“三桶油”前三季净赚2582亿

Core Insights - The three major Chinese oil companies, namely China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC), reported a decline in profits for the first three quarters of 2025 due to falling international oil prices, with a combined net profit of 258.25 billion yuan [1] - Despite the profit decline, these companies are actively expanding into renewable energy sectors while solidifying their core oil and gas businesses [1] Group 1: China National Petroleum Corporation (CNPC) - CNPC led in revenue and net profit among the three companies, achieving approximately 2.17 trillion yuan in revenue and a net profit of 126.29 billion yuan for the first three quarters [1] - In the third quarter, CNPC reported revenue of 719.16 billion yuan and a net profit of 42.29 billion yuan [1] - The company experienced stable growth in oil and gas production, with a total oil equivalent production of 1.377 billion barrels, a year-on-year increase of 2.6% [2] Group 2: China National Offshore Oil Corporation (CNOOC) - CNOOC's revenue for the first three quarters was 312.50 billion yuan, with a net profit of 101.97 billion yuan, reflecting a revenue increase of 5.68% in the third quarter but a net profit decrease of 12.16% [3][4] - The company achieved a net production of 578.3 million barrels of oil equivalent, a year-on-year increase of 6.7%, with natural gas production rising by 11.6% [3] - CNOOC maintained a competitive edge with a cost of $27.35 per barrel, a decrease of 2.8% year-on-year [3] Group 3: China Petroleum & Chemical Corporation (Sinopec) - Sinopec reported a revenue of 2.11 trillion yuan for the first three quarters, a decline of 10.7%, and a net profit of 29.98 billion yuan, down 32.2% [4][5] - The exploration and development segment was a highlight, generating an EBITDA of 38.09 billion yuan, making it the largest profit source for Sinopec [4] - The chemical segment faced significant losses, with an EBITDA loss of 8.22 billion yuan, primarily due to low product prices from increased domestic chemical production [5] Group 4: Strategic Initiatives - Sinopec plans to focus on stabilizing oil production, expanding gas, promoting hydrogen, increasing electricity, and enhancing non-oil business efficiency [6]