[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcioe6adc9ff":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcioe6adc9ff","壳牌(SHEL)：中东资产受损拖累产量，石油交易业务大赚对冲冲击","\u002Fdoc\u002Fdcioe6adc9ff","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，壳牌公司(SHEL)表示，尽管其中东资产因伊朗冲突遭受重创，但其石油交易业务仍提振了第一季度业绩。这家石油巨头周三发布了2026年第一季度交易更新报告，由于地缘政治危机导致全球石油供应体系陷入“混乱”，市场波动性的加剧为公司提供了极佳的套利机会，使得石油交易业务的业绩表现“显著高于”上一季度。这种交易端的强劲表现有效地对冲了生产端因不可抗力导致的财务损失。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">壳牌此次业绩指引是自中东战争引发原油至航空燃油等能源价格飙升以来，大型石油公司首次发布的盈利预期，战争导致关键霍尔木兹海峡航运几近停滞。伊朗针对波斯湾地区发动的报复性空袭由美以2月底袭击引发，破坏了炼油厂、油田、港口和天然气设施，其中包括壳牌在卡塔尔拉斯拉凡大型综合体的核心资产。此外，壳牌在伊拉克、阿曼、阿联酋等地亦拥有合资企业。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">值得一提的是，拉斯拉凡拥有全球最大的液化天然气出口终端——该终端在遭受“严重破坏”前供应全球约五分之一的海运天然气，以及全球最大的天然气制油设施——该设施同样在导弹袭击中受损，预计修复需约一年时间。壳牌是这两个设施的关键合作伙伴。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">受此直接影响，壳牌被迫将第一季度液化天然气(LNG)的产量预期从之前的日均92万至98万桶，下调至88万至92万桶。此前壳牌曾预测第一季度综合天然气产量为每日92万至98万桶油当量。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">该公司首席执行官瓦埃尔·萨旺(Wael Sawan)对此警告称，中东局势的持续紧张不仅破坏了生产设施，更通过物流链条的断裂威胁到了南亚及欧洲的燃油安全，部分地区已出现航空燃油和柴油的供应短缺。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">地缘政治的转折点出现在壳牌财报发布前夕，随着美国与伊朗达成一项为期两周的临时停火协议，此前因霍尔木兹海峡封锁而飙升至每桶120美元以上的油价出现了剧烈回调。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">根据协议要求，伊朗必须全面开放这一全球最重要的能源航道，市场恐慌情绪因此得到极大缓解，国际原油价格在单日内跌幅一度超过15%，回落至100美元关口下方，但今年以来仍累计上涨超50%。壳牌表示，第一季度炼油利润率从第四季度的每桶14美元升至17美元。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">此外，由于大宗商品价格的剧烈波动，壳牌预计本季度将出现100亿至150亿美元的大规模营运资金流出，这对公司的短期现金流管理提出了更高要求，同时也反映了当前能源交易环境下极高的资金占用成本。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">在资产负债表方面，壳牌披露了一项涉及30亿至40亿美元的非现金净债务增长，这主要源于长期船舶租赁变量组件的变化，而非直接的经营性举债。该公司正式的 2026 年第一季度财报及股息公告定于 2026 年 5 月 7 日 发布。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">最专业的美股资讯,推荐美股大数据 \u003Ca 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