① The decline in profit is relatively consistent with the decline in oil sales revenue; ② Production growth was higher than in the same period last year while also reaching a record high; ③ “The conflict between Palestine and Israel should not have a direct impact on the supply of crude oil.”
Finance Federation, October 25 (Reporter Xing Qixin)Affected by the decline in international oil prices, CNOOC (600938.SH), the largest domestic offshore crude oil and natural gas supplier, experienced an increase in profit and profit in the third quarter.
On October 24, CNOOC disclosed its third quarterly report. In July-September, it achieved revenue of 114.753 billion yuan, up 5.48% year on year; net profit returned to 33.884 billion yuan, down 8.13% year on year; net profit after deducting non-return net profit of 33.382 billion yuan, decreased 8.23% year on year.
CNOOC's petroleum liquid production in the third quarter was 8.66 billion tons, up 360 million tons from the same period last year. Production growth was higher than in the same period last year while reaching another record high. Sales revenue was 75.519 billion yuan, down 4.0% year on year.
Why is production increasing but revenue falling? Judging from the three-quarter report, the company achieved an average oil price of 76.84 US dollars/barrel in the first three quarters, a year-on-year decrease of 24.2%, which is basically in line with international oil price trends.
In addition, the sales price of natural gas also declined in line with the market price. The average realized gas price in the first three quarters was 7.92 US dollars/thousand cubic feet, down 2.7% from the previous year.
Affected by falling oil prices, CNOOC's main cost of barrel oil also fell 6.3% year on year. Among them, operating expenses fell 7.0% year on year, and taxes other than income tax fell 15.1% year on year.
Referring to the impact of the recent conflict between Palestine and Israel on oil prices, CNOOC insiders said at a media conference held last night that Palestine and Israel are not major oil producers and should not have a direct impact on the supply of crude oil.
In order to continue to increase the growth in reserves and production, CNOOC's capital expenditure in the first three quarters was approximately RMB 89.46 billion, an increase of 30.2% over the previous year. The main reason was the year-on-year increase in construction project workload.
The total capital expenditure budget for 2023 was also adjusted from 100 billion yuan to 110 billion yuan to 120 billion yuan to 130 billion yuan.
Regarding the analysis of future oil price trends, the insiders mentioned above said that currently the major agencies expect international oil prices to remain above 80 US dollars until the end of the year, and the forecast for the whole year is around 82 to 86 US dollars, which is a relatively high oil price state. It is difficult to predict even in the long term. Extraordinarily high oil prices will have a significant impact on the current fragile global economy, and extremely high oil prices cannot be maintained for a long time.