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On January 6, Beijing held the "Energy Economy Forecast and Outlook Report Release Conference", at which the "2016 Petroleum Industry Outlook Forecast and Enlightenment" report released mentioned that the oil production sector of PetroChina and Sinopec is likely to lose money in 2016; Under the situation of high overall prosperity of the refining and chemical industry, Sinopec may be able to achieve a greater degree of profit in its advantageous areas of refining and chemical sector, which improves the overall performance level; PetroChina's performance level is under pressure due to the large proportion of oil production business
.
Therefore, the divergence between the performance of the two barrels of oil is likely to continue to increase
.
PetroChina's upstream business (oil exploration and production), which accounted for a large proportion, was directly affected by the sharp drop in oil prices, and the gross profit margin of this sector fell from 33.
5% in 2012 to 20.
5%
in the first half of 2015.
Similarly, Sinopec's upstream business has also been severely affected, with profits shrinking, and gross profit margin falling from 39.
7% in 2012 to 17.
6% in the first half of 2015, a large decline, but because Sinopec's business is mainly concentrated in the middle and downstream industries, the decline in profits in the oil exploration and production sector has less
impact on Sinopec's overall performance than PetroChina.
In addition, lower oil prices are good for the midstream and downstream refining and chemical sector, which both companies have turned a profit, but limited by the overcapacity of the entire refining and chemical industry and the slowdown in demand growth, profit growth cannot rise
significantly.
In 2015, oil producers suffered the impact of the fall in oil prices, and profits fell
sharply.
If oil prices remain depressed, the performance of oil producers such as PetroChina is likely to continue to deteriorate
.
On January 6, Beijing held the "Energy Economy Forecast and Outlook Report Release Conference", at which the "2016 Petroleum Industry Outlook Forecast and Enlightenment" report released mentioned that the oil production sector of PetroChina and Sinopec is likely to lose money in 2016; Under the situation of high overall prosperity of the refining and chemical industry, Sinopec may be able to achieve a greater degree of profit in its advantageous areas of refining and chemical sector, which improves the overall performance level; PetroChina's performance level is under pressure due to the large proportion of oil production business
.
Therefore, the divergence between the performance of the two barrels of oil is likely to continue to increase
.
PetroChina's upstream business (oil exploration and production), which accounted for a large proportion, was directly affected by the sharp drop in oil prices, and the gross profit margin of this sector fell from 33.
5% in 2012 to 20.
5%
in the first half of 2015.
Similarly, Sinopec's upstream business has also been severely affected, with profits shrinking, and gross profit margin falling from 39.
7% in 2012 to 17.
6% in the first half of 2015, a large decline, but because Sinopec's business is mainly concentrated in the middle and downstream industries, the decline in profits in the oil exploration and production sector has less
impact on Sinopec's overall performance than PetroChina.
In addition, lower oil prices are good for the midstream and downstream refining and chemical sector, which both companies have turned a profit, but limited by the overcapacity of the entire refining and chemical industry and the slowdown in demand growth, profit growth cannot rise
significantly.
In 2015, oil producers suffered the impact of the fall in oil prices, and profits fell
sharply.
If oil prices remain depressed, the performance of oil producers such as PetroChina is likely to continue to deteriorate
.
