PetroChina (601857) and Sinopec (600028) announced three quarterly reports today. The two companies earned a total of RMB163.4 billion in the first three quarters of the year, including RMB57.1 billion in the third quarter. However, in the third quarter, there was a wide gap between the two growth rates. PetroChina achieved a net profit of 37.4 billion yuan, a year-on-year increase of 7.9%, and Sinopec achieved a net profit of 19.721 billion yuan, a year-on-year increase of 0.5%.
According to Chinese accounting standards, China Petroleum achieved a net profit of 103.437 billion yuan in the first three quarters of the year, an increase of 3.5% year-on-year, while the company’s net profit growth in the first half of the year was only 1.2% year-on-year. This shows that the third quarter's growth has driven the first three quarters. The increase. PetroChina’s net profit in the third quarter increased by 7.9% year-on-year. PetroChina achieved a basic earnings per share of 0.57 yuan in the first three quarters.
In the first three quarters of the year, China Petroleum achieved operating income of 1.48 trillion yuan, a year-on-year increase of 41%. The company said that it was mainly due to the increase in sales prices and sales volume of main products. The most important factor was the increase in crude oil prices. The average increase in crude oil prices in the first three quarters was 44.6%.
In the oil and gas production of China National Petroleum, the largest increase comes from overseas markets. In the first three quarters, China Petroleum produced 670.1 million barrels of crude oil, a year-on-year increase of 4.8%; production of saleable natural gas was 1.73 trillion cubic feet, a year-on-year increase of 5.9%; oil and gas equivalent production was 959.3 million barrels, an increase of 5.1% year-on-year, of which overseas oil and gas equivalent production. 92.9 million barrels, a year-on-year increase of 22.6%.
As before, it is the exploration and production sector that makes the greatest contribution to the profits of China Petroleum. The exploration and production segment in the first three quarters achieved an operating profit of 160.791 billion yuan, a year-on-year increase of 40.4%. The sales segment also performed equally well. In the first three quarters, PetroChina sold 107 million tons of gasoline, diesel and kerosene, which was a year-on-year increase of 18.0%. The sales segment realized operating profit of RMB18.021 billion, representing a year-on-year increase of 59.5%. In addition, the natural gas and pipeline segment valued by CNPC achieved an operating profit of RMB 13.233 billion, which was reduced by 17.1% year-on-year due to the increase in imported natural gas losses.
In addition, PetroChina’s chemical segment still suffered a lot of losses. In the first three quarters of the reporting period, PetroChina processed a total of 725.2 million barrels of crude oil, an increase of 10.3% year-on-year, and produced 64.302 million tons of gasoline, diesel and kerosene, a year-on-year increase of 11.3%. Affected by the high international crude oil price and the strengthening of domestic refined oil price control, the operating losses of the oil refining and chemicals segment in the first three quarters were 38.403 billion yuan, of which the loss from the oil refining business was 41.539 billion yuan, and the operating profit of the chemical business was 3.136 billion yuan.
According to the third quarterly report of China Petrochemical Corporation, the company's net profit in the third quarter was 19.721 billion yuan, up 0.5% year-on-year; its operating income was 1.88 trillion yuan in the first three quarters, and its net profit was 59.96 billion yuan, up 6.3% year-on-year; basic earnings per share was 0.692 yuan.
In the first three quarters, Sinopec’s domestic crude oil and natural gas production were 226.81 million barrels and 382.3 billion cubic feet, which were up 0.5% and 22.1% year-on-year respectively. However, due to overseas inspections, overseas crude oil output was 12.75 million barrels, a sharp drop of 44.3% year-on-year, and the Company’s crude oil production at home and abroad decreased by 3.6% year-on-year. Crude oil price was 98.23 US dollars / barrel, an increase of 39.2%.
In the first three quarters, Sinopec’s refined oil product sales volume and retail sales volume were 113.57 million tons and 75.55 million tons, respectively, a year-on-year increase of 8.8% and 17.8%, respectively. Ethylene production was 7.356 million tons, a year-on-year increase of 11.3%, and synthetic resin production was 10.067 million tons, a year-on-year increase of 5.6%.
According to Chinese accounting standards, China Petroleum achieved a net profit of 103.437 billion yuan in the first three quarters of the year, an increase of 3.5% year-on-year, while the company’s net profit growth in the first half of the year was only 1.2% year-on-year. This shows that the third quarter's growth has driven the first three quarters. The increase. PetroChina’s net profit in the third quarter increased by 7.9% year-on-year. PetroChina achieved a basic earnings per share of 0.57 yuan in the first three quarters.
In the first three quarters of the year, China Petroleum achieved operating income of 1.48 trillion yuan, a year-on-year increase of 41%. The company said that it was mainly due to the increase in sales prices and sales volume of main products. The most important factor was the increase in crude oil prices. The average increase in crude oil prices in the first three quarters was 44.6%.
In the oil and gas production of China National Petroleum, the largest increase comes from overseas markets. In the first three quarters, China Petroleum produced 670.1 million barrels of crude oil, a year-on-year increase of 4.8%; production of saleable natural gas was 1.73 trillion cubic feet, a year-on-year increase of 5.9%; oil and gas equivalent production was 959.3 million barrels, an increase of 5.1% year-on-year, of which overseas oil and gas equivalent production. 92.9 million barrels, a year-on-year increase of 22.6%.
As before, it is the exploration and production sector that makes the greatest contribution to the profits of China Petroleum. The exploration and production segment in the first three quarters achieved an operating profit of 160.791 billion yuan, a year-on-year increase of 40.4%. The sales segment also performed equally well. In the first three quarters, PetroChina sold 107 million tons of gasoline, diesel and kerosene, which was a year-on-year increase of 18.0%. The sales segment realized operating profit of RMB18.021 billion, representing a year-on-year increase of 59.5%. In addition, the natural gas and pipeline segment valued by CNPC achieved an operating profit of RMB 13.233 billion, which was reduced by 17.1% year-on-year due to the increase in imported natural gas losses.
In addition, PetroChina’s chemical segment still suffered a lot of losses. In the first three quarters of the reporting period, PetroChina processed a total of 725.2 million barrels of crude oil, an increase of 10.3% year-on-year, and produced 64.302 million tons of gasoline, diesel and kerosene, a year-on-year increase of 11.3%. Affected by the high international crude oil price and the strengthening of domestic refined oil price control, the operating losses of the oil refining and chemicals segment in the first three quarters were 38.403 billion yuan, of which the loss from the oil refining business was 41.539 billion yuan, and the operating profit of the chemical business was 3.136 billion yuan.
According to the third quarterly report of China Petrochemical Corporation, the company's net profit in the third quarter was 19.721 billion yuan, up 0.5% year-on-year; its operating income was 1.88 trillion yuan in the first three quarters, and its net profit was 59.96 billion yuan, up 6.3% year-on-year; basic earnings per share was 0.692 yuan.
In the first three quarters, Sinopec’s domestic crude oil and natural gas production were 226.81 million barrels and 382.3 billion cubic feet, which were up 0.5% and 22.1% year-on-year respectively. However, due to overseas inspections, overseas crude oil output was 12.75 million barrels, a sharp drop of 44.3% year-on-year, and the Company’s crude oil production at home and abroad decreased by 3.6% year-on-year. Crude oil price was 98.23 US dollars / barrel, an increase of 39.2%.
In the first three quarters, Sinopec’s refined oil product sales volume and retail sales volume were 113.57 million tons and 75.55 million tons, respectively, a year-on-year increase of 8.8% and 17.8%, respectively. Ethylene production was 7.356 million tons, a year-on-year increase of 11.3%, and synthetic resin production was 10.067 million tons, a year-on-year increase of 5.6%.
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