PetroChina Announced 2020 Profit Estimation
PetroChina, China National Petroleum Corporation (CNPC)’s Hong Kong-listed company, issued the advance notice for the estimated profit of the annual results of 2020 on Jan 29, 2021. Impacted by the COVID-19 pandemic, the oil meltdown and the sharply reduced refined oil sales, the net profit attributable to equity holders in 2020 is estimated to decrease by 25-29 billion RMB, down 55%-63% Y-O-Y.
Affected by the COVID-19 epidemic, the oil price precipitously declined. In 2020, the average spot price of North Sea Brent crude oil decreased by approximately 35% year-on-year; the sales volume of refined oil of the Company decreased sharply, and the sales volume of gasoline and diesel decreased by 10% to 20% year-on-year.
In 2020, the Company completed the pipeline assets restructuring transaction with the China Oil & Gas Pipeline Network Corporation (PipeChina), generating a net profit after taxation of approximately RMB32.0 billion.
