On March 29, petrochemical oil replacement cosl became the new king "losses".
Compared with two lard clothing company losses, cnooc reached RMB 637 million profit, and sinopec is to make 46.4 billion yuan. Losses and make, behind the "should" is for reducing in upstream oil company, lead to oil service been affected, and the high injury is the most direct related transactions of oil enterprises. For the oil companies, because of the cost of the upstream investment and reduce, also have loss-mitigation effect to the company's performance.
However, the situation of performance losses or oil service company will reverse. Sinopec and cnooc, according to the annual report are 2017 increase investment in upstream exploration and development.
Results different plate "should"
Loss of 16.1 billion yuan in 2016, petrochemical oil replacement after losses of 11.456 billion yuan of cosl, become a-share new king "losses". The controlling shareholder, sinopec group significantly reducing upstream exploration and development investment is one of the reasons for the petrochemical oil take losses.
Petrochemical oil take annual report, released on March 29, 2016, the company business income is 42.92 billion yuan, down 28.9% year on year. To achieve net profit attributable to shareholders of a company is RMB - 16.1 billion. Can be found by simple calculation, fossil oil is equal to the loss of 44.11 million yuan a day on average.
Petrochemical oil service announcement, domestic or foreign oil company is the main reason for the loss of a substantial upstream exploration and development investment, reduce the workload and service prices fell sharply. At the same time, the part of the engineering construction project time limit, the cost increase and change the claim not exceeding the expectation ", increased provision for receivables provision for bad debts, etc.
"Daily economic news" reporter carding announcement found, sinopec group and subsidiary is petrochemical oil major clients; as associated company, its upstream less directly affect the performance of the petrochemical oil service. In 2016, petrochemical oil of sinopec group and subsidiary sales of 22.878 billion yuan, accounting for 53.3% of the annual revenue. Previously, in 2015 to RMB 38.03 billion, 2014 to 51.655 billion yuan. That is to say, in the past two years, petrochemical oil clothing every year from sinopec group and subsidiary reduced the income of over $ten billion.
In contrast, the main body of sinopec group listed assets sinopec made last year, 2016 net profit of 46.4 billion yuan, netted nearly 130 million yuan a day on average. Among them, the Chinese petrochemical profitability has also benefited from the last year to reduce business in oil exploration and development. Sinopec upstream exploration and development spending is RMB 32.2 billion, 2016, 2015, 54.7 billion yuan to 22.5 billion yuan, and sinopec's upstream spending up to 80.2 billion yuan in 2014.
Similar to petrochemical oil clothing, cnooc group is also reduced spending on cosl. According to the announcement, cnooc group and cosl amount of related party transactions in 2014, 2015, 24.368 billion yuan and 17.443 billion yuan respectively, in the first half of 2016 the transaction amount is 4.711 billion yuan only. And cosl net income of 7.492 billion yuan, nearly three years to 11.456 billion yuan and 1.07 billion yuan.
China's energy chief information officer falcon said that in recent years, the price of crude oil, oil companies at home and abroad generally reduce investment in upstream exploration and development of business, take enterprise income and thus reduce oil. However, with the domestic part of the oil companies, foreign oil giants uniform in adjustments to reduce the cost, personnel, to do better, relatively few losses.
Oil service companies this year is expected to "roll over"
For great performance contrast, xiamen university, said China's energy policy institute director boqiang Lin for reducing in upstream, to a certain extent, reduce the cost, but the oil industry sales is not affected by the price of the upstream and downstream sinopec earn big thanks to its downstream sector performance is outstanding, the refined oil pricing mechanism with international oil prices, stable performance.
However, these two lard suit the circumstances of the losses of the enterprise in 2017 or will improve, sinopec and cnooc will increase investment in upstream exploration and development.
Sinopec in the annual report, says 2017 years of exploration and development plate plan capital spending 50.5 billion yuan, compared to the same period last year, 32.187 billion yuan, a 57% increase. Cnooc's announcement, capital expenditure budget this year raised to 65 billion ~ 70 billion yuan, it is cnooc increase capital spending for the first time in nearly three years.
Petrochemical oil serving director long side is the annual report said, "looking ahead to 2017, under the influence of the implementation of oil-producing countries cut their agreement, international oil prices bottoming out, a new drill Numbers rise. Despite oil clothing market competition is very fierce, the China petrochemical group company and other important customer upstream exploration and development capital spending increased significantly under the pull of companies operating environment will gradually turn for the better".
Boqiang Lin thought for oil companies, reducing the upstream investment can not fundamentally solve the problem of reduce profits, oil companies need to diversify, strong upstream and downstream industry upstream business of the company can develop the downstream industry, in order to enhance the ability to resist risk.
Falcon argues that the upstream business in reducing the cost of exploration and development at the same time, more important is to open the upstream market, let more capital.