<p>壳牌公司（Shell Plc）(NYSE: SHEL）仍然被许多投资者视为一家传统的石油巨头。到 2026 年，这种看法可能不再全面。</p>
<p>该公司仍然与全球石油和天然气市场紧密相连，但更广泛的投资案例正逐渐转向更大的关注点：能源基础设施、液化天然气和长期过渡支出。</p>
<p>这很重要，因为全球能源市场正在发生变化。需求不再仅仅由原油价格或炼油利润驱动。它越来越受到能源安全、液化天然气贸易流、数据中心的电力需求以及与电气化和工业转型相关的大规模基础设施建设的影响。</p>
<p>壳牌处于所有这些趋势的中心。</p>
<h2>为什么壳牌在欧洲能源故事中仍然重要？</h2>
<p>预计到 2026 年，荷兰不会成为欧洲增长最快的经济体。GDP 增长预计约为 <strong>1.6%</strong>，而通胀预计将稳定在接近 <strong>2%</strong>。</p>
<p>但壳牌的业务与荷兰国内需求几乎没有关系。</p>
<p>该公司作为一个全球能源平台运营，涉及以下领域：</p>
<ul>
<li>石油生产</li>
<li>液化天然气交易</li>
<li>化工</li>
<li>炼油</li>
<li>电力市场</li>
<li>可再生基础设施</li>
</ul>
<p>这种全球足迹很重要，因为能源需求的增长远远强于许多欧洲宏观数字所暗示的。</p>
<p>在实际操作中，壳牌为投资者提供了对全球能源流动的接触，而不是仅仅依赖于当地的荷兰经济。</p>
<h2>液化天然气可能是故事中最大的部分之一</h2>
<p>自 2022 年以来，全球能源市场最重要的变化之一是液化天然气作为战略能源资产的崛起。</p>
<p>在减少对俄罗斯管道天然气依赖后，欧洲的能源系统发生了显著变化，液化天然气进口成为供应稳定的核心。荷兰在此期间扩大了液化天然气进口能力，巩固了其作为欧洲主要天然气和交易中心的角色。</p>
<p>对于壳牌来说，这种环境是有利的。</p>
<p>该公司仍然是全球最大的液化天然气参与者之一，在液化、运输、交易和分销方面具有重要存在。随着全球液化天然气需求的持续扩大，壳牌的规模变得越来越重要。</p>
<p>这种增长预计不会立即放缓。</p>
<p>来自亚洲的能源需求仍然强劲，欧洲继续优先考虑多元化供应链，而天然气在许多市场中仍被视为更广泛脱碳过程中的过渡燃料。</p>
<h2>这不再仅仅是原油交易</h2>
<p>壳牌的投资形象今天看起来不同的一个主要原因是，该公司不再依赖单一的能源周期。</p>
<p>历史上，大型石油巨头通常主要作为原油价格的代理进行交易。较高的油价推动股票上涨，而较低的价格则对收益施加压力。</p>
<p>壳牌仍然受益于强劲的油市，但业务正变得更加多元化。</p>
<p>该公司现在从以下方面产生显著的现金流：</p>
<ul>
<li>液化天然气业务</li>
<li>交易活动</li>
<li>综合天然气</li>
<li>化工</li>
<li>电力和可再生能源</li>
<li>基础设施资产</li>
</ul>
<p>这种多元化有助于减少与纯上游生产商相比的收益波动性。</p>
<p>它还使壳牌与更广泛的能源转型更加紧密地联系在一起，而不是将公司单纯定位为传统化石燃料业务。</p>
<h2>现金流仍然是主要吸引力之一</h2>
<p>尽管有转型叙事，壳牌的核心投资吸引力仍然回归到现金生成上。</p>
<p>该公司近年来持续报告年收入超过 <strong>3000 亿美元</strong>，同时继续从石油、天然气和液化天然气业务中产生可观的自由现金流。</p>
<p>这种现金流在多个方面都很重要。</p>
<p>它支持：</p>
<ul>
<li>股息</li>
<li>股票回购</li>
<li>基础设施投资</li>
<li>转型支出</li>
<li>资产负债表灵活性</li>
</ul>
<p>对于许多投资者来说，这仍然是壳牌与较小的以可再生能源为重点的能源公司之间的关键区别。壳牌不需要外部融资来以同样的规模资助其转型投资，因为其传统能源业务继续产生大量现金。</p>
<h2>能源转型支出正在增加</h2>
<p>业务的转型部分也在变得越来越重要。</p>
<p>预计到本世纪末，欧洲的能源转型投资将超过 <strong>5000 亿欧元</strong>，支出与以下内容相关：</p>
<ul>
<li>海上风电</li>
<li>氢能</li>
<li>电网基础设施</li>
<li>碳减排系统</li>
<li>电气化</li>
</ul>
<p>壳牌正在为参与这一建设做好准备，同时仍保持对传统能源需求的接触。</p>
<p>这种平衡很重要。</p>
<p>许多投资者对那些过于激进地摆脱盈利的碳氢化合物业务的公司持怀疑态度。壳牌的做法通常更加渐进，专注于保持强劲的现金流，同时选择性地增加对低碳基础设施的投资。</p>
<h2>为什么荷兰仍然重要？</h2>
<p>尽管壳牌在全球运营，但荷兰因其在欧洲贸易和能源物流中的角色而仍然具有战略重要性。</p>
<p>荷兰经济与全球贸易流高度整合，鹿特丹是欧洲最重要的能源和运输中心之一。</p>
<p>这种定位支持了壳牌在炼油、液化天然气和能源分配方面的基础设施优势。</p>
<p>随着欧洲继续关注供应链韧性和能源安全，物流中心变得更加有价值。</p>
<h3>结论</h3>
<p>壳牌在 2026 年的投资案例看起来比传统的石油故事更广泛。</p>
<p>该公司仍然与碳氢化合物相关，但其在液化天然气、能源基础设施和转型相关投资中的日益重要的角色正变得越来越显著。结合强劲的现金生成和全球规模，这使壳牌接触到能源市场中一些最重要的长期主题。</p>
<p>对于投资者而言，这只股票不再仅仅关乎油价的未来走向。它越来越关乎谁控制着全球能源系统背后的基础设施。</p>
<p><em>图片来源：作者</em></p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

SHEL.WI

RDSB

SHEL

<p>壳牌公司正在超越其传统的石油巨头形象，专注于能源基础设施、液化天然气（LNG）和转型支出。随着全球能源需求的变化，壳牌在石油、液化天然气、化工和可再生能源领域的多元化业务使其处于有利位置。该公司受益于强劲的现金流，支持股息和投资，同时参与欧洲的能源转型。尽管荷兰经济增长温和，壳牌在全球的布局和在液化天然气交易中的战略角色增强了其在不断变化的能源格局中的相关性。荷兰对壳牌的物流和基础设施仍然至关重要，进一步巩固了其在欧洲能源安全中的地位</p>

<p>Shell Plc (NYSE: SHEL) is still viewed by many investors as a traditional oil major. In 2026, that may no longer capture the full story.</p>
<div class="lb-trans"><p>壳牌公司（Shell Plc）(NYSE: SHEL）仍然被许多投资者视为一家传统的石油巨头。到 2026 年，这种看法可能不再全面。</p>
</div><p>The company remains deeply tied to global oil and gas markets, but the broader investment case is increasingly shifting toward a larger focus: energy infrastructure, liquefied natural gas, and long-duration transition spending.</p>
<div class="lb-trans"><p>该公司仍然与全球石油和天然气市场紧密相连，但更广泛的投资案例正逐渐转向更大的关注点：能源基础设施、液化天然气和长期过渡支出。</p>
</div><p>That matters because the global energy market is changing. Demand is no longer driven only by crude prices or refining margins. It is increasingly shaped by energy security, LNG trade flows, power demand from data centers, and the massive infrastructure buildout tied to electrification and industrial transition.</p>
<div class="lb-trans"><p>这很重要，因为全球能源市场正在发生变化。需求不再仅仅由原油价格或炼油利润驱动。它越来越受到能源安全、液化天然气贸易流、数据中心的电力需求以及与电气化和工业转型相关的大规模基础设施建设的影响。</p>
</div><p>Shell sits in the middle of all of those trends.</p>
<div class="lb-trans"><p>壳牌处于所有这些趋势的中心。</p>
</div><h2>Why Shell Still Matters In Europe's Energy Story?</h2>
<div class="lb-trans"><h2>为什么壳牌在欧洲能源故事中仍然重要？</h2>
</div><p>The Netherlands is not expected to be one of Europe's fastest-growing economies in 2026. GDP growth is projected at around <strong>1.6%</strong>, while inflation is expected to stabilize close to <strong>2%</strong>.</p>
<div class="lb-trans"><p>预计到 2026 年，荷兰不会成为欧洲增长最快的经济体。GDP 增长预计约为 <strong>1.6%</strong>，而通胀预计将稳定在接近 <strong>2%</strong>。</p>
</div><p>But Shell's business has very little to do with Dutch domestic demand.</p>
<div class="lb-trans"><p>但壳牌的业务与荷兰国内需求几乎没有关系。</p>
</div><p>The company operates as a global energy platform with exposure across:</p>
<div class="lb-trans"><p>该公司作为一个全球能源平台运营，涉及以下领域：</p>
</div><ul>
<li>Oil production</li>
<li>LNG trading</li>
<li>Chemicals</li>
<li>Refining</li>
<li>Power markets</li>
<li>Renewable infrastructure</li>
</ul>
<div class="lb-trans"><ul>
<li>石油生产</li>
<li>液化天然气交易</li>
<li>化工</li>
<li>炼油</li>
<li>电力市场</li>
<li>可再生基础设施</li>
</ul>
</div><p>That global footprint matters because energy demand growth remains much stronger than many European macro numbers suggest.</p>
<div class="lb-trans"><p>这种全球足迹很重要，因为能源需求的增长远远强于许多欧洲宏观数字所暗示的。</p>
</div><p>In practical terms, Shell gives investors exposure to worldwide energy flows rather than the local Dutch economy.</p>
<div class="lb-trans"><p>在实际操作中，壳牌为投资者提供了对全球能源流动的接触，而不是仅仅依赖于当地的荷兰经济。</p>
</div><h2>LNG May Be One of The Biggest Parts of The Story</h2>
<div class="lb-trans"><h2>液化天然气可能是故事中最大的部分之一</h2>
</div><p>One of the most important shifts in the global energy market since 2022 has been the rise of LNG as a strategic energy asset.</p>
<div class="lb-trans"><p>自 2022 年以来，全球能源市场最重要的变化之一是液化天然气作为战略能源资产的崛起。</p>
</div><p>Europe's energy system changed significantly after the reduction in Russian pipeline gas dependence, and LNG imports became central to supply stability. The Netherlands expanded LNG import capacity during that period, reinforcing its role as a major European gas and trading hub.</p>
<div class="lb-trans"><p>在减少对俄罗斯管道天然气依赖后，欧洲的能源系统发生了显著变化，液化天然气进口成为供应稳定的核心。荷兰在此期间扩大了液化天然气进口能力，巩固了其作为欧洲主要天然气和交易中心的角色。</p>
</div><p>For Shell, this environment has been supportive.</p>
<div class="lb-trans"><p>对于壳牌来说，这种环境是有利的。</p>
</div><p>The company remains one of the world's largest LNG players, with a major presence across liquefaction, shipping, trading and distribution. As global LNG demand continues to expand, Shell's scale becomes increasingly important.</p>
<div class="lb-trans"><p>该公司仍然是全球最大的液化天然气参与者之一，在液化、运输、交易和分销方面具有重要存在。随着全球液化天然气需求的持续扩大，壳牌的规模变得越来越重要。</p>
</div><p>That growth is not expected to slow immediately either.</p>
<div class="lb-trans"><p>这种增长预计不会立即放缓。</p>
</div><p>Energy demand from Asia remains strong, Europe continues prioritizing diversified supply chains, and natural gas is still viewed in many markets as a transition fuel within the broader decarbonization process.</p>
<div class="lb-trans"><p>来自亚洲的能源需求仍然强劲，欧洲继续优先考虑多元化供应链，而天然气在许多市场中仍被视为更广泛脱碳过程中的过渡燃料。</p>
</div><h2>This Is No Longer Just A Crude Oil Trade</h2>
<div class="lb-trans"><h2>这不再仅仅是原油交易</h2>
</div><p>A major reason Shell's investment profile looks different today is that the company is no longer dependent on one single energy cycle.</p>
<div class="lb-trans"><p>壳牌的投资形象今天看起来不同的一个主要原因是，该公司不再依赖单一的能源周期。</p>
</div><p>Historically, large oil majors were often traded mainly as crude price proxies. Higher oil prices pushed the stocks higher, while lower prices pressured earnings.</p>
<div class="lb-trans"><p>历史上，大型石油巨头通常主要作为原油价格的代理进行交易。较高的油价推动股票上涨，而较低的价格则对收益施加压力。</p>
</div><p>Shell still benefits from strong oil markets, but the business is becoming more diversified.</p>
<div class="lb-trans"><p>壳牌仍然受益于强劲的油市，但业务正变得更加多元化。</p>
</div><p>The company now generates significant cash flow from:</p>
<div class="lb-trans"><p>该公司现在从以下方面产生显著的现金流：</p>
</div><ul>
<li>LNG operations</li>
<li>Trading activities</li>
<li>Integrated gas</li>
<li>Chemicals</li>
<li>Power and renewables</li>
<li>Infrastructure assets</li>
</ul>
<div class="lb-trans"><ul>
<li>液化天然气业务</li>
<li>交易活动</li>
<li>综合天然气</li>
<li>化工</li>
<li>电力和可再生能源</li>
<li>基础设施资产</li>
</ul>
</div><p>That diversification can help reduce earnings volatility compared to a pure upstream producer.</p>
<div class="lb-trans"><p>这种多元化有助于减少与纯上游生产商相比的收益波动性。</p>
</div><p>It also aligns Shell more closely with the broader energy transition rather than positioning the company purely as a legacy fossil fuel business.</p>
<div class="lb-trans"><p>它还使壳牌与更广泛的能源转型更加紧密地联系在一起，而不是将公司单纯定位为传统化石燃料业务。</p>
</div><h2>Cash Flow Remains One of The Main Attractions</h2>
<div class="lb-trans"><h2>现金流仍然是主要吸引力之一</h2>
</div><p>Despite the transition narrative, Shell's core investment appeal still comes back to cash generation.</p>
<div class="lb-trans"><p>尽管有转型叙事，壳牌的核心投资吸引力仍然回归到现金生成上。</p>
</div><p>The company has consistently reported annual revenue above <strong>$300 billion</strong> in recent years while continuing to generate substantial free cash flow from oil, gas and LNG operations.</p>
<div class="lb-trans"><p>该公司近年来持续报告年收入超过 <strong>3000 亿美元</strong>，同时继续从石油、天然气和液化天然气业务中产生可观的自由现金流。</p>
</div><p>That cash flow matters for several reasons.</p>
<div class="lb-trans"><p>这种现金流在多个方面都很重要。</p>
</div><p>It supports:</p>
<div class="lb-trans"><p>它支持：</p>
</div><ul>
<li>Dividends</li>
<li>Share buybacks</li>
<li>Infrastructure investment</li>
<li>Transition spending</li>
<li>Balance sheet flexibility</li>
</ul>
<div class="lb-trans"><ul>
<li>股息</li>
<li>股票回购</li>
<li>基础设施投资</li>
<li>转型支出</li>
<li>资产负债表灵活性</li>
</ul>
</div><p>For many investors, this remains one of the key differences between Shell and smaller renewable-focused energy companies. Shell does not need external financing to fund its transition investments at the same scale, as its legacy energy business continues to generate large amounts of cash.</p>
<div class="lb-trans"><p>对于许多投资者来说，这仍然是壳牌与较小的以可再生能源为重点的能源公司之间的关键区别。壳牌不需要外部融资来以同样的规模资助其转型投资，因为其传统能源业务继续产生大量现金。</p>
</div><h2>Energy Transition Spending Is Becoming Larger</h2>
<div class="lb-trans"><h2>能源转型支出正在增加</h2>
</div><p>The transition side of the business is also growing in importance.</p>
<div class="lb-trans"><p>业务的转型部分也在变得越来越重要。</p>
</div><p>Across Europe, energy transition investment is expected to exceed <strong>€500 billion annually by the end of the decade</strong>, with spending tied to:</p>
<div class="lb-trans"><p>预计到本世纪末，欧洲的能源转型投资将超过 <strong>5000 亿欧元</strong>，支出与以下内容相关：</p>
</div><ul>
<li>Offshore wind</li>
<li>Hydrogen</li>
<li>Grid infrastructure</li>
<li>Carbon reduction systems</li>
<li>Electrification</li>
</ul>
<div class="lb-trans"><ul>
<li>海上风电</li>
<li>氢能</li>
<li>电网基础设施</li>
<li>碳减排系统</li>
<li>电气化</li>
</ul>
</div><p>Shell is positioning itself to participate in that buildout while still maintaining exposure to traditional energy demand.</p>
<div class="lb-trans"><p>壳牌正在为参与这一建设做好准备，同时仍保持对传统能源需求的接触。</p>
</div><p>That balance is important.</p>
<div class="lb-trans"><p>这种平衡很重要。</p>
</div><p>Many investors remain skeptical of companies that are transitioning too aggressively away from profitable hydrocarbon businesses. Shell's approach has generally been more gradual, focusing on maintaining strong cash flow while selectively increasing investment in lower-carbon infrastructure.</p>
<div class="lb-trans"><p>许多投资者对那些过于激进地摆脱盈利的碳氢化合物业务的公司持怀疑态度。壳牌的做法通常更加渐进，专注于保持强劲的现金流，同时选择性地增加对低碳基础设施的投资。</p>
</div><h2>Why The Netherlands Still Matters?</h2>
<div class="lb-trans"><h2>为什么荷兰仍然重要？</h2>
</div><p>Even though Shell operates globally, the Netherlands remains strategically important because of its role in European trade and energy logistics.</p>
<div class="lb-trans"><p>尽管壳牌在全球运营，但荷兰因其在欧洲贸易和能源物流中的角色而仍然具有战略重要性。</p>
</div><p>The Dutch economy is highly integrated into global trade flows, with Rotterdam acting as one of Europe's most important energy and shipping hubs.</p>
<div class="lb-trans"><p>荷兰经济与全球贸易流高度整合，鹿特丹是欧洲最重要的能源和运输中心之一。</p>
</div><p>That positioning supports Shell's infrastructure advantage across refining, LNG and energy distribution.</p>
<div class="lb-trans"><p>这种定位支持了壳牌在炼油、液化天然气和能源分配方面的基础设施优势。</p>
</div><p>As Europe continues focusing on supply chain resilience and energy security, logistics hubs become even more valuable.</p>
<div class="lb-trans"><p>随着欧洲继续关注供应链韧性和能源安全，物流中心变得更加有价值。</p>
</div><h3>Conclusion</h3>
<div class="lb-trans"><h3>结论</h3>
</div><p>Shell's 2026 investment case looks broader than a traditional oil story.</p>
<div class="lb-trans"><p>壳牌在 2026 年的投资案例看起来比传统的石油故事更广泛。</p>
</div><p>The company remains tied to hydrocarbons, but its growing role in LNG, energy infrastructure and transition-related investment is becoming increasingly important. Combined with strong cash generation and global scale, this gives Shell exposure to some of the most important long-term themes in energy markets.</p>
<div class="lb-trans"><p>该公司仍然与碳氢化合物相关，但其在液化天然气、能源基础设施和转型相关投资中的日益重要的角色正变得越来越显著。结合强劲的现金生成和全球规模，这使壳牌接触到能源市场中一些最重要的长期主题。</p>
</div><p>For investors, the stock is no longer just about where oil prices go next. It is increasingly about who controls the infrastructure behind the global energy system.</p>
<div class="lb-trans"><p>对于投资者而言，这只股票不再仅仅关乎油价的未来走向。它越来越关乎谁控制着全球能源系统背后的基础设施。</p>
</div><p><em>image credit: Author</em></p>
<div class="lb-trans"><p><em>图片来源：作者</em></p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
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壳牌不再仅仅是一个传统的石油故事