波士顿咨询：2023年油气行业的价值创造-现金充裕企业的前进之路（英文版）（16页）.pdf

1、BOSTON CONSULTING GROUP 1Three years on from the outbreak of COVID-19,the oil and gas sector faces a very different environment from the one that existed prior to the pandemic.Russias invasion of Ukraine has exacerbated the negative effects of commodity price inflation and a post-COVID supply shortf

2、all,sparking a full-blown energy crisis.In addition to highlighting vulnerabilities within the global energy system,the conflict has also refocused policy efforts.The European Union has adopted REPowerEU,a policy plan aimed at reducing dependence on Russian fossil fuels and further accelerating the

3、energy transition.Meanwhile,in the US,Congress has passed the Infrastructure Invest-ment and Jobs Act and the Inflation Reduction Act,two pieces of legislation that together contain the largest pack-age of climate measures in the countrys history.This evolving landscape has had a big impact on the o

4、il and gas sector.High energy prices have swelled profits,leaving companies flush with cash.As a result,oil and gas companies have vaulted from laggards to leaders in terms of total shareholder returns(TSR).According to BCGs annual Value Creators rankings,oil and gas led all other sectors in one-yea

5、r TSR to the end of June 2022.(See Exhibit 1.)Value Creation in Oil and Gas 2023A Path Forward for Cash-Rich CompaniesRecent favorable conditions have catapulted oil and gas players from laggards to leaders in terms of total shareholder returns.But to keep delivering value,they must balance four key

6、 areas.By Matthew Abel,Santosh Appathurai,Rebecca Fitz,Clint Follette,Ben Vannier,and Dessy Vekilov 2 A PATH FORWARD FOR CASH-RICH COMPANIES:VALUE CREATION IN OIL AND GAS 2023Exhibit 1-The 2022 Commodity Price Boom Reversed the Oil and Gas Industrys Long-Held Position as TSR Laggard1-year TSR(June 2