The hottest three barrels of oil performance in th

The performance of "three barrels of oil" in the first quarter of 2016 was extremely hot and cold

the performance of "three barrels of oil" in the first quarter of 2016 was extremely hot and cold

April 29, 2016

[China paint information] China's three state-owned listed oil companies, China National Petroleum Corporation Limited, China Petrochemical Corporation and China National Offshore Oil Corporation, all announced the performance of the first quarter of this year on the 28th

according to international financial reporting standards, PetroChina's net loss in the first quarter was 13.785 billion yuan, the first net loss since the company's A-share listing in 2007. Sinopec's net profit attributable to shareholders of the parent company was 6.66 billion yuan, an increase of 207% year-on-year compared with the net profit of 2.17 billion yuan in the first quarter of last year. CNOOC Limited, which focuses on the upstream development and production of oil and gas, was listed on the H-share market and did not announce its profits. Its unaudited oil and gas sales revenue in the first quarter was 24.64 billion yuan, a year-on-year decrease of 30.7%

PetroChina said that with the stabilization of international oil prices and the implementation of various measures to reduce costs and increase efficiency, the operating performance in the first quarter was better month by month, and the operating revenue rebounded significantly in March and achieved profits in the month. At present, the company has stable capital and asset liability ratio, positive free cash flow and stable financial position

in the first quarter of 2016, affected by the sharp decline in international oil prices, "three barrels of oil" suffered a serious impact. Taking PetroChina as an example, the average realized price of crude oil fell by more than 40% year-on-year, and the average realized price of natural gas has the supply capacity of key materials for major aviation equipment, falling by more than 20% year-on-year

for PetroChina, whose upstream exploration and development business accounts for a relatively high proportion, the sharp decline in international oil prices is the main reason for its losses. In the first quarter, PetroChina produced 390million barrels of oil and gas equivalent, an increase of 2.6% year-on-year. Although the unit operating costs fell by 8.2% year-on-year, the exploration and production sector suffered an operating loss of nearly 20.3 billion yuan

in the first quarter, CNOOC achieved a net oil and gas output of more than 120million barrels of oil equivalent, an increase of 5.1% year-on-year. Sinopec achieved oil and gas equivalent production of 110million barrels, a year-on-year decrease of 2.7%, and the exploration and development sector suffered an operating loss of 12.5 billion yuan

for Sinopec, which processes nearly 80% of crude oil from imports, the sharp decline in international oil prices means the decline in crude oil processing costs. At the beginning of this year, the state set a lower limit for the price adjustment of refined oil, which is particularly good for Sinopec, which accounts for a relatively high proportion of oil refining business

on January 13 this year, the national development and Reform Commission announced that in order to maintain normal domestic crude oil production, ensure energy security, promote energy conservation and emission reduction, and adjust the energy structure, a lower limit of regulation was set for the domestic refined oil price mechanism. When the oil price in the international market is lower than US $40 per barrel, the maximum retail price of gasoline and diesel will not be reduced. As the international crude oil price continues to run at a low level, 1 steel plate inspection description after January 13, the domestic gasoline and diesel prices have been adjusted for six consecutive cycles of microcomputer controlled wood-based panel universal testing machine, and we often don't know what parameters are needed when we buy the tensile testing machine

affected by this, Sinopec oil refining sector turned losses into profits in the first quarter year-on-year, achieving an operating income of more than 13.4 billion yuan; The marketing and distribution sector achieved an operating income of nearly 7.7 billion yuan, an increase of nearly 46% year-on-year. PetroChina oil refining sector achieved an operating profit of 11.5 billion yuan in the first quarter; The sales sector achieved an operating profit of about 400million yuan

in the face of the sharp fall in international oil prices and sharp decline in profits, global oil companies generally reduce capital expenditure, "three barrels of oil" is no exception. CNOOC said it had further reduced its annual capital expenditure budget. Capital expenditure in the first quarter was nearly 9.7 billion yuan, a year-on-year decrease of nearly 40%

in the environment of low oil prices, cost reduction and efficiency increase and reform and innovation have become the theme words of the strategic adjustment of "three barrels of oil". PetroChina said it would adhere to steady development and comprehensively improve quality and efficiency. Continue to optimize the oil and gas production plan, and strive to increase production and sales of natural gas; Constantly optimize the product structure and improve the profitability of refining and chemical business

lifanrong, CEO of CNOOC, said that in the face of changes in the industry environment and the challenges of low oil prices, CNOOC will continue to adhere to the business strategy under low oil prices, deepen reform and innovation, and promote the sustainable development of the company

in the second quarter, the international oil price has rebounded, and the domestic gasoline and diesel prices have also increased for the first time in half a year. PetroChina expects that the supply and demand of the global oil market will remain generally loose, and the recovery of the refined oil market, the reduction of the cost of imported natural gas and the reduction of losses caused by the recovery of the domestic economy will create favorable conditions for the company to improve its operating conditions