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According to PetroChina, its operating revenue
was CNY 525.65 billion, up 17.86% YoY and net profit was CNY 39.15 billion, up
5.8% YoY in Q1. The growth is mainly due to exploration and production, which
generated operating profits of CNY 60.38 billion, up 31.6% YoY.
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Meanwhile, Sinopec’s first-quarter operating
revenue was CNY 398.31 billion, up 11.35% YoY, while net profit was only CNY
13.41 billion, down 35.04% YoY. Exploration and mining generated operating
income of CNY 19.55 billion, up 48.75% YoY, while refining losses amounted to
CNY 9.17 billion.
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The difference in the two companies Q1
performance is mainly due to their different reliance on crude oil imports. Sinopec
imports 80% of its crude oil, compared to 30% for PetroChina, the former being
more vulnerable to international oil price fluctuations.
Margin ratios for PetroChina have rebounded, while those of CPCC remain weak.
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