Red Star Capital Bureau reported that on the evening of October 16, China National Offshore Oil Corporation (600938.SH) issued an announcement stating that the company's net profit attributable to parent company shareholders in the first three quarters of 2022 is expected to be 107.8 billion yuan to 109.8 billion yuan, an increase of 55 billion yuan to 57 billion yuan compared with the same period last year, an increase of about 104% to 108% year-on-year; the net profit attributable to parent company shareholders in the first three quarters after deducting non-recurring gains and losses after deducting non-recurring gains and losses , which is expected to be 106.3 billion yuan to 108.3 billion yuan, an increase of 54.8 billion yuan to 56.8 billion yuan compared with the same period last year, an increase of about 106% to 110% year-on-year.
↑Screenshot of China National Offshore Oil Corporation’s announcement
It is worth noting that , this is the first time that China National Offshore Oil Corporation’s net profit exceeded 100 billion yuan in the first three quarters. The net profit level of the above forecast is equivalent to 4.3 times the annual profit in 2020, and its performance set a new historical record, with an average daily profit of about 400 million yuan. Currently, among the companies that have disclosed their first three quarter results, CNOOC has the highest net profit, temporarily ranked first.
In the first half of the year, China National Offshore Oil Corporation's operating performance also hit the best level in the same period in history. In just half a year, China National Offshore Oil Corporation's net production reached 304.8 million barrels of oil equivalent, a record high in the same period, with increasing by 9.6% year-on-year. At the same time, the company's net profit hit a record high in the first half of the year, achieving a net profit of 71.89 billion yuan, a significant increase of 115.7% year-on-year, and earnings per share of 1.57 yuan.
↑Data picture According to IC photo
Regarding the reasons for the significant increase in performance, China National Offshore Oil Corporation stated that in the first three quarters of 2022, the company seized the favorable opportunity of rising oil prices, continued to increase exploration and development efforts, increased reserves and production, improved quality and efficiency to achieve positive results, and oil and gas production hit a new record high in the same period. Cost competitive advantages have been further consolidated, and profit levels have increased significantly year-on-year.
Since 2022, international oil prices have once again exceeded US$100 per barrel after 8 years. However, after hitting the stage high in early June, international crude oil prices continued to fall, and the price of Brent crude oil approached the year-on-year low of US$80 per barrel at the end of September, giving up the previous increase . Recently, international oil prices have rebounded. As of October 14, Brent crude oil prices have closed above $90 per barrel.
Red Star News Reporter Xie Yutong
Edit Yu Dongmei Zhang Li
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