Following Sinopec (600028) and CNOOC (0883.HK), PetroChina (601857) also released its 2021 financial report on the evening of March 31, and its operating performance hit the best level in the past seven years.
PetroChina’s 2021 annual report shows that during the period, the company achieved operating income of 2.61 trillion yuan, an increase of 35.2% over the same period last year; net profit of 92.17 billion yuan, an increase of 385% over the same period last year; basic earnings per share of 0.5 yuan, An increase of 0.4 yuan over the same period last year.
It is worth noting that in the fourth quarter of 2021 when international crude oil prices were high, the company’s single-quarter main income reached 734.008 billion yuan, up 44.58% year-on-year; the single-quarter net profit attributable to the parent was 17.039 billion yuan, up 90.64% year-on-year; The non-net profit deducted in the single quarter was 31.287 billion yuan, a year-on-year increase of 179.02%.
PetroChina said that in 2021, world oil demand will gradually recover, inventories will drop sharply, and the fundamentals of market supply and demand will continue to improve.
Abundant global liquidity, combined with the unexpected boost from the European energy crisis at the end of the year, jointly supported a sharp year-on-year rise in international oil prices. In 2021, the average spot price of Brent crude oil is US$70.91/barrel, up 69.7% year-on-year; the average spot price of U.S. West Texas Intermediate (“WTI”) crude oil is US$68.12/barrel, up 73.4% year-on-year. According to data from the National Development and Reform Commission, domestic crude oil production will be 200 million tons in 2021, a year-on-year increase of 2.4%.
In the refined oil market, in 2021, the domestic macro economy will continue to show a stable and positive trend, which will promote the gradual recovery of refined oil demand, stable domestic refined oil supply, and ease of oversupply in the market. The export quota of refined oil products shrank by 36%, and the net export volume of refined oil products fell for the first time in nearly a decade. According to data from the National Development and Reform Commission and the National Bureau of Statistics, the crude oil processing volume in 2021 will be 704 million tons, a year-on-year increase of 4.3%; the apparent consumption of refined oil will be 341 million tons, a year-on-year increase of 3.2%, of which gasoline will increase by 5.7% year-on-year, and diesel will increase by 0.5% year-on-year. %. The trend of domestic refined oil prices is basically consistent with the trend of oil prices in the international market. The country has adjusted domestic gasoline and diesel prices 21 times. The price of gasoline standard products has been increased by RMB 1,485/ton, and the price of diesel standard products has been increased by RMB 1,430/ton.
In addition to the natural gas market, in 2021, affected by factors such as economic recovery, the control of the epidemic, and the recovery of oil prices, the global natural gas market demand will recover strongly, the supply and demand situation will be structurally tight in the region, and natural gas prices will remain at a high level.exist
Under the influence of macroeconomics, environmental protection policies, and the dual-carbon strategy, domestic natural gas demand has maintained a rapid growth trend. According to data from the National Development and Reform Commission, in 2021, domestic natural gas production will be 205.3 billion cubic meters, an increase of 8.2% year-on-year; natural gas imports will be 121 million tons, a year-on-year increase of 19.9%; apparent consumption will be 372.6 billion cubic meters, a year-on-year increase of 12.7%.
Under the bull market in the industry, the financial reports previously disclosed by Sinopec and CNOOC also showed that they have hit the best level in many years.
In 2021, Sinopec will achieve an operating income of 2.74 trillion yuan, a year-on-year increase of 30.2%; a net profit of 71.208 billion yuan, a year-on-year increase of 114%, and its operating performance has reached the best level in the past 10 years. CNOOC’s net profit in 2021 will reach a record high of 70.3 billion yuan, a year-on-year increase of 181.7%, and the company’s oil and gas sales revenue will reach 222.1 billion yuan, a year-on-year increase of 59.1%.
PetroChina predicts that the world economy will continue to recover in 2022, but the growth rate will decline. Affected by factors such as changes in oil and gas supply and demand, geopolitical turmoil and other factors, international oil and gas prices are expected to remain in a high range, but the range and frequency of fluctuations will increase. The fundamentals of China’s long-term economic growth have not changed, and the natural gas market will maintain rapid growth under the low-carbon strategy.
The company also said that in 2022, it plans to produce 898.6 million barrels of crude oil, 4625.1 billion cubic feet of marketable natural gas, and 1669.7 million barrels of oil and gas equivalent.