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2021-06-28

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Is it going to be eliminated by the times? The world's most powerful company suffered a huge loss of US $22.4 billion

2005年，美国有3家石化企业跻身前十强；2020年，全部出局。正解局原创 14年前左右，全球最牛的公司是埃克森美孚。这家石油公司，2006年营业收入高居全球第一，2007年市值又高居全球第一，风头

Is it going to be eliminated by the times? The world's most powerful company suffered a huge loss of US $22.4 billion

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":127743301,"tweetId":"127743301","gmtCreate":1624871175603,"gmtModify":1703846679674,"author":{"id":3573373078542650,"idStr":"3573373078542650","authorId":3573373078542650,"authorIdStr":"3573373078542650","name":"KeithHan","avatar":"https://static.tigerbbs.com/499148728d0c775136a5099e0d8769c0","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":11,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>? ? ? ?</body></html>","htmlText":"<html><head></head><body>? ? ? ?</body></html>","text":"? ? ? ?","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/127743301","repostId":2146881622,"repostType":4,"repost":{"id":"2146881622","kind":"news","pubTimestamp":1624870410,"share":"https://ttm.financial/m/news/2146881622?lang=en_US&edition=fundamental","pubTime":"2021-06-28 16:53","market":"us","language":"zh","title":"Is it going to be eliminated by the times? The world's most powerful company suffered a huge loss of US $22.4 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=2146881622","media":" 正解局","summary":"2005年，美国有3家石化企业跻身前十强；2020年，全部出局。正解局原创\n14年前左右，全球最牛的公司是埃克森美孚。\n这家石油公司，2006年营业收入高居全球第一，2007年市值又高居全球第一，风头","content":"In 2005, three petrochemical companies in the United States ranked among the top ten; In 2020, all out. Original solutionAbout 14 years ago, the best company in the world was<a href=\"https://laohu8.com/S/XOM\">ExxonMobil</a>。This oil company's operating income ranked first in the world in 2006, and its market value ranked first in the world in 2007. It was in the limelight for a while.Today, ExxonMobil's market value has shrunk by half, and its operating income in 2020 will lose US $22.4 billion.What has ExxonMobil done wrong in just over a decade?Petrochemical companies, are life really hard?<img src=\"https://static.tigerbbs.com/1ffefa502a3b3b7343aa17156a17e8d6\" tg-width=\"660\" tg-height=\"176\" referrerpolicy=\"no-referrer\">ExxonMobil, from a well-known family.Its predecessor was the famous Standard Oil Company founded by Rockefeller.The largest crude oil producer in the United States monopolizes 95% of the refining capacity, 90% of the oil transportation capacity and 25% of the crude oil production in the United States.The strength of monopoly is unprecedented in American history, and it is unprecedented.Because it was too powerful, in 1911, the Standard Oil Empire was split into about 37 regional oil companies.Among them, the largest one is Exxon (Standard Oil of New Jersey).The general trend of the world is that if we unite for a long time, we will divide it, and if we divide for a long time, we will unite it.In 1999, Exxon Oil (Standard Oil of New Jersey) and Mobil Oil merged to form ExxonMobil Corporation, which transformed itself into the world's largest oil company.A Big Mac is a Big Mac. The second year after the merger, ExxonMobil was on the Fortune Global 500 list, ranking third.<img src=\"https://static.tigerbbs.com/de976cf6d27f46cb0cf233283bc0397d\" tg-width=\"435\" tg-height=\"539\" referrerpolicy=\"no-referrer\">Top Ten of the World's Fortune 500 in 2000Since then, ExxonMobil has been among the top five in the world 500 list all year round. In 2006, it ranked first in the world in one fell swoop.<img src=\"https://static.tigerbbs.com/a05d48e79c0f57ea523f43697f69fdfa\" tg-width=\"660\" tg-height=\"665\" referrerpolicy=\"no-referrer\">Top Ten of the World's Fortune 500 in 20062007 was also the highlight moment for ExxonMobil, with its market value ranking first in the world, reaching US $525 billion at its peak.It is such an awesome company. The 2020 financial report shows that it has suffered a loss of US $22.44 billion. This is the first loss since the merger, and it may also be one of the companies with the largest losses in the world.The latest market value is only US $273.9 billion, only half of its peak.<img src=\"https://static.tigerbbs.com/93e38d7e4eaef842e365b7effdf8da04\" tg-width=\"840\" tg-height=\"470\">Today, ExxonMobil's market value is only $272.4 billion, barely topping the list<a href=\"https://laohu8.com/S/AAPL\">Apple</a>1/10 of the market value of US $2.24 trillion.In order to cope with the losses, ExxonMobil decided to lay off employees, suspend bonuses, and sell assets to save itself.After announcing in 2020 that it would cut 14,000 jobs worldwide by 2022, ExxonMobil also plans to reduce the number of employees in its U.S. offices by 5% to 10% annually over the next three to five years.According to ExxonMobil's employee composition, the U.S. office will lay off 1,000 to 3,000 people every year.ExxonMobil has also taken measures such as suspending bonuses and stopping employee contribution matching to 401k savings plans.In addition, ExxonMobil will sell shares in 15 oil fields to get some blood back.<img src=\"https://static.tigerbbs.com/896a25d58495644c16903bb72d3ef94d\" tg-width=\"554\" tg-height=\"370\" referrerpolicy=\"no-referrer\">ExxonMobil chemical plant in Baytown, TexasOrdinary employees are at risk of losing their jobs, and times at the top are hard.Previously, ExxonMobil changed a quarter of its board members due to climate and financial concerns.<img src=\"https://static.tigerbbs.com/c3e19a6be56cb21660acb2bd3624b49d\" tg-width=\"660\" tg-height=\"176\" referrerpolicy=\"no-referrer\">ExxonMobil's loss is due to accidental factors.You know, in 2019, they also earned a net profit of $14.34 billion.The huge loss in 2020, this accidental factor is COVID-19 pandemic.Affected by the epidemic, oil demand has declined, and international oil prices have also plummeted. For details, please read \"Sending 84 giant ships to buy oil at the bottom, China becomes the biggest winner of the\" oil war \"?\" This article.<img src=\"https://static.tigerbbs.com/e36c5ed02f7d9f7a3b6803cee6cead1d\" tg-width=\"660\" tg-height=\"385\" referrerpolicy=\"no-referrer\">Crude oil price trend chart in recent yearsThe decline in sales volume and the decline in prices has naturally greatly affected ExxonMobil's revenue.You see, as the epidemic is gradually brought under control, international oil prices begin to rise, and ExxonMobil's revenue begins to \"come back to life\" again.The company's first fiscal quarter of fiscal year 2021 showed that the net profit attributable to ordinary shareholders was US $2.730 billion.If we go back to 2019 before the epidemic, we will find that compared with 2018, ExxonMobil's net profit has also declined.Connecting with its falling market value, ExxonMobil's recession is already a general trend.Therefore, there must be internal factors behind ExxonMobil's recession.First, the investment failed.Energy companies like petrochemicals are engaged in the business of buying and selling energy.If we want to develop well, we must rely on our ancestor Rockefeller to merge and expand production.ExxonMobil has indeed inherited this very well. In the early days, the two companies merged and became the world's largest oil company in one fell swoop.In the subsequent operations, ExxonMobil has continued to purchase high-quality upstream oil and gas assets, playing the wishful thinking of \"buying low and selling high\".However, sometimes people are not as good as God.In 2009, taking advantage of the international financial crisis, ExxonMobil spent US $41 billion to acquire the American XTO Energy Company, acquiring fracturing technology and precious natural gas fields.I originally hoped to make a lot of money by relying on the sharp rise in natural gas. Who would have thought that it was copied on the top of the mountain.With commodity prices falling in the following years, ExxonMobil Investments fell into a loss and eventually dropping most of the investment.Between 2009 and 2019, Exxon spent $261 billion in capital expenditures, according to investment bank Evercore ISI.Not only did oil and gas production not expand much, but it increased debt by $45 billion.<img src=\"https://static.tigerbbs.com/a59dc22a96ff6d5e35155840a6e88e07\" tg-width=\"554\" tg-height=\"738\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1ee1f70017b5261ef909bca6227bfdfa\" tg-width=\"601\" tg-height=\"800\" referrerpolicy=\"no-referrer\">ExxonMobil's investments vs. debtSecond, strategic mistakes.ExxonMobil is very aggressive in investing in oil and gas resources, and conservative in new energy.Like other U.S. oil companies, ExxonMobil also believes that oil and gas energy demand will not decrease in the short term, and it is foolish to switch to new energy sources.ExxonMobil is indeed stubborn. On the one hand, it despises new energy, and on the other hand, it invests US $1 billion every year in the research of \"carbon capture and storage technology\".<img src=\"https://static.tigerbbs.com/7b9047c394c310e89c3534276bbb39c4\" tg-width=\"660\" tg-height=\"317\" referrerpolicy=\"no-referrer\">Schematic diagram of \"Carbon capture and storage technology\"This technology, simply put, collects carbon dioxide produced by industrial life activities and stores it in various ways to avoid its emission into the atmosphere.ExxonMobil's small idea is that since the reason why it is not allowed to use oil is because it is afraid of carbon emissions, I simply capture and store the carbon so that oil can be used.The ideal is full, but the reality is skinny.This technology has been studied for forty or fifty years, and there has been little substantial progress.ExxonMobil probably \"clicked on the wrong technology tree\".The butt determines the head, which is really unacceptable.<img src=\"https://static.tigerbbs.com/e76a5235faa31191b4c32e86aa9e1632\" tg-width=\"660\" tg-height=\"176\" referrerpolicy=\"no-referrer\">Does ExxonMobil's recession mean that petrochemical companies are having a hard time?To be precise, American petrochemical companies are having a hard time.Let's first look at the Fortune Global 500 in 2006. ExxonMobil ranked first in the world.Another noteworthy situation is that among the top ten, Royal Dutch Shell,<a href=\"https://laohu8.com/S/BP\">British Oil</a>Company,<a href=\"https://laohu8.com/S/CVX\">Chevron</a>Company, United States<a href=\"https://laohu8.com/S/COP\">ConocoPhillips</a>The companies are all petrochemical companies.In other words, among the ten largest companies in the world in 2006, petrochemical companies accounted for five.<img src=\"https://static.tigerbbs.com/a05d48e79c0f57ea523f43697f69fdfa\" tg-width=\"660\" tg-height=\"665\" referrerpolicy=\"no-referrer\">Top Ten of the World's Fortune 500 in 2006Looking at the 2020 list, among the top ten, petrochemical companies still occupy 5 seats.<img src=\"https://static.tigerbbs.com/1c6271323e9fc6dd54a697ead7c24fc9\" tg-width=\"593\" tg-height=\"735\" referrerpolicy=\"no-referrer\">Top 10 of the 2020 Fortune Global 500 listHowever, American companies have changed greatly.In 2005, three petrochemical companies in the United States ranked among the top ten; In 2020, all out.The collective decline of American petrochemical companies can be analyzed in another article.The conservatism of American petrochemical companies may be one of the reasons.Unlike sticking to the oil and gas field, European petrochemical companies have taken the lead.BP announced that it will increase investment in low-emission businesses tenfold over the next 10 years to $5 billion per year, while shrinking oil and gas production by 40%.<a href=\"https://laohu8.com/S/SNP\">Sinopec</a>、<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>Also transforming.Recently,<a href=\"https://laohu8.com/S/600028\">Sinopec</a>A plan has been announced to deploy 5,000 charging and swapping stations, 1,000 hydrogenation stations or oil-hydrogen joint construction stations, and 7,000 distributed photovoltaic power stations by 2025.<img src=\"https://static.tigerbbs.com/b7dc7c42418bdd914f31fab0e6a0e600\" tg-width=\"500\" tg-height=\"326\" referrerpolicy=\"no-referrer\">Sinopec gas station battery swap station<a href=\"https://laohu8.com/S/601857\">PetroChina</a>We are also exploring the \"oil + electricity\" transformation in many provinces and cities across the country, putting into operation comprehensive energy supply service stations, combining gas stations and charging piles into one, and providing services for new energy vehicle owners.This strategic transformation of the blade inward requires courage and is also an important measure to hedge the risks of the traditional petrochemical industry.Low-carbon emission reduction has become the general trend of the times, and the global energy system is undergoing profound changes.Ignoring or even resisting this trend will eventually be abandoned by the times. Disclaimer: The content of this article only represents the views of the author of the submitted article, and does not represent the position of Muddy Waters. Please indicate the name of the contributor and attach the source of this article (Muddy Water).Muddy Water reserves the right to investigate the corresponding responsibility for those who fail to reprint according to the specification","source":"lsy1568269639741","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is it going to be eliminated by the times? The world's most powerful company suffered a huge loss of US $22.4 billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs it going to be eliminated by the times? The world's most powerful company suffered a huge loss of US $22.4 billion\n</h2>\n<h4 class=\"meta\">\n\n 正解局2021-06-28 16:53\n\n</h4>\n</header>\n<article>\nIn 2005, three petrochemical companies in the United States ranked among the top ten; In 2020, all out. Original solutionAbout 14 years ago, the best company in the world was<a href=\"https://laohu8.com/S/XOM\">ExxonMobil</a>。This oil company's operating income ranked first in the world in 2006, and its market value ranked first in the world in 2007. It was in the limelight for a while.Today, ExxonMobil's market value has shrunk by half, and its operating income in 2020 will lose US $22.4 billion.What has ExxonMobil done wrong in just over a decade?Petrochemical companies, are life really hard?<img src=\"https://static.tigerbbs.com/1ffefa502a3b3b7343aa17156a17e8d6\" tg-width=\"660\" tg-height=\"176\" referrerpolicy=\"no-referrer\">ExxonMobil, from a well-known family.Its predecessor was the famous Standard Oil Company founded by Rockefeller.The largest crude oil producer in the United States monopolizes 95% of the refining capacity, 90% of the oil transportation capacity and 25% of the crude oil production in the United States.The strength of monopoly is unprecedented in American history, and it is unprecedented.Because it was too powerful, in 1911, the Standard Oil Empire was split into about 37 regional oil companies.Among them, the largest one is Exxon (Standard Oil of New Jersey).The general trend of the world is that if we unite for a long time, we will divide it, and if we divide for a long time, we will unite it.In 1999, Exxon Oil (Standard Oil of New Jersey) and Mobil Oil merged to form ExxonMobil Corporation, which transformed itself into the world's largest oil company.A Big Mac is a Big Mac. The second year after the merger, ExxonMobil was on the Fortune Global 500 list, ranking third.<img src=\"https://static.tigerbbs.com/de976cf6d27f46cb0cf233283bc0397d\" tg-width=\"435\" tg-height=\"539\" referrerpolicy=\"no-referrer\">Top Ten of the World's Fortune 500 in 2000Since then, ExxonMobil has been among the top five in the world 500 list all year round. In 2006, it ranked first in the world in one fell swoop.<img src=\"https://static.tigerbbs.com/a05d48e79c0f57ea523f43697f69fdfa\" tg-width=\"660\" tg-height=\"665\" referrerpolicy=\"no-referrer\">Top Ten of the World's Fortune 500 in 20062007 was also the highlight moment for ExxonMobil, with its market value ranking first in the world, reaching US $525 billion at its peak.It is such an awesome company. The 2020 financial report shows that it has suffered a loss of US $22.44 billion. This is the first loss since the merger, and it may also be one of the companies with the largest losses in the world.The latest market value is only US $273.9 billion, only half of its peak.<img src=\"https://static.tigerbbs.com/93e38d7e4eaef842e365b7effdf8da04\" tg-width=\"840\" tg-height=\"470\">Today, ExxonMobil's market value is only $272.4 billion, barely topping the list<a href=\"https://laohu8.com/S/AAPL\">Apple</a>1/10 of the market value of US $2.24 trillion.In order to cope with the losses, ExxonMobil decided to lay off employees, suspend bonuses, and sell assets to save itself.After announcing in 2020 that it would cut 14,000 jobs worldwide by 2022, ExxonMobil also plans to reduce the number of employees in its U.S. offices by 5% to 10% annually over the next three to five years.According to ExxonMobil's employee composition, the U.S. office will lay off 1,000 to 3,000 people every year.ExxonMobil has also taken measures such as suspending bonuses and stopping employee contribution matching to 401k savings plans.In addition, ExxonMobil will sell shares in 15 oil fields to get some blood back.<img src=\"https://static.tigerbbs.com/896a25d58495644c16903bb72d3ef94d\" tg-width=\"554\" tg-height=\"370\" referrerpolicy=\"no-referrer\">ExxonMobil chemical plant in Baytown, TexasOrdinary employees are at risk of losing their jobs, and times at the top are hard.Previously, ExxonMobil changed a quarter of its board members due to climate and financial concerns.<img src=\"https://static.tigerbbs.com/c3e19a6be56cb21660acb2bd3624b49d\" tg-width=\"660\" tg-height=\"176\" referrerpolicy=\"no-referrer\">ExxonMobil's loss is due to accidental factors.You know, in 2019, they also earned a net profit of $14.34 billion.The huge loss in 2020, this accidental factor is COVID-19 pandemic.Affected by the epidemic, oil demand has declined, and international oil prices have also plummeted. For details, please read \"Sending 84 giant ships to buy oil at the bottom, China becomes the biggest winner of the\" oil war \"?\" This article.<img src=\"https://static.tigerbbs.com/e36c5ed02f7d9f7a3b6803cee6cead1d\" tg-width=\"660\" tg-height=\"385\" referrerpolicy=\"no-referrer\">Crude oil price trend chart in recent yearsThe decline in sales volume and the decline in prices has naturally greatly affected ExxonMobil's revenue.You see, as the epidemic is gradually brought under control, international oil prices begin to rise, and ExxonMobil's revenue begins to \"come back to life\" again.The company's first fiscal quarter of fiscal year 2021 showed that the net profit attributable to ordinary shareholders was US $2.730 billion.If we go back to 2019 before the epidemic, we will find that compared with 2018, ExxonMobil's net profit has also declined.Connecting with its falling market value, ExxonMobil's recession is already a general trend.Therefore, there must be internal factors behind ExxonMobil's recession.First, the investment failed.Energy companies like petrochemicals are engaged in the business of buying and selling energy.If we want to develop well, we must rely on our ancestor Rockefeller to merge and expand production.ExxonMobil has indeed inherited this very well. In the early days, the two companies merged and became the world's largest oil company in one fell swoop.In the subsequent operations, ExxonMobil has continued to purchase high-quality upstream oil and gas assets, playing the wishful thinking of \"buying low and selling high\".However, sometimes people are not as good as God.In 2009, taking advantage of the international financial crisis, ExxonMobil spent US $41 billion to acquire the American XTO Energy Company, acquiring fracturing technology and precious natural gas fields.I originally hoped to make a lot of money by relying on the sharp rise in natural gas. Who would have thought that it was copied on the top of the mountain.With commodity prices falling in the following years, ExxonMobil Investments fell into a loss and eventually dropping most of the investment.Between 2009 and 2019, Exxon spent $261 billion in capital expenditures, according to investment bank Evercore ISI.Not only did oil and gas production not expand much, but it increased debt by $45 billion.<img src=\"https://static.tigerbbs.com/a59dc22a96ff6d5e35155840a6e88e07\" tg-width=\"554\" tg-height=\"738\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1ee1f70017b5261ef909bca6227bfdfa\" tg-width=\"601\" tg-height=\"800\" referrerpolicy=\"no-referrer\">ExxonMobil's investments vs. debtSecond, strategic mistakes.ExxonMobil is very aggressive in investing in oil and gas resources, and conservative in new energy.Like other U.S. oil companies, ExxonMobil also believes that oil and gas energy demand will not decrease in the short term, and it is foolish to switch to new energy sources.ExxonMobil is indeed stubborn. On the one hand, it despises new energy, and on the other hand, it invests US $1 billion every year in the research of \"carbon capture and storage technology\".<img src=\"https://static.tigerbbs.com/7b9047c394c310e89c3534276bbb39c4\" tg-width=\"660\" tg-height=\"317\" referrerpolicy=\"no-referrer\">Schematic diagram of \"Carbon capture and storage technology\"This technology, simply put, collects carbon dioxide produced by industrial life activities and stores it in various ways to avoid its emission into the atmosphere.ExxonMobil's small idea is that since the reason why it is not allowed to use oil is because it is afraid of carbon emissions, I simply capture and store the carbon so that oil can be used.The ideal is full, but the reality is skinny.This technology has been studied for forty or fifty years, and there has been little substantial progress.ExxonMobil probably \"clicked on the wrong technology tree\".The butt determines the head, which is really unacceptable.<img src=\"https://static.tigerbbs.com/e76a5235faa31191b4c32e86aa9e1632\" tg-width=\"660\" tg-height=\"176\" referrerpolicy=\"no-referrer\">Does ExxonMobil's recession mean that petrochemical companies are having a hard time?To be precise, American petrochemical companies are having a hard time.Let's first look at the Fortune Global 500 in 2006. ExxonMobil ranked first in the world.Another noteworthy situation is that among the top ten, Royal Dutch Shell,<a href=\"https://laohu8.com/S/BP\">British Oil</a>Company,<a href=\"https://laohu8.com/S/CVX\">Chevron</a>Company, United States<a href=\"https://laohu8.com/S/COP\">ConocoPhillips</a>The companies are all petrochemical companies.In other words, among the ten largest companies in the world in 2006, petrochemical companies accounted for five.<img src=\"https://static.tigerbbs.com/a05d48e79c0f57ea523f43697f69fdfa\" tg-width=\"660\" tg-height=\"665\" referrerpolicy=\"no-referrer\">Top Ten of the World's Fortune 500 in 2006Looking at the 2020 list, among the top ten, petrochemical companies still occupy 5 seats.<img src=\"https://static.tigerbbs.com/1c6271323e9fc6dd54a697ead7c24fc9\" tg-width=\"593\" tg-height=\"735\" referrerpolicy=\"no-referrer\">Top 10 of the 2020 Fortune Global 500 listHowever, American companies have changed greatly.In 2005, three petrochemical companies in the United States ranked among the top ten; In 2020, all out.The collective decline of American petrochemical companies can be analyzed in another article.The conservatism of American petrochemical companies may be one of the reasons.Unlike sticking to the oil and gas field, European petrochemical companies have taken the lead.BP announced that it will increase investment in low-emission businesses tenfold over the next 10 years to $5 billion per year, while shrinking oil and gas production by 40%.<a href=\"https://laohu8.com/S/SNP\">Sinopec</a>、<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>Also transforming.Recently,<a href=\"https://laohu8.com/S/600028\">Sinopec</a>A plan has been announced to deploy 5,000 charging and swapping stations, 1,000 hydrogenation stations or oil-hydrogen joint construction stations, and 7,000 distributed photovoltaic power stations by 2025.<img src=\"https://static.tigerbbs.com/b7dc7c42418bdd914f31fab0e6a0e600\" tg-width=\"500\" tg-height=\"326\" referrerpolicy=\"no-referrer\">Sinopec gas station battery swap station<a href=\"https://laohu8.com/S/601857\">PetroChina</a>We are also exploring the \"oil + electricity\" transformation in many provinces and cities across the country, putting into operation comprehensive energy supply service stations, combining gas stations and charging piles into one, and providing services for new energy vehicle owners.This strategic transformation of the blade inward requires courage and is also an important measure to hedge the risks of the traditional petrochemical industry.Low-carbon emission reduction has become the general trend of the times, and the global energy system is undergoing profound changes.Ignoring or even resisting this trend will eventually be abandoned by the times. Disclaimer: The content of this article only represents the views of the author of the submitted article, and does not represent the position of Muddy Waters. Please indicate the name of the contributor and attach the source of this article (Muddy Water).Muddy Water reserves the right to investigate the corresponding responsibility for those who fail to reprint according to the specification\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://mp.weixin.qq.com/s/7-k9ecgcKloqfvP1ovs-4w\"> 正解局</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/896a25d58495644c16903bb72d3ef94d","relate_stocks":{"XOM":"埃克森美孚"},"source_url":"https://mp.weixin.qq.com/s/7-k9ecgcKloqfvP1ovs-4w","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146881622","content_text":"2005年，美国有3家石化企业跻身前十强；2020年，全部出局。正解局原创\n14年前左右，全球最牛的公司是埃克森美孚。\n这家石油公司，2006年营业收入高居全球第一，2007年市值又高居全球第一，风头一时无两。\n今天，埃克森美孚市值缩水一半，2020年营业收入更是亏损了224亿美元。\n短短十多年，埃克森美孚做错了什么？\n石化企业，日子真的不好过了吗？\n埃克森美孚，出身名门。\n其前身，便是洛克菲勒创办的大名鼎鼎的标准石油公司。\n这家美国最大的原油生产商，垄断了美国95%的炼油能力、90%的输油能力、25%的原油产量。\n垄断力度之大，在美国历史上，前无古人，亦后无来者。\n因为实在过于强大，1911年，标准石油帝国被拆分为约37家地区性石油公司。\n其中，最大的那一家，便是埃克森（新泽西标准石油）。\n天下大势，合久必分，分久必合。\n1999年，埃克森石油（新泽西标准石油）与美孚石油合并为埃克森美孚公司，摇身一变，又成为了世界第一大石油公司。\n巨无霸就是巨无霸。合并的第二年，埃克森美孚登上了财富世界500强榜单，位列第三名。\n2000年世界500强排行榜前十\n此后，埃克森美孚便常年在世界500榜单前5强。2006年，更是一举跃居世界第一。2006年世界500强排行榜前十\n2007年也是埃克森美孚的高光时刻，市值稳居全球第一，峰值时期曾达到5250亿美元。\n就是这么一家牛逼的公司，2020年的财报显示，亏损224.40亿美元，这是合并以来首次亏损，可能也是全球亏损最多的公司之一。\n最新的市值，也只有2739亿美元，仅为巅峰时期的一半。\n而到如今，埃克森美孚的市值仅为2724亿美元，勉强达到榜首苹果的2.24万亿美元市值的1/10。\n为了应对亏损，埃克森美孚决定裁员、暂停发奖金、卖资产以自救。\n自2020年宣布到2022年在全球裁员14000人之后，埃克森美孚还计划在未来三到五年内，将其美国办事处的员工人数每年减少5%至10%。\n按照埃克森美孚的员工构成，美国办事处每年要裁掉1000到3000人。\n埃克森美孚还采取暂停发放奖金、停止员工对401k储蓄计划的贡献匹配等措施。\n此外，埃克森美孚将出售15个油田的股份，回点血。位于得克萨斯州贝敦的埃克森美孚化工厂\n普通员工面临失业风险，高层的日子也不好过。\n此前，因气候和财务问题，埃克森美孚更换了四分之一的董事会成员。\n\n埃克森美孚亏损，有偶然因素。\n要知道，2019年，他们还赚了143.40亿美元的净利润。\n2020年巨亏，这个偶然因素就是新冠疫情。\n受疫情影响，石油需求下降，国际油价也大跌，具体可看正解局《派84艘巨轮抄底石油，中国成为“石油大战”最大赢家？》这篇文章。\n\n近几年的原油价格走势图\n销量下降，价格又降低，埃克森美孚的营收自然大受影响。\n你看，随着疫情逐步被控制，国际油价开始上升，埃克森美孚的营收，又开始“起死回生”。\n公司2021财年第一财季显示，归属于普通股东净利润为27.30亿美元。\n如果我们回到疫情之前的2019年，会发现，与2018年相比，埃克森美孚的净利润也是下降的。\n再联系其一路下跌的市值，埃克森美孚衰退，已是大势。\n因此，埃克森美孚的衰退背后，肯定有着内在因素。\n其一，投资失败。\n像石化这样的能源企业，做的就是买卖能源的生意。\n要想发展得好，就要靠祖师爷洛克菲勒兼并、扩产那一套。\n埃克森美孚确实很好地继承了这一点，早期便是两家合并，一举登顶全球最大石油企业。\n在此后的经营中，埃克森美孚不断购买优质上游油气资产，打的是“低买高卖”的如意算盘。\n然而，有时候人算不如天算。\n2009年，趁着国际金融危机，埃克森美孚豪掷410亿美元收购美国XTO能源公司，拿下压裂技术和珍贵的天然气田。\n本来期望靠天然气大涨，狠赚一把。谁承想，抄在了山顶。\n随着此后几年大宗商品价格的下跌，埃克森美孚投资陷入亏损，最终撤销了大部分投资。\n投资银行Evercore ISI的数据显示，2009年至2019年期间，埃克森美孚的资本支出为2610亿美元。\n不仅油气产量没扩大多少，反而增加了450亿美元的债务。\n\n埃克森美孚的投资与债务\n其二，战略失误。\n埃克森美孚在投资油气资源上，非常激进，在新能源上，又很保守。\n如其他美国石油企业一样，埃克森美孚也认为，短期内，油气能源需求不会减少，转向新能源是愚蠢。\n埃克森美孚确实比较顽固，一方面看不上新能源，另一方面每年投资10亿美元在“碳捕获与封存技术”研究上。\n\n“碳捕获与封存技术”示意图\n这项技术，简单来说，就是将工业生活活动所产生的二氧化碳收集起来，并用各种方法储存，以避免其排放到大气中。\n埃克森美孚的小心思是，既然不让用石油的原因是怕碳排放，那我索性把碳捕捉并封存起来，这样就可以让用石油了。\n理想很丰满，现实很骨感。\n这项技术研究了四五十年，也没什么实质性的进展。\n埃克森美孚大概是“点错了科技树”。\n屁股决定脑袋，实在要不得。\n\n埃克森美孚的衰退，是不是意味着石化企业，日子不好过了？\n准确地说，是美国石化企业，日子不好过了。\n还是先看2006年世界500强，埃克森美孚位居世界第一。\n另一个值得注意的情况是，前十强中，荷兰皇家壳牌石油公司、英国石油公司、雪佛龙公司、美国康菲石油公司都是石化企业。\n也就是说，2006年全球最大的十家公司，石化企业独占5家。\n\n2006年世界500强排行榜前十\n再看2020年榜单，前十强中，石化企业依然占据5席。\n\n2020年世界500强排行榜前十\n只是，美国企业变化比较大。\n2005年，美国有3家石化企业跻身前十强；2020年，全部出局。\n美国石化企业的集体性衰退，可以另写一篇文章分析。\n美国石化企业的保守，可能是原因之一。\n与固守油气领域不同，欧洲石化企业已先行一步。\n英国石油公司宣布，未来10年将把低排放业务的投资增加10倍，达到每年50亿美元，同时将油气产量缩减40%。\n中石化、中石油也在转型。\n最近，中国石化对外宣布了一项规划，到2025年将布局5000座充换电站，1000座加氢站或油氢合建站，以及7000座分布式光伏发电站点。\n\n中石化加油站内换电站\n中国石油也在全国多个省市探索“油＋电”转型，投运综合供能服务站，将加油站与充电桩合二为一，为新能源车主提供服务。\n这种刀刃向内的战略转型，需要勇气，也是对冲传统石化行业风险的重要举措。\n低碳减排已成时代大势，全球能源体系正发生深刻变化。\n无视乃至抵制这种趋势，终将为时代所抛弃。声明：本文内容仅代表该投稿文章作者观点，不代表浑水号立场。转载请注明投稿人姓名并附上本文出处（浑水号）。未按照规范转载者，浑水号保留追究相应责任的权利","news_type":1,"symbols_score_info":{"XOM":0.9}},"isVote":1,"tweetType":1,"viewCount":3226,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":5085223,"commentId":"5085223","gmtCreate":1625094788974,"gmtModify":1663230355263,"authorId":4087824390244820,"author":{"id":4087824390244820,"idStr":"4087824390244820","authorId":4087824390244820,"name":"KK87","avatar":"https://static.tigerbbs.com/f3970326e4617b269068fc6b8e454785","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":127743301,"objectIdStr":"127743301","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"Walao","text":"Walao","html":"Walao","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0}],"hasMoreComment":true,"orderType":2}