(Original title: Three barrels of oil “earn one billion a day”! Oil and gas production both hit record highs Capital expenditure expectations are divided)
Financial Associated Press, March 30th (Reporter Xing Qixin)In 2022, when global oil prices are high, the revenue of the “three barrels of oil” will increase, and CNOOC will have the highest growth rate. In addition to the decline in Sinopec (600028.SH) net profit, PetroChina (601857.SH) and CNOOC (600938.SH) both increased by more than 60% year-on-year. The average daily net profit of the three companies last year was nearly one billion.
From the perspective of revenue performance, the three barrels of oil will be very fruitful in 2022. PetroChina and Sinopec have exceeded the 3 trillion yuan mark in revenue, and CNOOC has the highest growth rate, with revenue exceeding 400 billion yuan.
Will the international crude oil price that continues to run at a high level usher in a change this year? At the PetroChina performance briefing held this evening, Wang Hua, the chief financial officer and secretary of the board of directors of PetroChina, answered this question: “It is expected that the center of international oil prices will move down in 2023. With the rebalancing of the global economy in the second half of the year, crude oil demand will recover. In the second half of 2023, the international crude oil price is predicted to be US$80-85 per barrel.”
Oil and gas production both hit record highs
In 2022, global crude oil prices will run at a high level, and the average price of Brent crude oil will rise to US$99/barrel, a year-on-year increase of 40.0%.
In this context, the production of three barrels of oil in 2022 is also rising rapidly, and all hit record highs. PetroChina’s oil and gas production equivalent was 1.685 billion barrels, a year-on-year increase of 3.7%; Sinopec’s oil and gas equivalent production was 488.99 million barrels, a year-on-year increase of 1.9%; CNOOC’s net oil and gas production reached 623.8 million barrels of oil equivalent, exceeding the annual oil and gas production target .
The revenues of Sinopec, PetroChina and CNOOC will grow together in 2022, reaching 3,318.168 billion yuan, 3,239.167 billion yuan, and 422.230 billion yuan, respectively, a year-on-year increase of 21.1%, 23.9%, and 71.56%.
However, in terms of net profit trend, the performance of three barrels of oil was mixed. Sinopec was 66.302 billion yuan, a year-on-year decrease of 6.89%. PetroChina and CNOOC were 149.380 billion yuan and 141.700 billion yuan respectively, a year-on-year increase of 62.1% and 71.56%.
As for the reason for the decline in operating income, Sinopec attributed it to the weak demand in the domestic petroleum and petrochemical market in 2022. At the same time, the gross profit of domestic refining and chemical products decreased due to high oil prices.
In the case of generally high oil prices in 2022, Sinopec, whose main business is oil refining and chemical industry, spent 999.7 billion yuan on crude oil purchases, a year-on-year increase of 45.0%. The average unit processing cost of purchased crude oil was 4,950 yuan/ton, a year-on-year increase of 52.6%.
mixed future expectations
What are the expectations of each of the three barrels of oil for 2023? You can find out from the three barrels of oil in their respective capital expenditure plans.
In terms of exploration, CNOOC, which puts exploration in the first place, has achieved a total of 18 commercial discoveries throughout the year while its revenue has increased significantly, and it has also continued to make new progress in the Stabroek block in Guyana in the overseas market. In 2022, CNOOC’s exploration expenses will be 14.058 billion yuan, a year-on-year increase of 20.1%. This year, this figure will rise to more than 18 billion yuan.
PetroChina is also affected by the incentives brought about by rising oil prices. In 2022, the exploration cost will be 27.074 billion yuan, a year-on-year increase of 11.7%.
Due to the optimization and adjustment of the deployment of exploration wells for unconventional resources such as shale gas, Sinopec’s exploration expenses in 2022 will decrease by 14.5% year-on-year to 10.6 billion yuan. However, Sinopec’s exploration capabilities may usher in strengthening in 2023. According to its annual report, its exploration and development sector capital expenditure will reach 74.4 billion yuan, mainly for the construction of crude oil production capacity in Jiyang and Tahe, and natural gas production capacity in western Sichuan. And the construction of oil and gas storage and transportation facilities.
Compared with the former, PetroChina is more cautious. Wan Jun, vice president of PetroChina, said at the performance briefing tonight: the company plans to arrange capital expenditure of 243.5 billion yuan this year, which is 30.8 billion yuan less than the capital expenditure completed last year. , mainly due to the fact that the global political and economic environment and oil and gas supply and demand situation are still relatively uncertain, and international oil and gas prices have become more volatile.
In terms of outlook, in 2023, CNOOC plans to continue to aim at discovering large and medium-sized oil and gas fields, increase risk exploration and get rid of exploration, so as to lay a solid reserve foundation for the company’s sustainable development. PetroChina aims to strengthen the scale-effective exploration and development of domestic key basins such as Songliao, Ordos, Junggar, Tarim, Sichuan, and Bohai Bay, and at the same time increase the development of unconventional resources such as shale gas and shale oil. Clean electricity, CCUS, hydrogen energy demonstration and other new energy projects. Sinopec plans to speed up the construction of production capacity in Jiyang and Tahe, and strengthen the fine development of old areas.
Facing the problem of future oil and gas supply and demand, Lin Boqiang, an independent non-executive director of CNOOC, said at CNOOC’s performance briefing: “Demand will increase in the future, but not by a large margin, because the current oil price is still relatively high.” Regarding the trend of oil prices, Lin Boqiang said that it is still difficult to predict. “The current demand for oil and gas is not much different from that in 2019, and may be slightly lower. However, under the premise of high oil prices, the demand has not dropped much, which shows that demand is relatively low enough, I believe oil prices will remain high in the next few years.”
(Editor: Cao Jingchen)