani Group is facing potential sanctions as the US seeks information after a media report alleged the company imported Iranian oil products into India [3] - Cosmo Oil's refinery in Sakai, Osaka, with a daily crude distillation capacity of 100,000 barrels, had an unplanned shutdown on February 9, and the restart time is uncertain [3] - The US government advised US - flagged vessels to stay away from Iranian waters when passing through the Strait of Hormuz due to recent harassment of a ship in the area and rising tensions between Washington and Tehran [3] Group 3: Spot Market Overview Shandong Region - The estimated price of civil LPG in Shandong is 4,490 yuan/ton, a 20 - yuan/ton increase from the previous day. The market continued to rise slightly due to reduced external resource inflows and no inventory pressure on refineries [5] - The Shandong ether - after carbon - four market showed an upward trend, with good trading. Low supply and downstream demand supported the market, and it is expected to continue a steady and slightly rising trend tomorrow [5] East China Region - The mainstream transaction price of civil LPG in East China is 4,475 yuan/ton, unchanged from the previous day. The market is stable, and it is expected to remain so in the short term as sellers' inventory is controllable and they focus on stable shipments [5] South China Region - The average transaction price of domestic LPG in South China is 4,750 yuan/ton, a 15 - yuan/ton decrease from the previous day, and the average price of imported LPG is 4,865 yuan/ton, a 25 - yuan/ton decrease. The market is stable with some price drops. It is expected to be range - bound before the Spring Festival due to factors like approaching cost, weak demand, and limited transactions [5] North China Region - The benchmark price of civil LPG in North China is 4,297 yuan/ton, a 35 - yuan/ton decrease from the previous day. The market had local price drops, and low - price transactions were good as downstream buyers made purchases [6] Group 4: Market Outlook - LPG trading is currently influenced by geopolitical factors, with market sentiment amplifying price fluctuations. The international LPG supply is tight, and winter demand is strong, providing support. However, the domestic market is becoming more relaxed, with sufficient refinery supply and low chemical demand creating resistance [7] - With the Iran negotiation yet to be finalized, there are still tail risks. The domestic LPG market is expected to be volatile in the short term and face pressure in the long term [7]

BP将到2027年底前结构性成本削减目标提高至55亿-65亿美元。 来源：滚动播报 ...

Please see below information about transactions made under the first tranche of the 2026 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO). Date on which the buy-back tranche was announced: 4 February 2026. The duration of the buy-back tranche: 5 February to no later than 30 March 2026. Further information on the tranche can be found in the stock market announcement on its commencement dated 4 February 2026, available here: https://newsweb.oslobors.no/message/664788 From ...