Recently, three barrels of oil in 2016 annual report is disclosed. Due to the international oil prices are low, mainly upstream exploration of petrochina and cnooc, sharp decline in profitability.
But sinopec with integration advantages, refining plate earnings record. This year, the industry is expected, refining plate will continue to maintain a high profit.
It is important to note that in recent years due to lower oil prices, oil refining cost reduction, private companies are refining margins plate, or investment by equity m&a build another way to advance in refining and petrochemical industry, etc.
Analysts said the sinopec continued on the refining business, corporation after entering, increasingly fierce competition. Especially in the oil refining capacity is relatively serious, corporation can survive in competition in the market is needed to test.
Sinopec oil refining plate earnings at a record high
Recently, three barrels of oil have been published in 2016, the annual report. Affected by the downturn in oil at worst performance since listing, cnooc's net profit also fell sharply.
Petrochina last year net profit of 7.857 billion yuan, down 77.9% year on year. Its net profit fell sharply is also affected by low oil prices because the exploration plates, but in oil refining and chemical sector to achieve operation profit is 39.026 billion yuan, compared with the same ZengLi 34.143 billion yuan. Among them, the refining business benefit from optimal operation, the gross margin increase, realize the operation profit is 27.565 billion yuan, compared with the same ZengLi 22.875 billion yuan.
With profits support refining plates, sinopec outshine others, still keep high profit level.
According to sinopec in 2016 annual report, sinopec achieve revenue of 1.93 trillion yuan last year, fell 4.4% year on year. Net profit of 46.4 billion yuan, increased 43.8% year-on-year.
Among them, the exploration and mining business losses of 36.641 billion yuan in 2016, due to the average price of $43.78 a barrel of crude oil in 2016, down 16.66% year-on-year, so as to make the production performance of oil and gas loss is increased in 2015.
But, in 2016, the company refining business income reached 56.265 billion yuan, increased by 168%, compared to the same history for best performance.
Some analysts said the price of crude oil in the process of shock rise is the golden period of refining profits, the boom of refining plate is expected to remain high in 2017.
Refining high profit corporation to enter
Since the second half of 2014, the European and American decline in crude oil prices have type precipice, during 2015-2017, Europe and the price of crude oil has low volatility. Era of low oil prices, oil refining cost reduction, refining profit relatively objective, therefore, has become the focus of what each street in refining and petrochemical industry.
"Securities daily" reporters learned that on March 21, as xu yoto the refining thousand ton refinery project in caofeidian, as one of the seven major Chinese petrochemical industry base of hebei caofeidian is rapidly expanding, refining capacity or caofeidian in 2020 is expected to reach 65 million tons/year. Mainly includes a congested refining 15 million tons/year, the Middle East gulf refining 15 million tons/year, xinhua joint refining 20 million tons/year, xu Yang group stage a 5 million tons/year and sinopec - refining project.
Although corporation to high-margin flocked to refining, but in fact China's refining capacity surplus has rather serious.
According to zhuo gen information statistics show that by the end of 2016, China's refining capacity of 784 million tons/year, and China's crude oil processing capacity of 540 million tons, 2016 capacity utilization at 69%, lower than the general capacity utilization by 75%.
It is understood that during the period of "much starker choices-and graver consequences-in", independent refiners new capacity will reach 135 million tons/year, coupled with the main unit plans to add 44 million/year, the national new refining capacity will reach 179 million tons/year.
Need to mention is that sinopec refining plate continues to layout.
Sinopec group will invest 200 billion yuan to build during "much starker choices-and graver consequences-in" four big refining base, combined refining capacity of 130 million tons of ethylene production capacity of 9 million tons, after the completion of the will of the country's refining capacity and the ethylene production capacity by 17% and 31%.
Essence securities believes that with the completion of the industrial cluster, the scale effect of sinopec future refining plate and a steady improvement in profitability will be.
Sinopec's continued, also means that more competitive in the field of refining.
Zhuo and information analysts Hu Huichun to the "securities daily" reporters that the current seven coastal base, zhejiang ningbo, zhoushan, dalian changxing island (island), lianyungang, jiangsu and hebei in caofeidian and other four major refining bases are private companies to enter, and fujian gu lei has yet to have a clear private capital to enter, but does not rule out in the near future or private capital to enter. "The era of low oil prices, refining profit objective, in the future once the crude oil prices rose to a high, refining costs increase, the future development of private capital in refining plate to verify how to need to market."