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PetroChina Achieved Net Profit Of 27.7 Billion Yuan In The First Quarter!

PetroChina Achieved Net Profit Of 27.7 Billion Yuan In The First Quarter!

On April 29, China national petroleum co., LTD. (hereinafter referred to as the "company"), announced the first quarter of 2021, the company seize the macro economic recovery and rebound in demand, etc. The opportunity is favorable for oil and gas market, optimizing the production run, vigorously strengthen market development and continuous deepening quality efficiency and operating performance to achieve good start and the best level in nearly seven years in the same period.

Production and sales of major products increased.

The company produced 373 million barrels of domestic oil and gas equivalent, an increase of 4.3% over the same period last year.

Domestic marketable natural gas production was 1.12 Tcf, up 9.6% year on year.

The commodity volume of chemical products reached 7.381 million tons, up 10.8% year on year.

The sales volume of domestic refined oil products was 24.195 million tons, up 20.9 percent year on year.

Domestic sales of natural gas were 54.655 billion cubic meters, up 14.6 percent year on year.

Key cost indicators continued to decline.

Operating costs per unit of oil and gas, excluding the impact of currency changes, decreased by 8.0%.

Refining unit cash processing costs fell 8.2 per cent year on year.

Operating efficiency increased significantly compared with the same period last year.

According to IFRS, in the first quarter of 2021, the company achieved an operating revenue of 551.923 billion yuan (RMB, the same below), an increase of 8.4% year on year;

Net profit attributable to shareholders of the parent company was 27.721 billion yuan, the best level in the same period in nearly seven years.

Short comment:

China's oil industry income increase means that the oil market demand increases, more need to import oil and imported oil barrels, is a good opportunity for foreign enterprises to seize the Chinese market.

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