Sinopec & PetroChina Faced Over 50 Billion RMB Loss in H1, 2020
Recently, Sinopec and PetroChina released their half-year reports successively. According to the reports, both Sinopec and PetroChina suffered severe profit loss in H1, 2020, and their total loss exceeded over 50 billion RMB.
Sinopec:
According to Sinopec’s half-year report, in H1, 2020, Sinopec’s total revenue was 1,034.246 billion RMB, down 31% Y-O-Y, and it suffered the profit loss at RMB 22.882 billion RMB. In H1, 2019, Sinopec enjoyed the profit gain at 31.338 billion RMB.
Therein, in terms of exploration and exploitation sector, in H1, 2020, Sinopec’s total crude oil output was 140.27 million barrels, down 1.0% Y-O-Y.
In terms of oil refining sector, in H1, 2020, Sinopec’s total crude oil processing volume reached 111 million mt, down 10.5% Y-O-Y, and Sinopec’s diesel, gasoline and kerosene output was 30.47 million mt, 26.82 million mt and 9.9 million mt respectively.
In terms of sales and distribution sector, in H1, 2020, Sinopec’s total refined oil sales and distribution volume was 107.03 million mt.
As for chemical sector, in H1, 2020, Sinopec’s total ethylene output was 5.78 million mt.
PetroChina:
According to PetroChina’s half-year report, in H1, 2020, PetroChina suffered the profit loss at 29.983 billion RMB.
Therein, in terms of exploration and exploitation sector, in H1, 2020, PetroChina’s crude oil output was 475 million barrels, up 5.2% Y-O-Y.
In terms of oil refining and chemical sector, in H1, 2020, PetroChina’s crude oil processing volume was 568.2 million barrels, down 4.9% Y-O-Y. The output of refined oil was 52.085 million mt, down 8.2% Y-O-Y, and the output of chemical products was 13.847 million mt, up 9.5% Y-O-Y.
As for sales sector, in H1, 2020, PetroChina’s gasoline sales volume was 31.569 million mt, down 13.5% Y-O-Y. The diesel sales volume was 38.437 million mt, down 11.2% Y-O-Y. The kerosene sales volume was 6.563 million mt, down 35.2% Y-O-Y. The heavy oil sales volume was 10.196 million mt, up 7.7% Y-O-Y. The PE sales volume was 2.636 million mt, up 6.1% Y-O-Y.
