Introduction: Due to the dual impact of the COVID-19 epidemic and lower oil prices, PetroChina Co., Ltd. (hereinafter referred to as PetroChina) suffered huge losses in the first half of the year.
On the afternoon of the 27th, PetroChina announced its first half performance report.
The report shows that in the first half of 2020, the company achieved operating income of 929.045 billion yuan (RMB, the same below), a year-on-year decrease of 22.3%; a net loss attributable to shareholders of the parent company was 29.983 billion yuan, a year-on-year decrease of 205.5%. Turning from profit to loss, net profit in the same period last year was 28.42 billion yuan. The loss in the second quarter narrowed compared with the first quarter, and the operating trend was steadily improving.
Among all business segments, the refining and sales business segments contributed most of the losses, with losses of 10.540 billion yuan and 12.892 billion yuan respectively.
PetroChina: Production and operations have suffered an unprecedented impact, insisting on paying huge dividends
It is reported that PetroChina’s capital expenditures in the first half of 2020 were 74.761 billion yuan, a year-on-year decrease of 11.0%. Capital expenditures for the whole year of 2020 are expected to be 228.500 billion yuan, a decrease of 23.0% from 296.776 billion yuan in 2019.
PetroChina stated that due to the adverse impact of the sharp drop in international oil prices and the severe shrinkage of domestic oil and gas demand, the company’s production and operations have encountered unprecedented impacts and challenges. In the first half of the year, the average spot price of Brent crude oil was US$39.95/barrel, down 39.4% from the same period last year; the average spot price of U.S. WTI was US$36.59/barrel, down 36.3% from the same period last year.
As a result, the company’s average realized crude oil price is only US$39/barrel, which is almost halved compared to last year’s average realized price.
Despite losses, PetroChina still insists on paying huge dividends. PetroChina said that taking into account factors such as operating performance, financial status, cash flow and expected benefits from pipeline restructuring, it decided to pay an interim dividend of 0.08742 yuan per share for 2020, with a total dividend payment of 16 billion yuan.
Photo/Xinhua News Agency
The exploration and development sector made tens of billions of profits
And in this case , PetroChina’s exploration and development segment still achieved a profit of 10.351 billion yuan, benefiting from a 14% year-on-year decrease in oil and gas unit operating costs.
As the main business of PetroChina, the exploration and development segment still made many new discoveries in the first half of the year. The Tarim and Sichuan Basin oil fields achieved major breakthroughs in oil and gas exploration, opening up new fields of oil and gas exploration.
In the first half of the year, PetroChina achieved crude oil production of 475 million barrels, a year-on-year increase of 5.2%; marketable natural gas production of 2.15 trillion cubic feet, a year-on-year increase of 9.4%; oil and gas equivalent production of 834 million barrels, a year-on-year increase of 7.0%.
In the refining and chemical segment, its key projects are also continuing to advance. The construction of key projects such as Guangdong Petrochemical Refining and Chemical Integration, Tarim and Changqing ethane to ethylene have maintained construction progress.
At the same time, PetroChina completed the asset transfer contract with the National Pipeline Network Company in the first half of the year. PetroChina sold the equity of 12 joint ventures including China National Petroleum Pipeline, the assets of 8 directly affiliated independent accounting branches, including pipeline branches, and basic oil and gas assets, and obtained 29.9% of the equity of the National Pipeline Network Group and the corresponding cash consideration. The benchmark consideration for the above assets is 268.7 billion yuan.
PetroChina stated that the completion of pipeline asset restructuring will help the company focus more on upstream oil and gas exploration and development and downstream oil and gas market development, and relieve the company’s capital expenditure pressure. In the future, we will make full use of the national oil and gas storage and transportation facilities to improve operational efficiency and value creation capabilities, and obtain medium- and long-term investment income from the National Pipeline Network Group.
PetroChina ranks second in the “2020 Fortune China 500”
In the “2020 Fortune China 500” list previously announced in July, PetroChina ranked second.
The total operating income of the 500 Chinese listed companies on the list this year reached 50.5 trillion yuan, an increase of 11% from last year; the net profit reached 4.2 trillion yuan, an increase of more than 16% from last year. The annual revenue threshold of companies on this year’s list is close to 17.8 billion yuan, an increase of nearly 10% compared with last year. The pattern of the top three on this year’s list has not changed, and they are: Sinopec, PetroChina and China State Construction.
Global oil giant Saudi Aramco’s net profit fell 73%
Looking around the world, oil giants suffered heavy losses in the first half of the year.
Saudi state-owned oil giant Saudi Aramco released a financial report on the 9th saying that due to the impact of the new crown epidemic and other factors, Saudi Aramco’s net profit fell to US$6.6 billion in the second quarter of this year, compared with US$24.7 billion in the same period last year. In comparison, the decrease was 73%.
The report shows that Saudi Aramco’s net profit in the first half of this year was approximately US$23.2 billion, down 50.5% from US$46.9 billion in the same period last year.
But the company’s CEO Amin Nasser said that global oil demand is recovering and the company will continue to move forward with plans to pay $75 billion in dividends.
Saudi Aramco was listed in Riyadh in December last year, setting a historical record for IPO financing of US$29.4 billion. Nasser said that since the beginning of this year, the rapid spread of the new crown epidemic around the world has greatly reduced the demand for crude oil, natural gas and petroleum products.
All major global oil companies inBoth took a hit in the second quarter as anti-epidemic restrictions hit the travel industry, reducing oil consumption and sending prices to their lowest levels in nearly two decades.
Saudi Aramco only saw a sharp drop in profits, but other oil companies were not so “lucky”. In the second quarter of this year alone, Shell lost US$18.1 billion, BP lost US$16.8 billion, and Chevron lost US$8.3 billion. , ExxonMobil lost US$1.1 billion…</p
