The performance of the three hottest oil companies

2022-08-03
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The performance of the three major oil companies in the first half of the year is very different

the performance of China's three major oil companies, PetroChina, Sinopec and CNOOC in the first half of the year has been released one after another. Compared with the same period last year, the performance trend of the three major companies in the first half of the year showed "triple heaven". The net profit of Sinopec was more than three times that of the first half of last year. The net profit of PetroChina was basically flat and slightly decreased, while the net profit of CNOOC fell by more than half

insiders pointed out that the trend of international oil price, the implementation of new product oil pricing mechanism and the change of domestic market demand are the main factors affecting the performance of the three companies in the first half of the year. In the second half of the year, the performance of the three major companies showed an obvious positive trend. In the long run, improving the industrial chain and strengthening the investment in main businesses will be the main strategic adjustment direction of the three companies, and will have an important impact on their long-term development

the performance of the three major companies in the first half of the year is very different from that of the international oil companies in the first half of the year due to the impact of the international financial crisis. The performance of the three major oil companies in China shows the characteristics of "three days"

in accordance with international accounting standards, Sinopec achieved a net profit of 33.2 billion yuan in the first half of the year, a year-on-year increase of nearly 333%. The net profit of CNOOC was 12.4 billion yuan, a year-on-year decrease of 55%. Among the three major companies, PetroChina, which has the most complete industrial chain, saw its net profit decline by 7.2% year-on-year to 50.5 billion yuan, ranking second in the global oil company profit ranking in the first half of the year

Wang Jing, a researcher at Orient Securities Co., Ltd., said that the main factors affecting the performance of the three major oil companies in the first half of the year were the trend of international crude oil prices, the improvement of domestic refined oil price mechanism, and changes in the domestic market

as the largest oil refiner in China, about 80% of Sinopec's processed crude oil comes from imports, and its performance is significantly affected by the price of domestic refined oil. Sinopec announced that in the first half of last year, international crude oil prices rose sharply, domestic refined oil prices were tightly controlled, and Sinopec's refining business suffered huge policy losses. Since the beginning of this year, China has implemented the reform of product oil prices and taxes, and the domestic refining business has reversed the loss situation. The refining business has become an important pillar of Sinopec's profits, and the company's performance has increased significantly year-on-year

according to the released results, Sinopec's oil refining sector made a profit of 19.9 billion yuan in the first half of the year, while the sector lost 46.5 billion yuan in the same period last year. PetroChina's refining sales sector also made a profit of nearly 17.2 billion yuan this year from a loss of 59billion yuan in the first half of last year, the best level in the same period in history

ZhouJiping, President of PetroChina, said that the depressed international crude oil prices, shrinking domestic petroleum and petrochemical market demand and poor product sales were the main reasons for the decline in polarity of the red line or black line in the first half of the year

in the first half of this year, the average price of international crude oil fell by more than 50% year-on-year. Affected by this, the operating profit of PetroChina exploration and production sector in the first half of the year decreased by 71% year-on-year

the impact of international oil prices on CNOOC, whose main business is oil and gas exploration and production, is particularly obvious. In the first half of the year, CNOOC's net output of oil and gas increased by 15.2%, of which the net output of crude oil increased by 20.1%. However, the oil and gas sales revenue fell by more than 40%

with the improvement of domestic economic situation and the rise of market demand, especially the sharp rise of international oil prices since the second quarter, the performance of the three companies showed a quarter on quarter upward trend. In the second quarter, PetroChina's turnover increased by 28.7% over the first quarter, and its net profit increased by 66.4%. Sinopec's net profit growth also rose from 85.1% in the first quarter to more than 300% in the first half of the year

international oil price is still the main factor affecting the performance of the three companies in the second half of the year

Wang Jing believes that the trend of international oil price will still be the main factor affecting the performance of the three companies in the second half of the year

recently, the price of domestic refined oil has not been adjusted with the rise of international oil price. Wang Jing said that Sinopec's oil refining sector will face certain pressure in July and August. However, from the perspective of the whole year, considering the low profit level last year, it is expected that Sinopec's annual performance will increase significantly after the refined oil price mechanism is improved

according to the improved product oil pricing mechanism, when the international oil price is higher than US $80 per barrel, the processing profit margin will be gradually reduced to reduce the profit margin of the supplier. ZhouJiping said that at that time, the refining profit of the company will be reduced to a certain extent, but the higher crude oil price will be beneficial to the overall profit of PetroChina with the upstream as the main body

international crude oil prices rose continuously in late August. Chenyueqiang, an oil analyst at Beijing medium term futures brokerage Co., Ltd., said that the current fundamental situation is still not enough to support the short-term sharp rise in crude oil prices. However, with the gradual improvement of the macro environment in the future, it is expected that the crude oil price will further strengthen

optimizing the industrial chain has become the main development direction of the three companies

in the first half of this year, PetroChina successfully acquired the shares of Singapore oil company and Osaka refinery in Japan. ZhouJiping said that he would continue to explore the acquisition of other overseas downstream assets in the future. PetroChina, which is regarded as focusing on upstream development, will enhance the value of downstream assets and improve the industrial chain

Wang Jing believes that PetroChina's upstream business of exploration and production accounts for a large proportion, while downstream businesses such as oil refining and sales account for a small proportion, but their development momentum is good. This business structure is also optimized internationally. It is also evident in Sinopec and CNOOC to supplement the short board of the industrial chain and strengthen the strategic adjustment and improvement of the business structure

in June, Guangdong Huizhou oil refining project, the first large-scale petrochemical downstream project solely funded by CNOOC, was officially put into operation, which means that CNOOC has fully entered the refining and chemical field and realized the industrial structure. The first phase of Northern Ireland shopping bag charging policy was implemented in April 2013 to form a leap from upstream to upstream and downstream integration

Sinopec, the parent company of Sinopec, announced in mid August that it had successfully acquired Addax petroleum company headquartered in Switzerland. Sinopec called the acquisition a "transformational acquisition", which is conducive to improving its resource structure and realizing the leapfrog development of overseas oil and gas exploration and development

with the release of China's natural gas market potential, several major companies have taken the natural gas field as the main market for business development. The new board of directors of Sinopec approved the three-year rolling development outline from 2009 to 2011, which is fully localized and easy to operate, and proposed to promote the substantial increase of natural gas production. In 2011, the domestic natural gas production of Sinopec will reach 17billion cubic meters, twice the increase of last year

last year, PetroChina's natural gas output exceeded 60billion cubic meters, accounting for more than 70% of China's natural gas output. ZhouJiping said that the natural gas business is one of the most growing businesses of PetroChina. In the future, PetroChina will accelerate the development of natural gas as an important strategic business. It is estimated that in 7 to 8 years, PetroChina's natural gas output will reach 130billion cubic meters, accounting for "half" of its oil and gas equivalent output

he predicted that the contribution rate of natural gas and pipeline sector to PetroChina's performance will continue to grow rapidly this year

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