Jin Rong Shi Bao·2025-09-02 03:09Core Viewpoint - The "Big Three" oil companies in China (PetroChina, Sinopec, and CNOOC) reported a decline in performance for the first half of 2025, primarily due to a decrease in international oil prices, yet they maintained high dividend payouts totaling over 82.5 billion yuan [1][2]. Financial Performance - The average price of Brent crude oil fell by 14.5% year-on-year to $71.87 per barrel, while West Texas Intermediate (WTI) dropped by 14.4% to $67.60 per barrel [2]. - For the first half of 2025, PetroChina, Sinopec, and CNOOC reported revenues of 1.45 trillion yuan, 1.41 trillion yuan, and 207.6 billion yuan, respectively, reflecting declines of 6.74%, 10.60%, and 8.45% year-on-year [2]. - The net profits attributable to shareholders for the same period were 83.99 billion yuan for PetroChina, 21.48 billion yuan for Sinopec, and 69.53 billion yuan for CNOOC, showing year-on-year decreases of 5.42%, 39.83%, and 12.79% respectively [2]. Market Dynamics - The decline in profits is attributed to falling international oil prices, decreased demand for gasoline and diesel, and low margins in the chemical market [2]. - The domestic refined oil prices followed the international trends, with the National Development and Reform Commission adjusting gasoline and diesel prices down by 330 yuan/ton and 315 yuan/ton respectively [3]. Strategic Responses - CNOOC emphasized its focus on increasing reserves and production, technological innovation, and green transformation to navigate market volatility [3]. - PetroChina highlighted its efforts in production management, quality improvement, and transitioning to new energy sources, reporting a 1.7 times increase in wind and solar power generation compared to the previous year [4]. Transition to New Energy - The "Big Three" are increasingly focusing on transitioning to new energy to counter the pressures from traditional oil and gas markets [4]. - Sinopec reported a 17% year-on-year increase in non-oil business profits, with significant growth in its charging service revenue [4]. Dividend Distribution - Despite the performance decline, all three companies announced substantial dividend payouts. PetroChina plans to distribute 40.27 billion yuan, with a payout ratio of 47.9% [5]. - Sinopec intends to distribute 10.67 billion yuan, while CNOOC plans to pay a dividend of 0.73 HKD per share [6].