www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

USEUROPEAFRICAASIA 中文雙語Fran?ais
Business
Home / Business / Industries

Oil firms suffer revenue dip

By ZHENG XIN | China Daily | Updated: 2016-11-04 07:30

Oil firms suffer revenue dip

Workers inspect the gas and oil facilities at an oilfield belonging to China Petrochemical Corp in Puyang, Henan province. TONG JIANG / FOR CHINA DAILY

Lower prices and weak demand take toll on global energy producers

China's oil and gas giants saw their revenues slump in the July-September period, according to their financial reports, against the backdrop of a suppressed global oil and gas market and lower domestic natural gas prices.

The third-quarter reports of China's big three oil firms-China National Petroleum Corp, China National Offshore Oil Corp and China Petrochemical Corp-showed that CNPC's revenue fell by 3.8 percent to 411.4 billion yuan ($60.97 billion), CNOOC by 15.2 percent to 30.75 billion yuan, and Sinopec by 3.1 percent to 472 billion yuan.

The drop in revenues for the big three is a direct result of plummeting international oil prices, as well as weak economic growth. So, the glory days of high oil prices have long gone and the downtrend will continue, said analysts.

Wang Lu, an Asia-Pacific oil and gas analyst from Bloomberg Intelligence, said cheap oil and lowered gas prices are the major reasons behind the revenue declines of PetroChina, Sinopec and CNOOC.

Oil firms have shut down high cost wells, reduced infill drilling and renegotiated contracts to cut costs, said Wang.

According to Dong Xiucheng, a professor at the China University of Petroleum in Beijing, while oil companies are struggling when prices are falling, it is an opportunity for them to restructure and reduce costs.

Deteriorating business in oil exploration is not all bad, Sinopec has taken advantage of falling oil prices to lower its production costs for the downstream refining business.

It reported a sixfold third-quarter profit rise as refining gains helped overcome deepening losses from oil and gas production, while CNOOC and CNPC witnessed declining profits during the past three months.

According to Wang, Sinopec's gains in refining, chemicals and marketing more than offset its exploration and production losses. CNOOC is a pure upstream company, so its earnings are most exposed to low oil prices among the three oil majors.

PetroChina's refining, marketing and chemical segments are weaker and smaller than Sinopec's, while its exploration and production unit is bigger than Sinopec's. That's why PetroChina had an earnings decline despite improvements in the downstream sector, she said.

The State-owned companies are not alone among international peers struggling with plummeting oil and gas prices. Exxon Mobil Corp has recently extended its longest streak of profit declines, while France's Total SA also posted a 25 percent drop in third-quarter profit.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 免费99视频有精品视频高清 | 国产不卡在线观看视频 | 91香蕉网| 免费一级特黄特色黄大任片 | 精品色视频 | 日本精品久久久久久久 | 中文字幕一级 | 国内精品久久久久影院免费 | 狠狠色狠狠色狠狠五月ady | 一区二区网站在线观看 | 欧美一级特黄一片免费 | 久久综合婷婷香五月 | 男人躁女人躁的好爽免费视频 | 一级毛片免费视频网站 | 国产日韩欧美综合在线 | 国产一级性生活 | 成人精品视频一区二区在线 | 国产草草影院ccyycom软件 | 成人久久久 | 免费三级毛片 | 国产黄色a三级三级三级 | 99国产在线 | 97免费在线 | 精品国产成人a在线观看 | 韩国一级毛片视频 | 日本黄页网站免费大全 | 在线成人免费 | a级免费网站 | 中文字幕一区二区三区精品 | 男人躁女人躁的好爽免费视频 | 久久亚洲国产最新网站 | 美女视频黄a全部 | 欧美高清视频在线 | 国产三级在线观看免费 | 荡公乱妇蒂芙尼中文字幕 | 美女视频黄a| 91精品国产91久久久久久青草 | 国产亚洲综合久久 | 成年女人免费又黄又爽视频 | 精品一区二区三区18 | 日韩精品亚洲人成在线观看 |