{"id":3083,"date":"2008-02-06T15:25:26","date_gmt":"2008-02-06T15:25:26","guid":{"rendered":"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/02\/06\/que-font-les-gr\/"},"modified":"2012-07-12T10:23:47","modified_gmt":"2012-07-12T10:23:47","slug":"que-font-les-gr","status":"publish","type":"post","link":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/02\/06\/que-font-les-gr\/","title":{"rendered":"Que font les grandes p\u00e9troli\u00e8res de leur cash?"},"content":{"rendered":"<p> <a href=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/penseur2.jpg\"><img loading=\"lazy\" decoding=\"async\" height=\"209\" alt=\"Penseur\" src=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/penseur.jpg\" width=\"150\"  \/><\/a>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; <\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; <strong><span style=\"font-size: 1.4em\">L<\/span><\/strong>es profits des entreprises n&rsquo;ont rien de m\u00e9prisables. Elles sont condamn\u00e9es \u00e0 en faire, dans une \u00e9conomie de March\u00e9, sous peine de dispara\u00eetre. Le niveau de profit n&rsquo;a non plus aucune pertinence pour juger de la qualit\u00e9 de telle ou telle entreprise. Les Groupes miniers internationaux du charbon, du fer ou des non ferreux, autrefois \u00e0 la d\u00e9rive, ne savent plus quoi faire de leurs profits, au point de se manger entre eux. Quel est le bon ratio de profitabilit\u00e9? La question qui doit \u00eatre pos\u00e9e me semble \u00eatre plut\u00f4t la suivante: que fait telle entreprise de son cash?&nbsp; Comment l&rsquo;utilise-t-elle? <\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;Elle a plusieurs options essentielles:<\/p>\n<ul>\n<li>mieux r\u00e9mun\u00e9rer son personnel et en accro\u00eetre le nombre,<\/li>\n<li>investir dans la recherche, le marketing, la qualit\u00e9, la production ou r\u00e9aliser des acquisitions,<\/li>\n<li>mieux r\u00e9mun\u00e9rer ses actionnaires,<\/li>\n<li>jouer avec sa capitalisation boursi\u00e8re, par le rachat d&rsquo;actions par exemple.<\/li>\n<\/ul>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; Qu&rsquo;en est-il des Soci\u00e9t\u00e9s p\u00e9troli\u00e8res internationales que sont Exxon-Mobil, Royal-Dutch Shell et BP sur la base de ces crit\u00e8res?<\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; Je n&rsquo;examinerai pas le bonheur ni le niveau de vie des employ\u00e9s qui doivent \u00eatre corrects dans ces entreprises riches et en p\u00e9nurie de main d&rsquo;oeuvre qualifi\u00e9e.<\/p>\n<p> <a href=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/cashptrolires1.gif\"><img loading=\"lazy\" decoding=\"async\" height=\"120\" alt=\"Cashptrolires\" src=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/cashptrolires.gif\" width=\"480\"  \/><\/a>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;Par contre il est possible d&rsquo;examiner la r\u00e9partition du cash d\u00e9gag\u00e9 sur les trois autres postes. L&rsquo;industrie p\u00e9troli\u00e8re, si elle veut assurer sa mission premi\u00e8re qui est de mettre \u00e0 disposition du public des d\u00e9riv\u00e9s du gaz et du p\u00e9trole pour sa consommation \u00e9nerg\u00e9tique, doit investir massivement, sous peine de p\u00e9nurie imminente et cruelle. On constate que Shell avec plus de 70% de son cash investi en capital a bien pris conscience de cet imp\u00e9ratif et que BP avec 65% se r\u00e9veille et suit le m\u00eame exemple. Par contre Exxon-Mobil, le chouchou des boursiers new yorkais, se pr\u00e9lasse \u00e0 37% de capital investi. Par contre il r\u00e9alise des rachats d&rsquo;actions colossaux, 28 milliards de dollars en 2007. Son approche industrielle est bas\u00e9e sur la qualit\u00e9 de ses investissements et non sur la quantit\u00e9. Jusqu&rsquo;\u00e0 pr\u00e9sent cela lui a bien r\u00e9ussi, mais il n&rsquo;est pas s\u00fbr que par ces temps plus \u00e2pres, cette politique soit la bonne. L&rsquo;avenir nous le dira.<a href=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/capex11.jpg\"><img loading=\"lazy\" decoding=\"async\" height=\"324\" alt=\"Capex1\" src=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/capex1.jpg\" width=\"480\"  \/><\/a> <a href=\"http:\/\/clabedan.typepad.com\/photos\/uncategorized\/2008\/02\/06\/cashptrolires_2.gif\"><\/a> <\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;Il est possible d&rsquo;apporter ensuite ses propres jugements de valeur sur telle ou telle d\u00e9marche industrielle. Pour un Am\u00e9ricain moyen c&rsquo;est Exxon-Mobil le mod\u00e8le \u00e0 suivre, pour un Fran\u00e7ais elles sont toutes condamnables, elles s&rsquo;en mettent plein les poches alors on invente un nouveau poste d&rsquo;utilisation du cash que j&rsquo;avais volontairement omis de la liste:<\/p>\n<ul>\n<li>payer des taxes et des imp\u00f4ts exceptionnels &quot;pour mieux d\u00e9fendre le consommateur&quot; (sic. UFCQC)<\/li>\n<\/ul>\n<p>&#8211;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; Les profits des entreprises n&rsquo;ont rien de m\u00e9prisables. Elles sont condamn\u00e9es \u00e0 en faire, dans une \u00e9conomie de March\u00e9, sous peine de dispara\u00eetre. Le niveau de [&hellip;]<\/p>\n","protected":false},"author":341,"featured_media":7733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Que font les grandes p\u00e9troli\u00e8res de leur cash? - leblogenergie.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/02\/06\/que-font-les-gr\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Que font les grandes p\u00e9troli\u00e8res de leur cash? - leblogenergie.com\" \/>\n<meta name=\"twitter:description\" content=\"&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; Les profits des entreprises n&rsquo;ont rien de m\u00e9prisables. 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