Di Yi Cai Jing·2025-08-28 06:29Core Viewpoint - The decline in international oil prices has significantly impacted the profits of China's three major oil companies, resulting in a total profit decrease of over 29 billion yuan in the first half of the year [1][2]. Financial Performance - China National Petroleum Corporation (CNPC) reported a net profit of 84.01 billion yuan, down 5.4% year-on-year - China Petroleum & Chemical Corporation (Sinopec) achieved a net profit of 21.48 billion yuan, down 39.8% - China National Offshore Oil Corporation (CNOOC) recorded a net profit of 69.53 billion yuan, down 13% - Combined, the three companies saw a total profit reduction of 290.5 billion yuan, averaging a loss of nearly 1.6 billion yuan per day [1][2]. Revenue Trends - All three companies experienced a revenue decline of 5% to 11% - CNPC faced a rare situation of both revenue and net profit decline for the first time in five years [1][2]. - CNPC's oil and gas segment revenue fell by 6.3% to 422.67 billion yuan, while CNOOC's oil and gas sales revenue dropped by 7.2% to 171.75 billion yuan [2]. Oil Price Impact - The average oil price for CNPC was $66.21 per barrel, down 14.5% year-on-year - CNOOC's average oil price was $69.15 per barrel, down 13.9% [2]. Natural Gas Performance - CNPC's natural gas sales revenue increased by over 16% to 27.75 billion yuan, partially offsetting oil price declines - CNOOC's natural gas average price rose by 1.4% to $7.9 per thousand cubic feet, with sales volume up 13.5% [2]. Downstream Business Challenges - Both CNPC and Sinopec reported significant impacts on downstream oil product sales and refining businesses due to price declines and reduced sales volumes - CNPC's refining segment profit dropped over 25% to 10.10 billion yuan, while Sinopec's refining and marketing segments saw profits decline by 50% and 46% respectively [3]. Industry Trends - The domestic gasoline demand has peaked in 2023, with expectations of a significant decline post-2030 - Overall oil demand is projected to peak by 2028 [4]. Strategic Adjustments - In response to the challenges posed by renewable energy, all three companies are accelerating their non-oil business strategies - CNPC plans to expand into new energy and materials, reporting a 70% increase in wind and solar power generation [4][5]. - Sinopec aims for collaborative development across oil, gas, hydrogen, and electricity sectors, including plans to build at least 500 battery swap stations in partnership with CATL [5].