GUANGHUI ENERGY(SH:600256)2024-05-21 09:08Group 1: Financial Performance - The company's Q1 2024 profit decreased significantly due to falling prices of energy and chemical products, with the Northeast Asia JKM spot price averaging $11.94/MMBtu, down 54.14% year-on-year [1] - National LNG ex-factory price was 4451.78 CNY/ton, a decrease of 25.05% [1] - Qinhuangdao 5000K power coal closing price was 798.87 CNY/ton, down 17.76% [1] - Northwest methanol market average price was 2101.54 CNY/ton, down 6.55% [1] - Xinjiang medium-temperature coal tar mainstream price was 3172.28 CNY/ton, down 17.59% [1] Group 2: Oil Field Development - The company is transitioning the Zaisang oil field from natural gas to primarily crude oil extraction, with drilling development ongoing [2] - As of April 2024, two wells (S-1002) have been completed, and new nitrogen-based techniques are being tested [2] - The company plans to achieve approximately 100,000 tons of crude oil production this year, aiming for a million-ton production scale [2] Group 3: Infrastructure and Investment - The company has invested approximately 5 billion CNY in the Qidong LNG receiving station project, which includes a terminal capable of receiving mainstream international LNG vessels and six storage tanks with a total capacity of 820,000 cubic meters [2] - Future plans include expanding the Qidong LNG receiving station's capacity to 10 million tons per year [2] Group 4: Market Outlook - The coal market is expected to improve with increasing demand for electricity, leading to a rebound in coal prices [3] - The company is adjusting its procurement strategy to optimize profits during seasonal fluctuations in natural gas demand [3] - The company has implemented various transportation methods to ensure coal sales capacity, including direct railway transport and supplementary truck transport [3]