中海油宣布减产并缩减资本支出
China’s Cnooc on Tuesday set out plans to Cut capital spending by more than 10 per cent this year and reduce oil production, as it responds to the crude price rout.
中海油(Cnooc)周二宣布今年削减10%以上的资本支出并减少石油产量，以此回应原油价格暴跌。
The annual forecast by Cnooc’s listed unit serves as the first indication of output and investment plans by China’s state-controlled oil producers, which also include China National Petroleum Corp and Sinopec.
中海油上市子公司的年度预测是反映中国国有控股石油公司产量和投资计划的首个风向标，这些公司还包括中国石油天然气集团公司(CNPC)和中石化(Sinopec)。
The listed arm does not represent all of the output by Cnooc’s state-controlled parent company, but remains a good proxy for the position of the Chinese industry.
上市子公司并不代表中海油国有控股母公司的所有产出，但仍是中国石油业当下处境的较好写照。
Brent crude was trading at $29 per barrel on Tuesday, having fallen to a 12-year low on Monday, and Li Fanrong, Cnooc’s chief executive, said that oil prices of below $30 made operations “very difficult”.
布伦特(Brent)原油价格在周一跌至12年低点后，周二为29美元/桶。中海油首席执行官李凡荣表示，不到30美元/桶的油价使经营“非常困难”。
Cnooc said it plans to cut capital spending to “no more than” Rmb60bn ($9.1bn) this year, from Rmb67.5bn in 2015.
中海油表示，计划将今年的资本支出从2015年的675亿元人民币缩减至“不超过”600亿元人民币（合91亿美元）。
It intends to produce between 470m and 485m barrels of oil equivalent this year, compared with an estimated 495m last year.
中海油计划今年生产4.70亿至4.85亿桶石油当量，去年该公司的产量约为4.95亿桶。
China’s state-controlled oil producers expanded aggressively from 2000 because of the country’s growing demand for crude, but they are now saddled with high-cost fields overseas.
自2000年开始，中国国有控股石油公司就因国内不断增长的原油需求而大举扩张，但他们现在受到高成本海外油田的拖累。
Mr Li said Cnooc would analyse cash flow on a field-by-field basis and “be more cautious when making major investments”.
李凡荣表示，中海油将在逐块油田分析现金流，并且“在进行重大投资时更加谨慎”。
“In the harsh winter, we pay more attention to whether [a field] can bring cash flow,” he added. “I hope we can cut costs faster than the oil price drops, but sometimes that’s not realistic.”
“寒冬时期，我们更加注重（一块油田）能否带来现金流，”他补充说，“希望我们缩减开支的速度能快过油价下跌的速度，但有时这并不现实。”
Production cuts “are more likely to come from overseas projects than [producers’] domestic operations”, said Gao Jian, analyst at .
卓创资讯()分析师高健表示，减产“更可能来自海外项目，而非（这些油企的）国内业务”。
“The pressure to maintain production levels is more likely to come from the companies themselves rather than from the government,” he added. “Cutting production would mean worse performance.”
“保持产量水平的压力更有可能来自企业自身，而非政府，”他补充说，“减产意味着业绩下滑。”
Analysts said the falling crude price had one silver lining for certain oil producers, in the form of an improved outlook for their refining arms.
分析师表示，原油价格下跌给某些油企带来一个利好——他们旗下炼油部门的前景将有所改善。
This month, China’s National Development and Reform Commission adjusted the formula it uses to set domestic diesel and petrol prices, in order to incentivise refiners.
本月，中国发改委(NDRC)调整了国内汽、柴油定价机制，以激励炼油企业。
