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Affected by the inversion of domestic refined oil prices and crude oil prices, China Petroleum’s first-half operating loss in the refining and sales segment was 59.02 billion yuan.
CNOOC profitable
In the first half of 2008, CNOOC's oil and gas sales revenue surged 63.9% to 54.46 billion yuan. Oil and gas production continued to rise steadily, reaching 92.4 million barrels of oil equivalent, an increase of 8.3% year-on-year. Among them, net crude oil production was 72.9 million barrels, and natural gas net production was 112.5 billion cubic feet, with increases of 7.1% and 12.8%, respectively.
During the period, due to the continuous high international oil prices, CNOOC's average oil price also achieved considerable gains, reaching US$102.49 per barrel, a year-on-year increase of 74.3%. In the first half of the year, the average realized gas price was US$3.66 per 1,000 cubic feet, which was a year-on-year increase of 14%.
In the first half of 2008, CNOOC’s production operations performed well and exploration, development, production, and engineering operations achieved significant progress. In terms of exploration, CNOOC obtained 6 new discoveries of oil and gas in the first half of the year, including 5, namely Kenli 3-2, Kenli 10-1, Qinhuangdao 35-2, Weizhou 6-3 and Wenchang 19-1 Beibei by CNOOC. Independently discovered, one found for cooperation, namely Lufeng 7-2. In addition, CNOOC Limited also successfully evaluated three hydrocarbon-bearing structures. During the period, there were 3 new projects, namely, 11-4 North Weizhou, 23-1 West River and Wenchang Oilfield Group successfully put into operation. Other major projects are on schedule and on schedule.
The effective cost control is one of the important achievements made by CNOOC in the first half of the year. Against the backdrop of global inflation and rising industry-wide costs, the main cost of CNOOC barrel oil was only slightly higher than that of the same period of last year, excluding the exchange rate and product tax factors.
China's oil net profit declined
In the first half of the year, CNPC achieved a net profit of 53.62 billion yuan, a year-on-year decrease of 34.5%, and realized a basic profit of 0.29 yuan per share, a year-on-year decrease of approximately 0.17 yuan. In the first half of the year, China Petroleum received a government grant of 4.573 billion yuan.
Zhou Jiping, vice chairman and president of China National Petroleum Corporation, said that paying special oil proceeds increased, the price of refined oil was not in place, and the increase in raw material prices was a major factor in the sharp decline in the company’s profits. However, Zhou Jiping said at the same time that in the first half of the year, China National Petroleum Corporation continued to maintain a good momentum of steady, normal and sustained development of its production and operation.
Since the beginning of this year, the international crude oil price has been operating at a high level, resulting in a substantial increase in the payment of special oil proceeds. In the first half of the year, the special oil proceeds paid by China Petroleum for domestic production of crude oil was RMB 47.816 billion, compared with RMB 14.942 billion for the same period last year.
According to the China Petroleum Quarterly Report, China Petroleum produced 435 million barrels of crude oil in the first half of the year, a year-on-year increase of 3.5%; and produced 923 billion cubic feet of saleable natural gas, a year-on-year increase of 15.7%. The exploration and production segment continued to be the profit pillar of China National Petroleum Corporation. Its operating profit was 130.23 billion yuan, up 35% from the same period of last year.
In the first half of the year, PetroChina processed a total of 425 million barrels of crude oil, a year-on-year increase of 4.3%. Benefited from price and sales growth, the natural gas and pipeline segment realized operating profit of 8.4 billion yuan, a year-on-year increase of 37%, which became a new profit growth point for CNPC.
PetroChina stated that it will continue to give top priority to resource exploration and development in the second half of the year. In the first half of the year, capital expenditures of the China Petroleum Exploration and Production segment were 47.055 billion yuan. The company expects the annual exploration and production segment capital expenditures will reach 132.3 billion yuan. This means that China Petroleum will continue to increase investment in this sector in the second half of the year.
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The two oil giants performed differently in the first half of the year
China National Offshore Oil Corporation and China National Petroleum Corporation also released their first-half performance reports on August 27. Benefiting from the continued good control of oil and gas production situation and cost, in the first half of 2008, CNOOC’s net profit increased significantly by 89.3% to 27.54 billion yuan. Fu Chengyu, Chairman and Chief Executive Officer of CNOOC Limited, said: “In the first half of 2008, with the help of sophisticated management, the company was able to effectively control costs while safeguarding strong growth, and thus enjoyed more profitable profit. 2008 was CNOOC. In the second half of the year, we will continue to work hard to achieve better production performance.â€