In the first half of this year, international oil prices have experienced sharp ups and downs. Affected by the intensification of geopolitical conflicts and rising market panic, the intraday price of Brent crude oil futures once reached nearly $140 per barrel on March 7. After the shadow of economic recession enveloped the market, WTI and Brent futures prices have fallen back below $100 per barrel in recent days. According to market agency estimates, in the first half of 2022, the average price of WTI was US$101.52/barrel, a year-on-year increase of 63.17%; the average Brent price was US$104.58/barrel, a year-on-year increase of 60.32%.
Against the background of the sharp rise in oil prices, the performance of oil companies has increased significantly. PetroChina Co., Ltd. ( PetroChina , 601857) issued an advance performance announcement on July 15. It is expected that the net profit attributable to the company’s shareholders in the first half of 2022 will increase by 26.5 billion compared with the same period last year. yuan to 32 billion yuan, an increase of 50% to 60%; net profit after deducting non-recurring gains and losses and will increase by 42 billion yuan to 48 billion yuan compared with the same period last year.
In the first half of 2021, PetroChina’s net profit and non-net profit after deduction were 53.036 billion yuan and 45.231 billion yuan respectively. Based on this calculation, the company's net profit in the first half of this year reached 79.536 billion-85.036 billion yuan.
PetroChina said that the main reason for the expected increase in performance is that the company has increased its efforts in oil and gas exploration and development, actively promoted the increase of reserves and production, insisted on improving quality, efficiency and low-cost development, as well as the rise in international oil prices, and the production and sales of crude oil and natural gas increased year-on-year. .
If the upper limit of net profit after pre-increase is calculated at 85 billion yuan, PetroChina's net profit in the first half of this year has reached 92% of the net profit for the whole year of 2021.
CNOOC announced that in the first half of this year, international oil prices rose sharply. The company seized the favorable opportunity, continued to increase exploration and development efforts, and achieved remarkable results in increasing reserves and production. We firmly promoted quality improvement, cost reduction and efficiency improvement, and our cost advantage was consolidated. Thanks to rising international oil prices, production growth and cost control, profitability increased significantly in the first half of the year.
The company is China's largest offshore oil and gas production operator and natural gas producer. Unlike the flagship listing platform of "Two Barrels of Oil", whose business covers upstream exploration and development, midstream refining and downstream sales, CNOOC is a purely upstream oil and gas exploration developer. According to the previous performance disclosure of CNOOC Hong Kong stock listed company, the net profit attributable to shareholders of the parent company will be 70.3 billion yuan in 2021, a year-on-year increase of 181.7%, reaching a record high.
’s net profit in the first half of this year has exceeded that of the whole of last year.
Source: The Paper
Original title: Oil prices have soared, PetroChina’s half-year net profit exceeded 80 billion yuan, CNOOC’s net profit has exceeded last year’s full year
