中海油营收同比下降，但净利润大幅提升，成本优势显著。在同等国际油价下，该公司三季度净产量和净利润同比大幅提升，均创历史同期新高。
Sinopec's net income in the third quarter dropped significantly, greatly reducing inventory income year-on-year due to the rapid decline in oil prices, as well as a slight narrowing of refining product gross profit; CNOOC's revenue declined year-on-year, but net production and net income increased significantly year-on-year, with significant cost advantages.
In the third quarter, affected by the rapid drop in oil prices, China Petroleum & Chemical Corporation (Sinopec) saw a decrease in revenue and net income, with net income plummeting by 52.1% year-on-year; CNOOC saw a decrease in revenue year-on-year, but an increase in net income.
In the third quarter, Sinopec's net income fell sharply by 50% as a result of the rapid drop in oil prices, with inventory gains significantly reduced year-on-year, and narrowing gross profit margin in refining products.
CNOOC's revenue decreased year-on-year, but net income increased significantly with a significant cost advantage. Under the same international oil prices, the company's net production and net income in the third quarter both saw a significant increase year-on-year, hitting historical highs for the same period in history.
With the rapid drop in oil prices and narrowing gross profit margin in refining products, Sinopec's net income dropped by 50%.
On October 28, China Petroleum & Chemical Corporation released its third quarter financial report. The main financial data are as follows:
Revenue was 790.41 billion yuan, down 9.8% year-on-year;
Net income was 8.544 billion yuan, down 52.1% year-on-year;
Basic earnings per share is 0.07 yuan, a 53% year-on-year decrease.
In the first three quarters, the company's revenue was 2.37 trillion yuan, a 4.2% year-on-year decrease; net income was 44.247 billion yuan, a 16.5% year-on-year decrease; and basic earnings per share was 0.366 yuan, a 17.2% year-on-year decrease.
Sinopec stated that in the first three quarters of 2024, domestic natural gas demand grew rapidly, with apparent consumption increasing by 9.5% year-on-year; affected by a decline in diesel demand, domestic refined oil consumption decreased by 1.0% year-on-year; and demand for major domestic chemical products continued to grow, with ethylene equivalent consumption increasing by 3.9% year-on-year.
Poor revenue and profit performance in the third quarter, Sinopec stated that it was mainly due to the rapid decline in oil prices in the third quarter, a significant year-on-year decrease in inventory income, and the impact of declining gross margins of petroleum and petrochemical products:
On one hand, impacted by the rapid decline in oil prices, international crude oil prices fluctuated widely in the first half of the year, rapidly declining in the third quarter. The average spot price for Platts Brent crude oil in the first three quarters was $82.8 per barrel, with an average price of $80.2 per barrel in the third quarter, representing year-on-year and quarter-on-quarter declines of 7.6% and 5.6% respectively.
On the other hand, some refining product margins narrowed, with crude oil processed totaling 0.19 billion tons in the first three quarters, and production of refined oil at 0.116 billion tons. Gasoline production volume increased by 4.1% year-on-year, while kerosene production increased by 10.5% year-on-year. The pre-tax profit of the refining sector in the first three quarters was 6.156 billion yuan.
Furthermore, the domestic chemical market is at a low point in the business cycle, with the chemical sector recording a pre-tax loss of 4.787 billion yuan in the first three quarters.
In terms of capital expenditures, the expenditure in the first three quarters was 86.35 billion yuan, including:
Exploration and development sector capital expenditure of 50.765 billion yuan, mainly used for the construction of crude oil production capacity in Jiyang, Tahe, natural gas production capacity in Western Sichuan, and oil & gas transportation & storage facility construction;
Refining sector capital expenditure of 12.573 billion yuan, mainly used for the construction projects such as Zhenhai Refining expansion, Guangzhou Petrochemical technological transformation, Maoming Petrochemical technological transformation;
Marketing and distribution sector capital expenditure of 5.565 billion yuan, mainly used for the development of the 'oil & gas hydrogen power service' integrated energy station network, transformation of existing terminal sales network, non-oil business projects;
Chemical sector capital expenditure of 15.435 billion yuan, mainly used for the construction of projects like Zhenhai Phase II, Maoming ethylene and high-end materials projects;
Headquarters and other capital expenditure of 2.012 billion yuan, mainly used for technology research and development, and information technology projects.
Additionally, as of the end of the reporting period, China Petroleum & Chemical Corporation has repurchased 7.4908 million A shares and 111.192 million H shares.
Significant cost advantage, revenue from CNOOC decreased year-on-year, but net income increased significantly.
On October 28, CNOOC released the third-quarter financial report, here are the main financial data:
Revenue of 99.25 billion RMB, a 13.5% decrease year-on-year;
Net income of 36.93 billion RMB, an increase of 9% year-on-year;
Basic earnings per share was 0.78 RMB, a 9.9% increase year-on-year;
In the first three quarters, the company achieved revenue of 326.024 billion RMB, a 6.3% increase year-on-year. Oil and gas sales revenue was 271.432 billion RMB, a 13.9% increase year-on-year. Among them, petroleum liquids sales revenue increased by 14.6% year-on-year, and natural gas sales revenue increased by 9.4%. The net cash flow from operating activities reached 182.768 billion RMB from the beginning of the year to the end of the third quarter, a 14.9% increase year-on-year.
CNOOC's revenue declined year-on-year, but net income saw a significant increase, the company stated:
Cost competitiveness continued to strengthen. Under the same international oil prices, net production and net income saw significant year-on-year increases, both reaching historical highs for the same period in history.
Specifically:
In the first three quarters of 2024, the net production reached 542.1 million barrels of oil equivalent, an increase of 8.5% year-on-year. Especially in overseas markets, such as the production commencement of the Payara project in Guyana, has significantly increased production. The main cost per barrel of oil is $28.14, unchanged from the previous year, demonstrating the company's good cost control ability.
In terms of capital expenditure, the company's capital expenditure in the first three quarters was approximately 95.34 billion yuan, a 6.6% year-on-year increase. The main reason is the increase in projects under construction and adjustments to well work volume compared to the previous year.
In addition, CNOOC stated that it has made several new discoveries in the oil and gas exploration and development field and successfully evaluated multiple oil and gas structures in the third quarter. In the future, the company plans to continue advancing new project developments and maintain investment in exploration to strengthen its market position.