Home » Benefiting from the surge in oil prices, Intercontinental Oil & Gas’ net profit in the first quarter increased by 97 times jqknews

Benefiting from the surge in oil prices, Intercontinental Oil & Gas’ net profit in the first quarter increased by 97 times jqknews

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internationalityoil priceContinue to run at a high level, 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 companynet profitA year-on-year increase of about 97 times.

  Intercontinental Oil & GasThe disclosed first quarter report for 2022 shows that the company achievedOperating income680 million yuan, a year-on-year increase of 27.17%; net profit of 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 2021performanceloss, butIntercontinental Oil & GasIt was also admitted in the performance forecast that in 2021, when oil prices rose sharply compared with 2020 and continued to improve, the company’s main holding company, Ma Teng Petroleum Co., Ltd., is expected to achieve sales revenue of about 2.383 billion yuan in 2021, which is comparable to the previous year. Compared with the same period of last year, it has increased by about 50%, and 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.

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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.

(Article Source:securitiesTimes Network)

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