The first is pneumonia. People use less oil, which leads to longer oil storage cycle, higher cost and lower sales.
The second is accounting standards, which is the main factor. For example, PetroChina has saved 200 million barrels of oil, and the principle is 45 barrels. Now it is 1 1 barrel. When accounting for assets, this is a loss, and assets have depreciated. So the loss is normal.
In the first quarter, the total loss of "two barrels of oil" exceeded 35 billion yuan. Why is there a huge loss when the policy is "protected" and the domestic refined oil price has not been adjusted for three consecutive times?
There are many reasons for the loss, as follows.
First, the crude oil processed by oil companies in the first quarter is the high-priced crude oil imported before the oil price plummeted. In order to ensure stable production, oil companies must consume crude oil stocks processed in a certain period in advance. The period from purchasing crude oil to processing into products for sale is about 2-3 months.
At the beginning of March, the negotiation of production reduction agreement between Saudi Arabia and Russia failed, and the international oil price plummeted. At the close of March 7th, WTI crude oil price fell to 4 1.28 USD/barrel, Brent crude oil price fell to 45.27 USD/barrel, and then remained at 40 USD/barrel for a period of time.
March 17 is the window of domestic refined oil price adjustment. According to the existing refined oil pricing mechanism, the refined oil price is adjusted according to the change of crude oil price in the international market in recent 10 working days.
In other words, the price of refined oil sold by oil companies at this time is linked to the international oil price of 40 dollars/barrel. To this end, the oil company lost about $30/barrel.
Secondly, affected by the COVID-19 epidemic, the sales of refined oil and chemical products dropped sharply, which not only affected the operating income, but also extended the inventory cycle of high-priced oil, further affecting the operating performance of oil companies.
China petroleum (60 1857) in the first quarter. SH/0857。 HK) loss16.23 million yuan, China Petrochemical (600028.SH/0386HK) loss191450,000 yuan. The refining and sales departments of these two companies are currently suffering huge losses.
Among them, the operating loss of China Petrochemical Refining Plate was 25.794 billion yuan; The operating loss of the marketing and distribution segment was 654.38+53.6 million yuan; The chemical sector lost 654.38+56.8 million yuan.
China's refining and chemical sector suffered a loss of 8.702 billion yuan, a year-on-year decrease of11772 million yuan.
The "two barrels of oil" business segment is slightly different, and the impact of oil prices is not the same.
China oil is mainly explored and developed in the upstream. Due to the high cost of domestic oil and gas production, when the price of crude oil is at a low level, its upstream performance will be greatly impacted and the middle and lower reaches will be profitable. High oil prices benefit the upstream.
As the largest oil refiner in the world, China Petrochemical mainly sells refined oil and refined oil, and 90% of its crude oil is imported. When the oil price is low, its raw material cost will be reduced and the middle and lower reaches will benefit from it; When the oil price is high, the performance is greatly damaged.
In addition to the above reasons, there are two extreme situations that will cause policy losses to oil central enterprises.
Recently, the international crude oil price hovered around $20/barrel, and even "negative oil price" once appeared, but the domestic refined oil price has not been lowered for three consecutive times.
The basis for not adjusting the price comes from the Notice on Further Improving the Formation Mechanism of Refined Oil Price issued by the National Development and Reform Commission in June, 20 16: When the international crude oil price is lower than the lower limit of regulation, the refined oil price will not be adjusted, and the amount will be turned over to the state treasury in the form of risk reserve.
When the international oil price is higher than the "ceiling price" of 130 USD/barrel, the highest retail price of gasoline and diesel oil is not mentioned or raised less, which also leads to the policy loss of "two barrels of oil".
In July 2008, the international crude oil price hit a record high of 147 USD/barrel. The average annual prices of WTI crude oil and London crude oil were 100.06 USD/barrel and 97.26 USD/barrel, respectively, up by 38.66% and 34.37% year-on-year.
At that time, in order to stabilize prices, refined oil prices did not rise sharply at the same time, which led to the inversion of domestic refined oil prices and crude oil prices, and oil companies suffered policy losses.
Peng Shaozong, deputy director of the Price Department of the National Development and Reform Commission and a first-class inspector, once said that the upper and lower limits of refined oil price adjustment are mainly based on the fact that China is a big oil importer and consumer and a big oil producer. Too high and too low oil prices will bring adverse effects.
In 2008, the international average oil price was around 100 USD, while the domestic refined oil price was around 6.3 yuan/liter. China Municipal Government and three oil central enterprises "subsidized" 654.38+0652 billion yuan for this.
In 2008, the international oil price reached a historical peak, but China's oil profit decreased by 22% year-on-year. The refining business of China Petrochemical Company lost 601500 million yuan, and its profit decreased by 47.34% year-on-year.
Therefore, the profit and loss of oil central enterprises are not completely synchronized with the rise and fall of international oil prices. Only when the international oil price runs between $40/barrel-1$30/barrel can the profits and losses of oil central enterprises be more in line with market performance. When the international oil price is lower than $40/barrel or higher than1$30/barrel, the influence of policy will appear.
Mainly because China's oil companies have also invested in overseas enterprises, and most of the oil invested overseas is also sold in the international market. I suggest you watch this video.
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The performance of oil price and two barrels of oil has been criticized, especially for car owners and stock investors. As a central enterprise, two barrels of oil shoulder many tasks, such as maintaining stability, taxation, strategic reserve and energy security. China set a floor price. When a barrel of crude oil falls to $40, the domestic oil price will not be adjusted, that is to say, it will protect domestic related petrochemical oil service, oil companies and other industrial chain companies. Of course, as a central enterprise, the shortcomings are objective, such as various ones that appeared in previous years.
When the international oil price drops to negative, people don't just give you money now. The negative oil price is a game of capital, and it is a matter for American capital to dig leek roots. Take advantage of the scarcity, full storage, time difference and rules of oil tankers. The cost of two barrels of oil is not sensitive to the change of oil price because oil cannot be stored in large quantities for a long time, so it is in stock. China's oil reserves are around 60 days. Therefore, it takes more than 60 days for crude oil price changes to reflect cost changes. If the oil price stays around $20 until the end of the year, the performance of two barrels of oil will not lose money. Oil, tobacco, banking and electricity are the pillar industries of this country. Their high taxes and more profits are actually the needs of the country and related to national affairs. We should not complain, but support them more!
Recently, someone asked why the international oil price is so low. The latest quarterly report shows that two barrels of oil in China lost 36 billion yuan in the first quarter, burning money at the rate of 400 million yuan almost every day. Actually, the answer is simple. As a super-large state-owned enterprise in our country, two barrels of oil have other businesses besides refining and selling oil, including oil exploitation, oil drilling and oil engineering construction, which can be said to cover the upstream and downstream of the entire oil industry. Many of these businesses are capital-intensive, high-tech and labor-intensive industries, and these industries need relatively reasonable oil prices as support to make profits. We can compare shale oil companies in America. Their current oil production cost is similar to that of two barrels of oil, both of which are 40-50 dollars/barrel. Since the oil price fell below $40, American shale oil companies have suffered heavy losses, and many of them have gone bankrupt.
So why do two barrels of oil lose so much? Lao Yi specially found their respective quarterly reports in the first quarter. In fact, it is clear that interested friends can go to official website or securities software to inquire. In order to make it easier for everyone to understand, Lao Yi spent three minutes simply sorting out where the two barrels of oil were missing-
Let's talk about the first quarterly report of PetroChina. The quarterly report shows that according to international financial reporting standards, the accumulated loss of China Petroleum is 654.38+03.349 billion yuan, and the net loss attributable to the parent company is 654.38+06.230 billion yuan. The loss mainly consists of the following parts:
1, in the first quarter, due to the serious epidemic situation, part of the production capacity was changed to produce epidemic prevention materials such as flannel, resulting in an operating loss of 8.702 billion yuan in the refining and chemical sector, including a loss of 6.292 billion yuan in the refining and chemical business and a loss of 2.465438 billion yuan in the chemical industry.
2. Affected by the decline in cost price and market demand, the sales loss of refined oil products was 654.38+06.593 billion yuan.
3. The sales loss of imported natural gas and liquefied natural gas was 3.933 billion yuan.
As can be seen from the above data, the main losses are concentrated in the decrease of oil and gas revenue and the decrease of refined oil sales, and the losses of these two blocks alone exceed 30 billion yuan. (Of course, there are also profitable business segments. In order to make it easier for everyone to understand, they are all listed. )
Let's see where Sinopec's losses are-