Di Yi Cai Jing Zi Xun·2025-08-28 02:33Core Viewpoint - The decline in international oil prices has negatively impacted the profits of China's major oil companies, with significant year-on-year decreases in net profits and revenues reported for the first half of the year [2][3]. Group 1: Financial Performance - China National Petroleum Corporation (CNPC) reported a net profit of 84.01 billion yuan, down 5.4% year-on-year [2]. - China Petroleum & Chemical Corporation (Sinopec) achieved a net profit of 21.48 billion yuan, a decrease of 39.8% [2]. - China National Offshore Oil Corporation (CNOOC) posted a net profit of 69.53 billion yuan, down 13% [2]. - The total net profit for the "Big Three" oil companies decreased by 29.05 billion yuan compared to the previous year, averaging a loss of nearly 160 million yuan per day [2]. - Revenue for the "Big Three" also fell by 5% to 11%, with CNPC experiencing a rare decline in both revenue and net profit over the past five years [2]. Group 2: Oil Prices and Sales - The average selling price of crude oil for CNPC was $66.21 per barrel, down 14.5% year-on-year, while CNOOC's average price was $69.15 per barrel, down 13.9% [3]. - CNPC's oil and gas segment revenue decreased by 6.3% to 422.67 billion yuan, accounting for 30% of total revenue [3]. - CNOOC's oil and gas sales revenue fell by 7.2% to 171.75 billion yuan, with liquid oil sales revenue dropping nearly 11% to 143.998 billion yuan [3]. Group 3: Natural Gas Performance - CNPC's natural gas sales revenue increased by over 16% to 27.75 billion yuan, driven by a 5% rise in average selling price to 2,334 yuan per ton and a nearly 3% increase in sales volume to 1.515 million tons [3]. - CNOOC's natural gas average selling price rose by 1.4% to $7.9 per thousand cubic feet, with sales volume increasing by 13.5% to 4.892 trillion cubic feet [3]. Group 4: Downstream and Chemical Business - Both CNPC and Sinopec reported significant impacts on downstream oil product sales and refining businesses due to price declines and reduced sales volumes [4]. - CNPC's chemical business operating profit fell by 55.5% to 1.392 billion yuan, while Sinopec's chemical division reported an expanded loss of 4.224 billion yuan, up 33.5% [5]. - The sales profit for CNPC's gasoline and diesel segments dropped over 25% to 10.104 billion yuan, marking the largest decline among its four business segments [5]. Group 5: Strategic Adjustments - In response to the pressures from renewable energy, the "Big Three" oil companies are accelerating their non-oil business strategies [6]. - CNPC plans to expand into new energy and materials, reporting a 70% increase in wind and solar power generation to 3.69 billion kilowatt-hours [6]. - Sinopec aims to develop a hydrogen and electric charging network, having invested in CATL to build at least 500 battery swap stations this year [6].