Di Yi Cai Jing·2025-10-31 12:55Core Insights - The "Three Barrel Oil" companies (China Petroleum, Sinopec, and CNOOC) experienced a significant decline in net profits in the first three quarters, totaling over 35 billion yuan, primarily due to falling international oil prices [1][2] Group 1: Financial Performance - China Petroleum reported a net profit of 126.28 billion yuan, down 4.9% year-on-year, while Sinopec and CNOOC reported net profits of 29.98 billion yuan and 101.97 billion yuan, down 32.2% and 12.6% respectively [1] - The combined net profit decline of over 35 billion yuan translates to a daily loss of approximately 380 million yuan [1] Group 2: Oil Price Impact - The average price of crude oil for China Petroleum fell by 14.7% to $65.55 per barrel, leading to an 8.3% decrease in oil and gas revenue to 622.39 billion yuan [1] - CNOOC's average price for crude oil decreased by 13.6% to $68.92 per barrel, resulting in a 5.9% drop in oil and gas sales revenue to 255.48 billion yuan [1] Group 3: Production and Cost Management - China Petroleum's oil and gas equivalent production increased by 2.6% to 1,377.2 million barrels, with unit operating costs decreasing by 6.1% to $10.79 per barrel [2] - CNOOC's net oil and gas production rose by 6.7% to 578.3 million barrels of oil equivalent, with costs per barrel down by 2.8% to $27.35 [2] Group 4: Natural Gas Performance - CNOOC's natural gas production increased by nearly 12%, significantly outpacing the overall growth rate of the company's oil and gas production [2] - The average price of natural gas for CNOOC rose by 1% to $7.86 per thousand cubic feet, contributing to a 15.2% increase in natural gas sales revenue [2]