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International oil prices continue to run at high levels, allowing related companies to make a lot of money.
On the evening of April 24, a company specializing in the oil and gas exploration and development industryIntercontinental Oil & Gas(600759) disclosed that the first quarterly report of 2022 showed that benefiting from the sharp rise in oil prices, the company’s net profit during the period increased by about 97 times year-on-year.
The first quarterly report of 2022 disclosed by Intercontinental Oil & Gas shows that during the period, the company achieved operating income of 680 million yuan, a year-on-year increase of 27.17%; net profit was 77.6996 million yuan, a year-on-year increase of 9664%.
The 2021 annual report disclosed by the company at the same time shows that during the period, the operating income was 2.453 billion yuan, a year-on-year increase of 51.22%; the net profit loss was 943 million yuan, a year-on-year decrease of 639.62%.
Although the performance in 2021 will be a loss, Intercontinental Oil and Gas has also admitted in the performance forecast that in 2021, the oil price will rise sharply compared with 2020 and continue to improve. The company’s main holding company, Ma Teng Oil Co., Ltd., is expected to achieve sales in 2021. The revenue is about 2.383 billion yuan, an increase of about 50% compared with the same period of the previous year. It is expected to achieve a non-net profit of about 547 million yuan, an increase of about 900% compared with the same period of the previous year.
In 2021, crude oil has been advancing vigorously and fluctuating upwards. WTI crude oil surged from $48 at the beginning of the year to above $80 in late October, and fell back in the last two months of the year. The core logic of the rise in oil prices in 2021 is basically highly related to the evolution of the epidemic; in addition, tightening supply and economic recovery also provide impetus for oil prices to rise. In 2022, due to the impact of geopolitical conflicts, the international oil price even exceeded the US$100 mark and continued to fluctuate at a high level.
In the post-epidemic era, the global economy will continue to recover, and oil demand will further increase. However, with the emergence of the Omikoron variant virus, the previous optimistic forecast will be lowered, and inflation will be high. The rising risk of stagflation will curb consumption, but overall The trend is still positive, which will continue to be positive for oil prices, and natural gas will remain high and in short supply.
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