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Chinese oil companies reported quarterly results

As reported by the Xinhua News Agency, the Chinese petrochemical company with limited liability (Sinopec) announced on Monday that the net profit attributable to the shareholders of the parent company in the first quarter of 2014 amounted to 14,12 billion yuan / 1 am dollars - 6,15 yuan /, having decreased by 15,3 percent compared to the same period last year.

Previously, the report for the first quarter was presented by PetroChina. In the oil and gas giant, net profit declined by 4,9 percent to 34,25 billion yuan.

And another giant, CNOOC, the largest seabed oil and gas producer in China, did not disclose a report (the company’s shares are listed on foreign stock exchanges), but according to preliminary data, its income from the sale of oil and gas in January-March reached 59,15 billion yuan, with an increase of 6,9 percent.

In turn, PetroChina showed an increase in production by 2,3 percent - up to 360 million barrels of oil equivalent, but at the same time, "foreign" production fell by 2,8 percent, in particular gas - by almost 21 percent.

In the first three months of this year, Sinopec produced 89,37 million barrels of oil (an increase of 8,8 percent) and 177,4 billion cubic meters. feet of gas. The company doubled its oil production at foreign fields - to 12,77 million barrels.

Against the background of a fall in total profits, profitability indicators in individual areas that are the beneficiaries of the reform look especially impressive. Thus, PetroChina's revenue from activities in the gas and pipeline block increased by more than 26 percent to 1,4 billion yuan, which is associated with an increase in natural gas prices for consumers in July from 2013 (excluding the population).

And the introduction of an improved pricing mechanism for refined products from March 2013 helped Sinopec posted almost 70% growth in refining revenue in the first quarter. For PetroChina, this direction, which had been unprofitable for a long time, began to bring in profit / 3,5 billion yuan in January-March /.

At the same time, as noted, the effect of a slowdown in economic growth on the performance of oil companies is also obvious. As an example, the decline in the production of diesel fuel, widely used in the national economy. Thus, PetroChina's production volume decreased by 0,2 percent, and sales - by 15,4 percent immediately. The decline in 7,5 percent production was also recorded in Sinopec.

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