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国際的石油企業(IOC)の事業再構築:下流工程事業の子会社化・売却による、上流工程事業への集中強化

Business Restructuring in International Oil Companies (IOCs) - Increasing Focus on Upstream Business With Spin-Offs and Divestitures in Downstream Operations

発行 GlobalData 商品コード 242639
出版日 ページ情報 英文 58 Pages
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国際的石油企業(IOC)の事業再構築:下流工程事業の子会社化・売却による、上流工程事業への集中強化 Business Restructuring in International Oil Companies (IOCs) - Increasing Focus on Upstream Business With Spin-Offs and Divestitures in Downstream Operations
出版日: 2012年05月21日 ページ情報: 英文 58 Pages
概要

当レポートでは、国際的総合石油企業(以下IOC)における近年の下流工程の子会社化・売却の動きに着目し、代表的な事例の詳細や、その背景事情および期待される効果(上流工程の強化など)について分析して、その結果を概略以下の構成でお届けします。

第1章 目次

第2章 イントロダクション

  • 概要
  • 当レポートの構成

第3章 IOCによる、今後の成長確保のための子会社分離・売却の公表

  • 原油価格高騰と激しい資源獲得競争による、IOCの上流工程活動への集中
    • 石油探査・生産(E&P)専業企業との競争で生き延びるために、IOCは上流工程活動への集中が必要となる
    • 過去2年間の油田発見件数の減少に伴う、上流工程活動の促進(2012年)
    • 持続的な原油高に伴う、IOCの上流工程活動への更なる集中
  • 環境規制と複雑な石油精製工程への需要増大に伴う、ICOの下流工程部門の売却促進
    • 北米・欧州での厳格な環境規制により、下流工程活動がIOCにとって魅力的でなくなる
    • 石油精製事業の粗利益率の低さが、欧州での製油所建設に影響する
    • 自社の石油精製事業の最適な複雑性のレベルを踏まえて、IOCは資本支出を上流工程に振り替えている

第4章 ConocoPhillipsとMarathon Oil Corporationによる、今後の成長確保のための子会社分離の公表

  • ConocoPhillips:下流工程部門の子会社化(2012年5月)
    • 「成長のための縮小(Shrink to Grow)」戦略による、子会社分離の決断
    • 非中核資産の売却による、上流工程活動への集中強化
    • 新しい下流工程子会社は、米国で最大の石油精製業者となる
    • 株主利益増強のための自社株買い戻し
  • Marathon Oil Corporation:子会社分離を通した下流工程事業の強化
    • 下流工程部門の子会社分離の決断(2011年6月)
    • 子会社分離に伴う株主価値の増強
    • オイルシェール鉱区での上流活動の強化
    • 石油精製・小売市場への集中(2012年)

第5章 主要IOCによる、子会社売却を介した事業部門の再構築の決定

  • ExxonMobil Corporation: 非中核資産の売却による生産レベル増強
    • 上流工程活動強化のために、現在は事業再構築を推進中である
    • 近年の非中核資産の売却による、高成長分野の戦略的資産への集中強化
    • 自社の埋蔵量置換率(RRR)改善のための、130箇所の上流工程プロジェクトへの注力
  • BP:メキシコ湾原油流出事故の賠償責任のための、自社保有利権の売却
    • 原油流出事故の賠償のため、資産売却により2011年中に380億米ドルを確保
    • 中核事業強化のための、上流工程への注力
    • RRR改善のための、世界各地での油井掘削計画
  • Royal Dutch Shell:収益性への集中(2012年)
    • 下流工程事業からの資本撤収計画
    • 成長よりも収益性に集中するための、近年の複数の下流工程資産の売却
    • 2016年までのガス生産への集中
  • Chevron:事業部門の再構築を通した収益性改善の目論見
    • 探査活動への資本投資増加のための、石油精製事業のスリム化
    • 戦略的な非在来型シェール鉱区への更なる注力のための、非中核資産の権益の売却
    • 非在来型資源の探査活動の強化(2012年)
    • RRR改善のための上流工程強化

第6章 付録

図表一覧

目次
Product Code: GDGE0015TR

Summary

"Business Restructuring in International Oil Companies (IOCs) - Increasing Focus on Upstream Business With Spin-Offs and Divestitures in Downstream Operations", is the latest report from GlobalData analyzing the recent divestments and spin-offs by integrated oil companies in the oil and gas industry. The report provides information about the key divestments in the downstream sector undertaken by integrated companies in order to raise the capital needed to focus on upstream activities. The report gives details about the spinoff of Marathon Oil Corporation, which formed an upstream pure play company with the same name and Marathon Petroleum Corporation, a downstream pure play company. It also provides information regarding the planned spinoff of ConocoPhillips to form a separate downstream company, Phillips 66 in May 2012. Information about divestments of downstream assets and plans for growth in the upstream sector by major integrated oil companies also features in the report, which is built using data and information sourced from company reports, primary and secondary research and in-house analysis by GlobalData's team of industry experts.

Scope

This report provides detailed analysis of the recent divestments and spinoffs by integrated oil companies in the oil and gas industry and their plans to increase investments in the upstream sector to ensure future growth. The report primarily focuses on -

  • Key challenges faced by integrated oil companies in the global oil and gas industry
  • Steps taken by major IOCs to increase profitability and shareholder value
  • Key objectives of divestments or spin-offs of major IOCs
  • Increased focus on upstream activities to improve production levels and reserve life
  • Divestment strategies adopted by major IOCs to improve cash flows

Reasons to buy

The report will enhance your decision-making capability by allowing you to -

  • Develop business strategies with the help of specific insights into the oil and gas E&P market
  • Identify opportunities and challenges in the oil and gas industry leading to divestments and spinoffs by major IOCs
  • Plan your strategies based on expected developments in the oil and gas exploration activities by major IOCs and newly formed upstream pure play companies
  • Understand the competitive landscape of the emerging market in the upstream and downstream sector

Keywords

ConocoPhillips, Phillips 66, Marathon Oil, Marathon Petroleum, IOCs restructuring, divestments, BP, Total, Royal Dutch Shell, Chevron, ExxonMobil

Table of contents

1. Table of Contents

  • 1.1. List of Tables
  • 1.2. List of Figures

2. Introduction

  • 2.1. Overview
  • 2.2. GlobalData Report Guide

3. Major Integrated Oil Companies Annouce Spin-Offs and Divestments to Ensure Future Growth

  • 3.1. High Crude Oil Prices and Intense Competition for Reserve Acquisitions Prompt IOCs to Increase Focus on Upstream Activities
    • 3.1.1. IOCs Need to Increase Focus on Upstream Activities to Stay Competitive with Pure-Play E&P Companies
    • 3.1.2. Decrease in Number of Discoveries in the Last Two Years will Drive Upstream Activities in 2012
    • 3.1.3. Sustained High Crude Oil Prices Prompt IOCs to Increase Focus on Upstream Activities
  • 3.2. Environmental Regulations and Increasing Need for Complex Refineries Driving IOCs to Divest from the Downstream Sector
    • 3.2.1. Stringent Environmental Regulations in North America and Europe Make Downstream Activities less Attractive for IOCs
    • 3.2.2. Low Gross Refining Margins Affect Construction of New Refineries in Europe
    • 3.2.3. IOCs Divert Capex towards Upstream Sector Considering Adequate Complexity Levels of their Refining Operations

4. ConocoPhillips and Marathon Oil Corporation Announce Spinoff to Ensure Future Growth

  • 4.1. ConocoPhillips Spun-off its Downstream Segment in May 2012
    • 4.1.1. The "Shrink to Grow" Strategy Drives ConocoPhillips' Decision to Spinoff
    • 4.1.2. ConocoPhillips Increasing its Focus on Upstream Activities by Divesting from Non-core Assets
    • 4.1.3. The New Downstream Entity is Among the Largest Refiners in the US
    • 4.1.4. ConocoPhillips is Buying Back Shares to Increase Shareholder Returns
  • 4.2. Marathon Oil Corporation's Spin-Off Enhanced its Downstream Business
    • 4.2.1. Marathon Oil Corporation Decided to Spin-off its Downstream Sector in June, 2011
    • 4.2.2. The Spinoff will Lead to Increased Shareholder Value
    • 4.2.3. Marathon Oil Corporation Increasing its Upstream Activities especially in Shale Plays
    • 4.2.4. Marathon Petroleum Corporation will Focus on Refining and Retail Markets in 2012

5. Major Integrated Oil Companies Decide to Restructure Business Segments through Divestments

  • 5.1. ExxonMobil Corporation Increases Production Levels by Divesting Non-Core Assets
    • 5.1.1. ExxonMobil is Currently Restructuring its Operations to Increase its Upstream Activities
    • 5.1.2. Recent Divestitures of Non-core Assets will Help the Company to Focus on High Growth Strategic Assets
    • 5.1.3. ExxonMobil Plans to Focus on over 130 Upstream Projects to Improve its RRR
  • 5.2. BP Divesting Stakes from its Assets to Meet the Deepwater Horizon Accident Liabilities
    • 5.2.1. BP Raised $38 Billion until 2011 through its Divestment Program to Meet Oil Spill Liabilities
    • 5.2.2. BP will Focus on Upstream Activities to Strengthen its Core Sector
    • 5.2.3. BP Plans to Drill Wells Globally to Increase its RRR
  • 5.3. Royal Dutch Shell will Concentrate on Profitability in 2012
    • 5.3.1. Royal Dutch Shell Plans to Unlock Capital from its Downstream Business
    • 5.3.2. Recent Divestitures of Few Downstream Assets to Focus on Profitability Instead of Growth
    • 5.3.3. Royal Dutch Shell will Focus on Gas Production until 2016
  • 5.4. Chevron Plans to Improve Profitability Through Business Segment Restructuring
    • 5.4.1. Chevron Plans to Streamline its Refining Business to Increase Capital Investments in Exploration
    • 5.4.2. Chevron has been Divesting its Stakes in Non-Core Assets to Increase its Focus on Strategic, Unconventional Shale Plays
    • 5.4.3. Chevron Corporation Increases Unconventional Exploration Activities in 2012
    • 5.4.4. Chevron Corporation Increases Upstream Activities to Improve RRR

6. Appendix

  • 6.1. Market Definition
  • 6.2. Abbreviations
  • 6.3. Sources
  • 6.4. Methodology
    • 6.4.1. Coverage
    • 6.4.2. Secondary Research
    • 6.4.3. Primary Research
    • 6.4.4. Expert Panel Validation
  • 6.5. Contact Us
  • 6.6. Disclaimer

List of Tables

  • Table 1: ConocoPhillips, Major Divestments, January 2011 - February, 2012
  • Table 2: ConocoPhillips, Planned Production Assets, 2011-2016
  • Table 3: ExxonMobil Corporation, Major Acquisitions, 2011
  • Table 4: ExxonMobil Corporation, Major Divestments, 2011
  • Table 5: BP Plc, Major Divestments, 2011
  • Table 6: BP Plc, Major Acquisitions, 2011
  • Table 7: Royal Dutch Shell Plc, Major Divestments, January 2011 - February, 2012
  • Table 8: Royal Dutch Shell Plc, Major Acquisitions, January 2011 - February, 2012
  • Table 9: Chevron Corporation, Major Divestitures, 2011
  • Table 10: Chevron Corporation, Major Acquisition of Unconventional Reserves, 2011

List of Figures

  • Figure 1: Average Reserve Replacement Ratio of Pure-play E&P Companies and IOCs, %, 2007 - 2011
  • Figure 2: Exploration and Production Companies, Reserve Replacement Ratio, %, 2007 and 2011
  • Figure 3: Discoveries by Major Integrated Oil Companies, Global, 2007 - 2011
  • Figure 4:Trend of Brent, OPEC and WTI Crude oil Prices, $/bbl, January 3, 2011 - April 9, 2012
  • Figure 5: Affect of Crude Oil Prices on Upstream Capex of Major IOCs, Global, $bn, $/bbl, 2007 - 2011
  • Figure 6: Planned Refining Capacity Additions, By Region, Mmtpa, 2012-2016
  • Figure 7: Comparison of Refinery Margins in North America, Europe and Asia Pacific, $/bbl, January 2011 - March 16 2012
  • Figure 8: Comparison of Complexity Levels of Refining Operations of Major IOCs, Nelson's Complexity Index, 2011
  • Figure 9: ConocoPhillips, Portfolio of Business on Growth-share Matrix, 2011
  • Figure 10: ConocoPhillips' Revenue and Net Profit Margin by Segment, $bn, 2011
  • Figure 11: ConocoPhillips, Regional Production and Reserves, Mmboe/d, Bboe, 2011
  • Figure 12: Average Reserve Life Higher for IOCs, 2011
  • Figure 13: Refining Capacity of IOCs and Domestic Pure-plays in the US, Mmtpa, 2011
  • Figure 14: Phillips66, Downstream Operations Worldwide Map, October 2011
  • Figure 15: Phillips 66, Change in Total Refining Capacity, Mmtpa, 2012-2016
  • Figure 16: ConocoPhillips, Share Buyback, Cash Flow from Operations and Buyback as a Percentage of CFO, 2007-2011
  • Figure 17: Marathon Oil Corporation, Geographic Distribution of Oil and Gas Production, 2011
  • Figure 18: Trend in Market Capitalization of MRO and Spun-off Entities, $/bn, December 2008 - April 2014
  • Figure 19: Marathon Oil Corporation, Eagle Ford Shale, 2011
  • Figure 20: Marathon Oil Corporation, Upstream Capital Expenditure, 2007 - 2012
  • Figure 21: Marathon Oil Corporation, Downstream Capital Expenditure, $bn, 2009 - 2012
  • Figure 22: Marathon Petroleum Corporation, Downstream Operation, 2011
  • Figure 23: ExxonMobil Corporation, Operational Overview, 2011
  • Figure 24: ExxonMobil Corporation, Cash Flow From Operations, Capex and Capex as Percentage of CFO, $bn, 2007 - 2011
  • Figure 25: Integrated Oil Companies, Debt to Equity Ratio, %, 2007 - 2011
  • Figure 26: ExxonMobil Corporation, Production from Upcoming Assets, Mmboe, 2011 - 2015
  • Figure 27: ExxonMobil Corporation, Reserve Replacement Ratio, %, 2007 - 2011
  • Figure 28: BP Plc, 10-Point Plan for 2012
  • Figure 29: BP Plc, Fall in Production Levels and RRR in 2011, Mboe, 2007 - 2011
  • Figure 30: BP Plc, Upcoming Production Assets, 2011 - 2016
  • Figure 31: Royal Dutch Shell Plc, Return on Capital Employed of Downstream Business, %, 2007 - 2011
  • Figure 32: Royal Dutch Shell, Upcoming Production Assets, 2012 - 2016
  • Figure 33: Chevron Corporation, Contribution of Downstream Operations to Total Revenue and Net Income, (%), 2007-2011
  • Figure 34: Chevron Corporation, Cash Flow From Operations, Capex and Capex as Part of CFO, $bn, 2007 - 2011
  • Figure 35: Chevron Corporation, Key Unconventional Exploration Activities, 2012
  • Figure 36: Chevron Corporation, RRR, %, 2007 - 2011
  • Figure 37: Chevron Corporation, Planned Conventional Exploration Activities, 2012
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