Thu, Oct. 29, 12:57 PM
- The plunge in crude oil prices wreaked havoc on Q3 profits at PetroChina (PTR -2.3%), the country’s biggest oil and gas producer, and Sinopec (SNP -1.7%), its largest oil refiner.
- PTR reported its worst quarterly profit on record, with Q3 net income plunging 81% Y/Y to 5.2B yuan ($818M), less than half of analyst estimates, as sales dropped 29% to 427B yuan.
- "It’s a pretty weak performance across all segments,” says Bernstein's Neil Beveridge. “PetroChina is struggling in the low crude environment and needs to find a way to stop the bleeding.”
- SNP's Q3 profit plunged 92% Y/Y to 1.64B yuan ($258M), also far short of expectations, as lower oil prices and production dwarfed an increase in refining revenue.
- "We thought Sinopec would have better leverage in refining to counter the crude-price drop,” says BOC International Holdings' Lawrence Lau. “Inventory losses could be a reason for the sharp profit decline, and it may help Sinopec in the fourth quarter if the crude price rebounds.”
- Earlier: Cnooc's Q3 oil output surges even as revenue falls (Oct. 28)
Thu, Aug. 27, 8:19 AM
- PetroChina (NYSE:PTR) says its H1 net profit fell 63% Y/Y to 25.4B yuan ($3.97B) from 68.1B yuan in H1 2014, with earnings upstream and in the marketing segment both hurt by lower oil prices.
- PTR's H1 operating profits at its E&P segment fell 68% to 32.9B yuan, as total crude oil output rose 2.6% to 477.5M barrels.
- Total H1 oil and gas production rose 2.9% to 735.9M boe, led by a 40% Y/Y increase in overseas output, but domestic crude production fell 1.8% to 402.1M barrels.
- H1 sales fell 24% Y/Y to 878B yuan, and capital spending dropped 33% to 61.7B yuan.
- PTR says low crude prices provide an opportunity for acquisitions, and that it has been "tracking some assets for a while."
Mon, Apr. 27, 12:49 PM
- PetroChina (PTR +3.2%) is higher even after reporting a larger than expected 82% drop in Q1 profit due to lower international crude prices and inventory writedowns at its refining division.
- PTR's Q1 net profit tumbled to 6.15B yuan ($989M), its lowest since Q3 2007, from 34.2B in the year-ago period and well below the analyst consensus average of 9.98B yuan.
- Q1 sales fell 22% to 410B yuan and the average realized crude price was halved to $48.87/bbl from a year ago; oil and gas output rose 4.9% to 381M boe.
- Earlier: PetroChina, Sinopec surge on industry merger speculation
Thu, Mar. 26, 8:49 AM
- PetroChina (NYSE:PTR) says its net profit fell 17.3% last year to its lowest annual profit in five years, as falling crude oil prices squeezed earnings.
- PTR says its net income dropped to 107.2B yuan ($17.2B) from 129.6B yuan a year earlier, while revenue rose 1.1% to 2.28T yuan from 2.25T a year earlier.
- Capital spending for 2015 will be reduced by 8.8% at 266B, adding to last year's 8.4% reduction; the move follows similar cuts by Chinese state-owned rivals Sinopec (NYSE:SNP) and Cnooc (NYSE:CEO).
- Oil and gas production rose 3.6% to 1.45B boe in 2014, and realized crude oil price fell 13% to 3,939 yuan/ton.
Aug. 28, 2014, 8:03 AM
- PetroChina (NYSE:PTR) says its H1 net profit rose 4% Y/Y as losses at its refining and chemical businesses narrowed after fuel pricing reforms last year; for the quarter, profit rose ~15% Y/Y to $33.9B yuan ($5.5B), matching expectations.
- However, H1 operating profit from PTR's natural gas and pipeline business fell 81% Y/Y to 4.1B yuan, partly because PTR needed to procure expensive natural gas imports to meet rising demand; PTR has lost billions of dollars from selling imported natural gas at deep discounts in recent years.
- Analysts expect PTR to report stronger H2 results thanks to a natural gas price increase and potential gains from asset sales.
Apr. 28, 2014, 11:35 AM
- Sinopec (SNP -0.4%) reports a larger than estimated 15% drop in Q1 profit, hurt by higher finance expenses due to the weaker Chinese yuan.
- SNP's sales declined 8% to 641B yuan and operating profit at its E&P business dropped 19% to 13.2B in the quarter; crude oil output rose 9% to 89.4M metric tons, while its realized oil price declined 4%, and gas output gained 9% to 177.4B cf.
- PetroChina (PTR), China’s biggest oil and gas producer, posted a 5% decline in Q1 profit last week; both companies were hurt by the weaker Chinese yuan, which has a bigger impact on SNP because the China's biggest refiner and crude oil importer buys ~70% of the crude it needs in U.S. dollars.
Apr. 24, 2014, 10:25 AM
- PetroChina (PTR +0.1%) says its Q1 net profit fell 4.9% Y/Y to 34.2B yuan ($5.5B) from 36B yuan due mainly to rising costs and a decline in international crude prices.
- Revenue fell 2% to 529B yuan because of a lower contribution from PTR's upstream E&P operations; crude oil output rose 2.3%, although the average selling price for PTR's crude oil fell 2.9% during the period.
- Operating losses from the refining and chemical businesses narrowed to 2.2B yuan from 4.7B yuan, helped by the Chinese government's authorization in September for an increase in refined product prices.
Mar. 28, 2014, 8:21 AM
- Cnooc (CEO) posted an 11.4% drop in its 2013 net profit, well below analyst forecasts, to 56.5B yuan ($9.3B) vs. 63.7B yuan the previous year, as it struggled to deliver production growth and control costs amid weakening crude prices.
- China's largest offshore oil and gas producer nevertheless says it expects to boost capital spending by 14%-30% this year, a sharp contrast to plans from rivals PetroChina (PTR) and Sinopec (SNP), which said they will cut capital expenditure this year by 7% and 4.2% respectively.
- SNP had reported 2013 net profit rose 3.4%, while PTR had reported a 12% rise.
- Production rose 20.2% Y/Y to 411.7M boe in 2013, thanks to contributions from newly acquired Nexen; excluding the contribution, Cnooc produced 350.9M boe, missing for the third year in a row its compound annual growth target of 6%-10% set for the 2011-15 period.
Mar. 24, 2014, 7:54 AM
- Sinopec (SNP) reports a 3.4% increase in its 2013 net earnings to 66.1B yuan ($10.6B) vs. analyst consensus estimate of 69B yuan and 63.9B yuan a year earlier, and says it plans to reduce capital spending 4.2% to 161.6B yuan this year.
- SNP says it expects to complete the sale of up to 30% of its marketing business in Q3 of this year, and plans to set up a holding company for the marketing assets by the end of March, Chairman Fu Chengyu says.
- Says oil and natural gas production rose 3.5% to 442.8M boe last year, and forecasts production of 363.8M barrels of oil and 706.2B cf of natural gas in 2014.
- Says production at the Fuling field, SNP's first commercial shale gas field, is running ahead of schedule; SNP expects it to produce 1.8 cubic meters of shale gas this year, 9x China’s total output of shale gas last year.
- PetroChina (PTR), China’s largest oil producer, also is cutting capex; it said last week its spending target for 2014 was 7.1% lower Y/Y.
Oct. 29, 2013, 5:13 AM
Aug. 22, 2013, 7:55 AM
- PetroChina's (PTR) H1 net profit rose 5.6% Y/Y to 65.5B yuan ($10.6B), citing narrowed losses at its refining and chemical businesses after China reformed fuel pricing.
- Revenue rose 5.2% Y/Y to 1.1T yuan with expenses up but operating profit still ahead.
- Sales volumes rose for all of crude oil, natural gas, gasoline and diesel, with gas prices also boosting the bottom line; total oil output rose 3.2% in the period.
- Losses in the refining and chemical segments narrowed to 15.9B yuan from 28.9B; the businesses have improved since China reformed fuel pricing in March so refined product prices are linked more closely to international prices.
Apr. 26, 2013, 6:38 AM
Apr. 25, 2013, 11:24 AMPetroChina (PTR +2%) reports Q1 net profit fell 8% Y/Y to 36B yuan ($5.8B) from 39.15B yuan due to lower realized crude prices and losses in refining and chemical businesses. Crude oil output rose 1.8% to 231M barrels, with the average selling price falling 2.3% to $103.08/bbl. | Apr. 25, 2013, 11:24 AM | Comment!
Aug. 23, 2012, 8:49 AMPetroChina's (PTR) H1 profit slipped on higher operating expenses. H1 net profit was 68.8B yuan ($10.8B) on 952.2B yuan ($149.8B) in revenue, vs. earnings of 73.7B yuan on 1T yuan in revenue Y/Y. Total oil and gas output reached 667.9M boe, up 3.8%. “The macroeconomic environment will remain complicated and severe in the second half of 2012," PTR says. (also) | Aug. 23, 2012, 8:49 AM | Comment!
PetroChina Co Ltd is engaged in the exploration, development, production and sale of crude oil and natural gas; refining of crude oil and petroleum products, transmission of natural gas, crude oil and refined products and sale of natural gas.
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