Business mix
- A global integrated energy giant, its business covers oil and gas exploration and development, refining, sales and chemical industry, and it also expands renewable energy and low-carbon solutions.
- Upstream assets are located in core areas such as the Permian, Kazakhstan, and the Gulf of Mexico in the United States, and are promoting innovative cooperation in Permian data center power supply and other areas.
- Financial priorities are continued dividend growth, efficient investment, a strong balance sheet and prudent buybacks, with strict capital allocation discipline.
Current key questions
- Tight global supply (the Strait of Hormuz disrupts transportation) and inventory buffer consumption have supported short-term oil prices, but the demand side is still affected by economic slowdown and geopolitical risks.
- While maintaining 39 years of continuous dividend growth and stable buybacks, it needs to balance annual capital expenditures and cost reduction targets of US$18-19 billion.
- The sensitivity of geopolitics and sanctions is high. The movement of "dark fleets" such as Venezuela and Rosneft increases compliance risks, and there are variables in government intervention policies.
