On January 12, 2022, PetroChina announced the performance forecast.
\u3000\u30001. The performance is the best in seven years
The company predicts that the net profit attributable to the shareholders of the company in 2021 will increase by RMB 71 billion to 75 billion, an increase of 374% to 395% compared with the same period of the previous year; Compared with 2019, it will increase RMB 44.3 billion to 48.3 billion, an increase of 97% to 106%, and an average increase of 40% to 43% in two years, the best level in the same period in recent seven years. Deducting non net profit, it will increase by RMB 110 billion to 120 billion compared with 2020 (RMB 12 billion in 2020). That is, the non net profit deducted from Q4 is 53.8-63.8 billion yuan.
\u3000\u30001. Exploration and production sector: the main source of profit growth in 2021
In 2021, the international crude oil price continued to fluctuate upward, increasing the profits of the exploration and development industry. In 2021, the average price of Brent crude oil was US $70.85/barrel, a year-on-year increase of US $27.45/barrel. Based on the crude oil output of CNPC in 2020 of 922 million barrels, the profit elasticity of the corresponding exploration and development sector is about 120 billion yuan.
\u3000\u30002. Oil refining, chemical industry and sales: benefiting from epidemic repair and consumption tax policy
Further promote the restructuring, transformation and upgrading of refining and chemical industry, and further strengthen marketing. The profit improvement is expected to come mainly from two aspects: first, driven by the year-on-year repair of the epidemic in 2021, the refined oil market has improved and the difference in refined oil prices has rebounded; Second, the announcement on Levying import consumption tax on some refined oil products issued in 2021 requires that the tax on some refined oil products be increased and the local refining consumption tax be strictly levied from June, which is good for the state-owned refineries.
\u3000\u30003. Natural gas and pipeline: after the transfer of pipeline assets, the operation is more focused
In July 2020, Petrochina Company Limited(601857) sold its main oil and gas pipelines, some gas storages, LNG terminals, initial oil and gas and other related assets (including the equity of the company) to the national pipe network group to obtain the equity of the national pipe network group and the corresponding cash consideration. The company recognized pre tax income of RMB 46.9 billion for this transaction.
In 2021, Petrochina Company Limited(601857) on this basis, Kunlun energy, a subsidiary, completed the restructuring and delivery of partial interests in Dalian LNG and Beijing pipeline assets. Kunlun energy confirmed the restructuring income of 19.468 billion, Petrochina Company Limited(601857) according to the 54.38% equity ratio of Kunlun energy, the accrued restructuring income is about 10.6 billion.
After the completion of asset transfer, the company’s natural gas and pipeline business pipeline sector is more focused, vigorously explore the market, actively optimize the sales structure, and strive to develop direct supply and direct sales customers.
Risk warning: Boom fluctuation risk of main petrochemical products; Repeated impact of epidemic situation; The impact of oil price fluctuations, etc.
