埃克森美孚将更加受益于油价反弹

据道琼斯10月8日消息，当油价上涨时，大型石油公司自然会感到高兴，但埃克森美孚的未来似乎与油价上涨关系更大，这是出于另一个原因，即该公司的化学品业务。

油价上涨对埃克森美孚这样在北美和中东业务更多的石化生产商有利，因为这些生产商以天然气液体为原料生产产品，油价上涨使其产品更具竞争力。与亚洲和欧洲使用石油或石脑油为原料的设施不同，美国和中东的石化工厂倾向于使用天然气液体。截至2019年，埃克森美孚60%以上的化学品产能位于北美和沙特。

在能源行业的其他大多数领域都看起来处境艰难的一年里，埃克森美孚的化学品业务似乎是一个潜在的亮点。油价回升可能会给该业务带来额外的提振。

张春晓 摘译自 道琼斯

原文如下：

Exxon Could Get a Chemical Turbo Boost if Oil Rebounds

Big Oil naturally is delighted when oil prices rise, but Exxon Mobil's future seems even more tightly wound to it for an additional reason: its chemicals business.

Higher crude prices are good for petrochemical producers weighted more heavily toward North America and the Middle East -- such as Exxon -- because those gains make their products based on natural-gas liquids more competitive. Unlike facilities in Asia and Europe that use oil- or naphtha-based feedstock, U.S. and Middle Eastern petrochemical plants tend to use natural-gas liquids. More than 60% of Exxon's chemicals production capacity was located in North America and Saudi Arabia as of 2019.

In a year where most other energy-industry segments look grim, Exxon's chemicals business looks like a potential bright spot. An oil-price recovery could supercharge it.