经济学人官方译文 | 沙特阿美:一窥全球最吸金公司的财务状况

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Saudi Aramco
沙特阿美
Open Sesame
芝麻开门
A glimpse into the finances of the world’s most profitable company
一窥全球最吸金公司的财务状况

FOR YEARS investors dreamed of peering into the books of Saudi Aramco, the oil colossus wholly owned by Saudi Arabia. On April 1st they got their wish. A 469-page bond prospectus revealed $111bn in net income last year, more than the five oil majors—Royal Dutch Shell, ExxonMobil, Chevron, Total and BP—managed combined. The document also highlighted Aramco’s constraints.
多年来,投资者一直梦想着有朝一日能仔细查看沙特阿美(Saudi Aramco)这家完全由沙特阿拉伯持有的石油巨头的账目。4月1日,他们终于得偿所愿。一份469页的债券招股说明书显示,该公司去年实现税后净利润1110亿美元,超过荷兰皇家壳牌、埃克森美孚、雪佛龙、道达尔和英国石油(BP)五大石油公司的总和。说明书还强调了沙特阿美所受的约束。

Like rivals, it faces swinging oil prices and uncertain long-term demand. The bond will help finance the acquisition of 70% of SABIC, a petrochemical company, from the kingdom’s sovereign wealth fund, for $69bn. This will diversify Aramco’s revenues—and give the state cash to invest in sectors beyond oil (especially now that a planned listing of 5% of Aramco’s shares has been postponed).
与其竞争对手一样,沙特阿美也面对油价波动和长期需求的不确定性。发债所得资金将用于从沙特主权财富基金手中收购石化公司沙特基础工业公司(SABIC)70%的股份,收购总价为690亿美元。此举将使沙特阿美的收入多元化,并为沙特政府投资石油以外的行业提供资金(尤其是因为沙特阿美5%的股份上市的计划延期了)。

经济学人官方译文 | 沙特阿美:一窥全球最吸金公司的财务状况

Aramco looks better prepared than rivals for a less fossil-hungry future. It is less indebted and produces roughly four times as much oil, at about one-third the cost per barrel (see chart). Yet Aramco also bears an unusual burden. In 2018 it paid Saudi income tax of $102bn, more than the combined profits of Apple and Samsung, the world’s most profitable listed firms. That is on top of royalties of $56bn and a dividend of $58bn. Credit raters at Fitch note that taxes limit Aramco’s funds flow from operations, a measure of profitability, to $26 a barrel, less than Shell’s $38 or Total’s $31. Ghawar, a giant field, was believed by some to pump 5m barrels a day, but only manages 3.8m. Fitch and Moody’s, another agency, rated Aramco A+ and A1, respectively—below ExxonMobil, Shell or Total.
面对全球对化石燃料依赖降低的前景,沙特阿美看起来比竞争对手准备得更加充分。它负债较少,石油产量是对手的四倍左右,每桶开采成本却只是对手的约三分之一(见图表)。但它也承受着非同寻常的负担。2018年,它向沙特缴纳了1020亿美元的所得税,超过了全球盈利最高的上市公司苹果和三星的利润总和。除此之外,它还要缴纳560亿美元的油田土地使用费和580亿美元的股息。惠誉(Fitch)的评级人员指出,税收将沙特阿美的运营资金流(衡量盈利能力的指标)限制在每桶26美元,低于壳牌的38美元和道达尔的31美元。一些人认为巨型油田加瓦尔(Ghawar)油田的日产量能达到500万桶,但实际产量只有380万桶。惠誉和另一家评级机构穆迪对沙特阿美的信用评级分别为A+和A1,低于埃克森美孚、壳牌和道达尔。

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