Tong Petrotech(300164)2023-11-21 10:52Group 1: Company Overview - Tongyuan Petroleum's main business focuses on perforation services in oil and gas development, establishing channels for oil and gas to enter wells [2] - The company's market presence is primarily in North America and domestic regions, with significant operations in the Rocky Mountains and Permian Basin [2] - Key clients include over 100 international oil and gas companies in North America and major domestic players such as the "Three Barrels of Oil" and Yanchang Petroleum [2] Group 2: Financial Performance - The company's revenue for the first three quarters of 2023 saw significant growth, primarily driven by increased workload in North America [3] - North American business accounts for approximately 70% of the company's overall revenue [3] - The rapid recovery of the U.S. oil and gas industry since 2023 has contributed to this growth [3] Group 3: Future Expectations - If oil prices remain high, the oil service industry is expected to see a steady recovery, leading to increased capital expenditure from North American shale oil producers [3] - Domestic oil and gas development will focus on key areas such as the Ordos Basin, Junggar Basin, Tarim Basin, and Sichuan Basin, which are aligned with China's energy security strategy [3] Group 4: Project Developments - The company is actively involved in natural gas recovery projects in the Sichuan Basin, utilizing mobile equipment to process and transport recovered gas [3] - Currently, two wells are operational, with ongoing negotiations for new project implementations [3] - The company's CCUS (Carbon Capture, Utilization, and Storage) business is expanding, focusing on CO2 applications and collaborations with Xinjiang oil fields [3]