Crude oil demand recovery "three barrels of oil" in the first half of the total daily profit of 1.12 billion yuan

On August 28, CNOOC released its semi-annual report for 2024, showing that the company achieved 185.11 billion yuan of oil and gas sales revenue during the reporting period (the same below), an increase of 22% year-on-year; The net profit returned to the mother was 79.731 billion yuan, an increase of 25% year-on-year, and the best level in the history of the same period.

At this point, the "three barrels of oil" (petrochina, Sinopec, and CNOOC) have all handed over the semi-annual report card for 2024.

In the first half of this year, petrochina achieved operating revenue of 1.55 trillion yuan, up 5% year-on-year, and net profit of 88.607 billion yuan, up 3.9% year-on-year, according to China's accounting standards for business enterprises. Sinopec achieved operating revenue of 1.58 trillion yuan, down 1.1% year-on-year, and net profit of 35.703 billion yuan, up 1.7% year-on-year. According to this calculation, the "three barrels of oil" achieved a total net profit of 204 billion yuan in the first half of the year, equivalent to 1.12 billion yuan per day.

We continued to increase reserves and production

In the first half of this year, the world economic growth led to the recovery of crude oil demand, and the continuation of the oil-producing alliance strategy led to tight supply, and international oil prices rose year-on-year. The average spot price for Brent crude was $84.06 per barrel, up 5.5% from a year earlier, according to publicly available data. The average spot price of West Texas Intermediate crude was $78.95 a barrel, up 5.6% from a year earlier.

Thanks to the growth of production in the first half of the year and the rise in oil prices, the performance of CNOOC in the first half of the year increased significantly. The company said that during the reporting period, the company's action to improve quality and efficiency was effective, and its net profit rose significantly year-on-year. In addition, the company's comprehensive cost control system is working well, and the main cost per barrel of oil is $27.75 / boe, which continues to maintain a competitive advantage.

Under the background of rising international oil prices and ensuring energy security, the "three barrels of oil" continue to promote the work of increasing storage and production, and efficiency and efficiency have become the key words of its exploration and development.

Petrochina said that in the first half of 2024, the company's domestic oil and gas business focused on the balance of storage and production, vigorously implemented efficient exploration, and overseas oil and gas business highlighted efficient exploration and large-scale storage. Achieved crude oil production of 474.8 million barrels, an increase of 0.1%; Marketable natural gas production of 2,584.2 BCF, an increase of 2.7%; Oil and gas equivalent production of 905.5 million barrels, an increase of 1.3%. The proportion of natural gas production in oil and gas equivalent production has further increased, and the strategy of stabilizing oil and increasing gas has been solid and effective.

Sinopec said that in the first half of 2024, the company strengthened high-quality exploration and cost-effective development, and made new progress in increasing storage, increasing production, reducing costs and increasing efficiency, and the domestic oil and gas equivalent production reached a record high in the same period. Achieved oil and gas equivalent production of 257.66 million barrels, an increase of 3.1%, of which domestic crude oil production of 126.49 million barrels, an increase of 1.5%; Natural gas production was 700.57 billion cubic feet, up 6% from a year earlier.

Cnooc said that in the first half of 2024, the company continued to increase storage and production, and the resource base continued to consolidate. The construction of major projects was accelerated, and oil and gas production reached a new high. Steadily promote stable production and increase in production fields, implement fine management, and maintain the best production rate. Net production reached 362.6 million barrels of oil equivalent, up 9.3% from the previous year, and oil and gas production at home and abroad exceeded the company's historical record.

Dongxing Securities released a research report that, as a representative of global demand, the inflationary pressure in the United States has eased, which also means that the valuation pressure of commodities such as crude oil has eased; With the continuous repair of the domestic economy, the demand for oil and gas extraction and refining and trading is also gradually increasing. In the future, oil prices may remain medium and high, driving earnings to improve.

We will deepen green transformation

In terms of energy transformation, the "three barrels of oil" have been laid out. Sinopec said that it is actively cultivating new energy businesses such as hydrogen energy, wind energy and solar energy, and accelerating the construction of a multi-energy complementary pattern of "oil and gas + new energy". The company also gave full play to the advantages of the existing terminal network to promote the development of charging and refueling network, and the charging volume and vehicle LNG operating volume increased significantly year-on-year; Promote the steady development of hydrogen energy transportation, and actively transform into a comprehensive energy service provider of "oil, gas, hydrogen electric service".

Petrochina has set up the "Oil and Gas and new energy" business division to elevate the development of new energy to a strategic level. The company said that in the first half of 2024, the company actively promoted the layout of new energy bases and the competition of new energy indicators, and accelerated the implementation of key projects. Wind power generation in the first half of 2024 was 2.17 billion KWH, an increase of 154.5% over 850 million KWH in the same period last year. At the same time, we further promoted the development of carbon capture, utilization and storage (CCUS) business in the whole industrial chain, injecting 837,000 tons of carbon dioxide.

Cnooc has actively promoted the integration of oil and gas exploration and development with new energy. The company said that during the reporting period, the company continued to develop its new energy business in a steady and orderly manner. "Offshore Guanlan" stabilized in the first year of production anniversary, the first half of the cumulative power generation of 14.4 million degrees, a cumulative power generation of 28.58 million degrees, equivalent to 16,600 tons of carbon dioxide emissions. Continue to strengthen the use of energy substitution, through self-production and green electricity trading two ways to expand the scale of green electricity use, the first half of the green electricity consumption of more than 400 million KWH, reducing carbon emissions of nearly 300,000 tons.