In 2021, the international oil price rebounded significantly, driving the substantial growth of the performance of “three barrels of oil”. On the evening of March 31, Petrochina Company Limited(601857) disclosed the annual report. In 2021, the net profit attributable to the parent company was 92.17 billion yuan, up from 19.006 billion yuan in the same period of last year, with a year-on-year increase of 384.95%. The net profit and year-on-year increase ranked first among the “three barrels of oil”.
“three barrels of oil” has a total net profit of 233.7 billion yuan in 2021
On the evening of March 30, CNOOC released its annual report and realized a net profit attributable to shareholders of 70.32 billion yuan in 2021, a year-on-year increase of 181.8%; The revenue increased by 246.14 billion yuan year-on-year.
On the evening of March 27, China Petroleum & Chemical Corporation(600028) released its annual report. In 2021, it achieved an operating revenue of 2.74 trillion yuan, an increase of 30.2% year-on-year; The net profit attributable to the parent company was 71.208 billion yuan, a year-on-year increase of 114%, the best level in the same period in recent ten years.
Based on this calculation, the total net profit of “three barrels of oil” in 2021 is 233698 billion yuan.
It is worth mentioning that on March 30, CNOOC announced that the CSRC informed that the issuance of CNOOC’s RMB shares had been approved and was valid for 12 months from the date of approval. This means that after the three operators gather in a shares, “three barrels of oil” will also meet in a shares! According to CNOOC’s announcement, the number of shares to be publicly issued this time is 2.6 billion, and it is expected to raise 35 billion yuan.
The share price of “three barrels of oil” also performed well China Petroleum & Chemical Corporation(600028) the latest closing price was 4.32 yuan, up 13.98% from the low point in the past year Petrochina Company Limited(601857) the latest share price has risen 39.4% from the low point in the past year; CNOOC’s latest share price rose 49.8% from its low in the past year.
As China’s three major crude oil producers, the oil and gas production of “three barrels of oil” in 2021 has become a significant bright spot.
In 2021, Petrochina Company Limited(601857) achieved crude oil output of 887.9 million barrels, of which China’s crude oil output was 753.4 million barrels, a year-on-year increase of 1.3%; China’s saleable natural gas output was 4222.2 billion cubic feet, a year-on-year increase of 5.7%, a record high, and the proportion of natural gas output in oil and gas equivalent continued to increase.
CNOOC achieved an annual net oil and gas output of 573 million barrels of oil equivalent, another record high. The annual oil and gas sales revenue was 222.1 billion yuan, a year-on-year increase of 59.1%.
China Petroleum & Chemical Corporation(600028) annual oil and gas equivalent output reached 479.74 million barrels, of which domestic crude oil output was 249.60 million barrels, unchanged year-on-year; Natural gas production was 11994 billion cubic feet, a year-on-year increase of 11.9%.
the risk of oil price fluctuation may increase this year
When talking about the reasons for the sharp increase in performance in 2021, the “three barrels of oil” mentioned favorable factors such as the rise of international oil prices, strong demand in the oil and gas market and the continuous improvement of China’s economy. Looking forward to the future, Petrochina Company Limited(601857) said that it is expected that the market demand for refined oil will continue to recover and the demand for natural gas and petrochemical products will continue to grow. Taking into account geopolitics, changes in global supply and demand, inventory levels and “double carbon targets”, it is expected that the risk of oil price fluctuation will increase.
In 2021, the international crude oil price fluctuated upward. The spot price of Platts Brent crude oil averaged $70.7 per barrel for the whole year, up 69.7% year-on-year. In the context of energy transformation, domestic natural gas demand continues to grow rapidly. According to the statistics of the national development and Reform Commission, the apparent consumption of natural gas in China reached 372.6 billion cubic meters, a year-on-year increase of 12.7%.
The domestic refined oil market also needs to pick up in 2021. According to the statistics of the national development and Reform Commission, the apparent consumption of refined oil (including gasoline, diesel and kerosene) was 340 million tons, a year-on-year increase of 3.2%. Among them, gasoline increased by 5.7%, diesel increased by 0.5% and kerosene increased by 5.7%. Throughout the year, the price of domestic refined oil was adjusted 21 times with the fluctuation of international crude oil price, including 15 times of increase and 6 times of decrease.
China Petroleum & Chemical Corporation(600028) Chairman Ma Yongsheng said at the performance presentation meeting that there is still great uncertainty about the future oil price trend. It is expected that the oil price will be $100 / barrel and $85 / barrel respectively this year and next. It is expected that the market demand for refined oil will continue to recover and the demand for natural gas and petrochemical products will continue to grow.
green low-carbon transformation fast start
In the future development strategy, the “three barrels of oil” mentioned the focus on the development of new energy business and the rapid start of green and low-carbon transformation. CNOOC said that in terms of new energy business planning, CNOOC will spend 5% to 10% of its capital expenditure on the development of new energy business. By 2025, CNOOC aims to obtain 5-10 million kw of offshore wind power resources and 1.5 million kw of installed capacity; Obtain 5 million kilowatts of land scenery resources and put into operation 500000 to 1 million kilowatts.
Ma Yongsheng said, China Petroleum & Chemical Corporation(600028) while doing a good job in its main business, it complies with the trend of mobile energy transformation. On the one hand, it plans the transformation and development of existing industries, speeds up “oil transformation” and “oil to special”, and speeds up the building of a comprehensive energy service provider of “oil, gas, hydrogen and electricity services”; On the other hand, it actively intervenes in the business related to new energy vehicles from the aspects of energy supply and material research and development. “At present, in the context of energy transformation, the company takes the initiative to embrace green change and takes the ‘net zero’ emission of carbon as the ultimate goal to create green competitiveness.” Ma Yongsheng said.
Petrochina Company Limited(601857) said that it would strive to share the new energy and new business capacity with oil and gas in 2035, achieve nearly zero emission around 2050, and reach half of the new energy and new business capacity.
