第一财经·2025-10-31 13:38Core Viewpoint - The article discusses the significant impact of declining international oil prices on the performance of China's major oil companies, referred to as the "Three Barrels of Oil" (China Petroleum, Sinopec, and CNOOC), highlighting their financial results and strategic responses to the changing market conditions [3][4]. Financial Performance - In the first three quarters, China Petroleum, Sinopec, and CNOOC reported net profits of 29.984 billion yuan, 126.279 billion yuan, and 101.971 billion yuan, respectively, representing year-on-year declines of 32.2%, 4.9%, and 12.6% [3]. - The combined net profit of these companies decreased by over 35 billion yuan compared to the previous year, equating to a daily loss of approximately 380 million yuan [3]. - The average price of crude oil for China Petroleum fell by 14.7% to $65.55 per barrel, while CNOOC's average price dropped by 13.6% to $68.92 per barrel, leading to revenue declines in their oil and gas segments [3][4]. Operational Efficiency - Despite the decline in profits, China Petroleum and CNOOC managed to limit their profit drops compared to the oil price decline due to effective cost management and operational efficiency [4]. - 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 [4]. - CNOOC's net production rose by 6.7% to 578.3 million barrels of oil equivalent, with costs per barrel down by 2.8% to $27.35 [4]. Natural Gas Segment - The natural gas segment showed positive growth, with CNOOC's natural gas production increasing by nearly 12%, significantly outpacing overall production growth [5]. - The average price of natural gas rose by 1% to $7.86 per thousand cubic feet, contributing to a 15.2% increase in natural gas sales revenue [5]. Downstream Business Challenges - The downstream oil product sales and refining sectors faced challenges due to declining market demand and falling prices for key petroleum and petrochemical products [5]. - China Petroleum's chemical business saw operating profits drop by 50%, while Sinopec's chemical segment reported a pre-tax loss of 8.223 billion yuan, widening by nearly 68% year-on-year [5]. Strategic Shifts - In response to the pressures from the renewable energy sector, the "Three Barrels of Oil" are accelerating their diversification into non-oil businesses [6]. - China Petroleum plans to develop a comprehensive energy service model focusing on oil, gas, hydrogen, electricity, and services, while Sinopec is investing in electric vehicle charging infrastructure and clean energy operations [6]. - Both companies are emphasizing the integration of oil and gas exploration with renewable energy development, aiming to enhance their positions in the evolving energy landscape [6].