Three major domestic oil companies release semi-annual reports, focusing on new energy

The performance of the three major oil companies has hit record highs as oil prices continue to remain high

The continued high international oil prices have caused the performance of the three major oil companies to Revenue performance hit the best level in history for the same period. Among them, PetroChina achieved operating income of 1,614.6 billion yuan in the first half of the year; operating income in the first half of the year was 1,612.1 billion yuan, and net profit attributable to shareholders of the parent company was 43.5 billion yuan. Profit also achieved the best level in the same period in history; CNOOC achieved operating income in the first half of the year 202.4 billion yuan, a year-on-year increase of 83.57%; net profit attributable to shareholders of the parent company reached 71.9 billion yuan, a year-on-year increase of 115.7%, and operating performance reached the best level in the same period in history; Sinopec achieved revenue of 1.61 trillion yuan in the first half of the year, a year-on-year increase of 27.9 %; achieving net profit of 43.53 billion yuan, a year-on-year increase of 10.4%.

Intensify oil and gas exploration and production

On July 24, the National Energy Administration held a meeting to vigorously enhance oil and gas exploration in 2022. The development work promotion meeting called for vigorously promoting the implementation of oil and gas related plans, increasing upstream investment with greater efforts to help ensure economic operation and people's livelihood needs; vigorously promoting new breakthroughs in offshore oil and gas exploration.

　Actively shift to the new energy track

Against the backdrop of carbon peaking and carbon neutrality continuing to advance, domestic The three major oil companies are also actively turning to the new energy track.

Based on the three-step energy transformation strategy of "clean substitution, strategic succession, and green transformation", PetroChina actively explored the clean electricity and geothermal markets in the first half of the year, and made significant progress in wind and solar power generation and geothermal heating. Big improvement.

Sinopec attaches great importance to the development of photovoltaic and hydrogen energy and actively promotes the “Thousand Stations Photovoltaic Promotion Plan”. In the first half of this year, Sinopec built 300 new gas station photovoltaic power stations with an installed capacity of 10 megawatts. In terms of charging and swapping business, Sinopec built 200 charging stations in the first half of this year, including 10 battery swapping stations, and strives to build 5,000 charging and swapping stations during the "14th Five-Year Plan" period. As of the first half of this year, Sinopec has built a total of 9 hydrogen purification units, with a blue hydrogen production capacity of 14,000 tons per year, and a total of 83 hydrogenation stations.13 are under construction.

CNOOC has once again entered the new energy track after many years. In 2021, CNOOC proposed to explore "wind and solar power generation + oil and gas industry" by accelerating the construction of million-kilowatt offshore wind farms. , "wind and solar power generation + natural gas power generation", "offshore wind power + ocean ranching" and other new integrated development models. In addition, differentiated hydrogen energy comprehensive technologies such as offshore wind power hydrogen production and storage and transportation integration.

　Capital expenditures have increased and investment intensity has been significantly strengthened

In the context of tight downstream demand, companies often Take measures to increase investment to respond to downstream demand. Data show that the capital expenditure growth rates of PetroChina, Sinopec and CNOOC reached 24.9%, 11.4% and 15.4% respectively. Among them, Sinopec’s capital expenditure in the first half of the year was 64.65 billion yuan, PetroChina’s capital expenditure in the first half of the year reached 92.31 billion yuan, and CNOOC completed capital expenditure of 41.57 billion yuan in the first half.

Summary: In the first half of 2022, the three companies achieved a total net profit of approximately 197.8 billion yuan, an average of approximately 1.093 billion yuan per day. Carbon peaking and carbon neutrality goals will be important factors affecting the energy structure and oil and gas business development of the three major oil companies in the coming period. Facing increasingly severe environmental challenges and meeting the growing demand for clean and low-carbon energy, the three major oil companies must make overall plans for the relationship between traditional energy and new energy and promote the coordinated development of traditional oil and gas business and new energy business.