Zheng Quan Shi Bao Wang·2025-12-05 12:40Core Viewpoint - Despite the continuous decline in international oil prices since 2020, the company has maintained growth in its performance, showcasing its resilience and potential for sustainable development [2][6]. Group 1: Company Performance - In the first three quarters, the company achieved a net profit of 1262.9 billion yuan, with a third-quarter net profit of 422.9 billion yuan, reflecting a quarter-on-quarter growth of 13.7% [6]. - The operating profits from various segments were as follows: oil and gas and new energy (125.1 billion yuan), refining and new materials (16.2 billion yuan), sales (11.6 billion yuan), and natural gas sales (31.3 billion yuan) [6]. - The natural gas sales segment saw a significant profit increase, with a year-on-year growth of 23.8% and a third-quarter profit of 12.65 billion yuan, marking a year-on-year increase of 49.5% and a quarter-on-quarter increase of 147.2% [7]. Group 2: Natural Gas Sector - The company has optimized its resource pool and customer structure, directly contributing to the profitability of its natural gas sales segment [8]. - The Southwest Oil and Gas Field has maintained an average annual increase of over 300 billion cubic meters in reserves and over 3 billion cubic meters in production over the past decade, with a production target of over 44 billion cubic meters in 2024 [5][6]. - The company has made significant breakthroughs in oil and gas exploration, with 470 new wells expected to be put into production this year, a nearly 40% increase from the previous year [8]. Group 3: Market Outlook - Analysts predict that natural gas will play a crucial role in China's new urbanization and power system construction, with national demand expected to exceed 560 billion cubic meters by 2030 [9]. - The ongoing market reforms in the natural gas sector are anticipated to further enhance the company's profitability in this area [9].