Due to the average oil price decline, it is expected that the third quarter profits of the three major oil companies in the mainland will see a significant quarterly decrease. Among them, the integrated upstream and downstream enterprises will experience an even greater decline in profits.
According to the latest financial news from the Wise Finance APP, CCB International released research reports reiterating a "shareholding" rating for PetroChina, with CNOOC still being the preferred choice in the industry. Due to the drop in average oil prices, it is expected that the third-quarter profits of the three major oil companies on the mainland will decrease significantly on a quarterly basis. Among them, the decline in profits of integrated upstream and downstream enterprises is even greater. Given the good production growth, CNOOC (00883) is the only company to achieve a year-on-year increase.
