"Three barrels of oil" sun rainbow night feat annual report card

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2016, "three barrels of oil" to produce a very different report card。  Earnings data show that in 2016 to achieve contrarian growth, net profit reached 46.7 billion yuan, an increase of 43.6%; while net profit was only 6.3.7 billion yuan, up plunged nearly 97%; performance report, its net profit fell to 7.9 billion yuan, down 77.8%。  "CNOOC's upstream assets right focuses on" three barrels of oil "is the highest, fell by the most direct influence。"Zhuo record information Gao Jian to the" China Business "reporter, CNOOC big overseas investment over the past few years, but the general effect, also dragged down the performance。  However, it is worth noting that although performance differentiation, but the "three barrels of oil" dividends, cash dividends were maintained at high levels。Among them, CNOOC final dividend per share 0.HK $ 23, converted 91 gross.400 million yuan, compared with the interim dividend growth over time; the total cash dividend of up to 2016 Sinopec 30.1 billion yuan, the highest since the listing。  Performance differentiation by the drop in oil prices and the impact of the downturn in the industry, PetroChina 2016 attributable to shareholders of the Company's net profit fell by 77.8%。  In comparison, the performance report Sinopec is much more rosy。March 26 evening, Sinopec freshly baked 2016 performance report, the company's turnover and other operating revenues 1.93 trillion yuan; to achieve operating income of 77.2 billion yuan, an increase of 35.9%; profit of 46.7 billion yuan, an increase of 43.6%。  Compared with the two "big brother", CNOOC's eye-popping performance。  March 23, 2016, CNOOC released annual report shows that last year the company achieved net profit of 6.3.7 billion year on year to drop 96.9%。Information provided by CNOOC, 2016, our average realized oil price was 41.US $ 40 / barrel, down 19.3%; average realized price of natural gas 5.$ 4.6 / mcf, down 14 year.6%。Oil and gas sales fell by 17.2% to 121.3 billion yuan。"We also look at the weather。"Yang Hua, CNOOC's chairman, said in the earnings call, the 'day' is the price of oil。  Reporters noted that in addition to the 2016 oil price factors, impairment and decline in value of CNOOC's overseas oil and gas assets provision in effect become the primary factor in net profit, total 121.7.1 billion yuan, an increase of 343% compared to 2015。  According to CNOOC's earnings call data, its overseas assets accounted for 60%, but contributed only 37% of reserves, 35% of production and 28% of oil and gas sales, has become an important factor in the performance drag。  But CNOOC also said that in the past three years, the company has always unswervingly implement cost reduction and efficiency management philosophy, and to develop a feasible development plan。  The industry believes that, compared to the decline in performance, a greater threat CNOOC itself is lost, state-owned enterprises in recent years, the environment, the combined effect of the industry environment and the environment of a small company, it seems that the gradual loss of the early "internationalization, standardization "gene, the gradual loss of the advantages of conventional, 'capital' sharpen thin。  Results also intensified the decline in long-term accumulation of internal contradictions, resulting in some brain drain。A former employee of CNOOC, said the company over the past decade cultured elite team with international background of leaving the service, finance team continues to lose business development team and the original part of the legal team of key personnel。  However, in response to media reports CNOOC said that although the cold winter, spring will come。CNOOC lost confidence to overcome difficulties and challenges, stronger, doing good, bigger corporate commitment to change。  "Look at the weather," performance behind the differentiation of the "three barrels of oil" is the externalization of the performance of its business layout differences。2016 continued drop in oil prices, the oil industry downturn situation, the hardest hit is "it depends on the weather," the exploration upstream oil exploration, upstream exploration and exploitation of the most dependent CNOOC hardest hit, Sinopec is due to the more comprehensive on the downstream layout, offset by the impact of upstream achieve contrarian growth。  The industry believes that, faced with the challenges brought about by low oil prices, Sinopec fully apparent integration advantages, strong profitability of the downstream business。Where the refining segment profit increased significantly, sales and profits steadily growing chemical sector, effectively resist the impact of low oil prices。Refining business to realize an annual operating profit of 56.3 billion yuan, up sharply increased 168.5%, to achieve the best performance history, become a major growth point of the company's profits, it has become the biggest player in the petrochemical contrarian growth in 2016。  The offshore oil especially deep-sea oil development is limited by the strong impact of the rise of North American shale gas revolution in recent years, the development of onshore oil costs become more affordable, costly offshore oil exploration advantage gone, the future development of CNOOC constitutes a far-reaching influences。Former chairman of a large domestic marine equipment manufacturing enterprises have to assert: "After the shale revolution, all deep water all over。"" 2016 Petroleum Industry Forecast and Inspiration "The report shows that a large proportion of the oil upstream business, subject to the direct impact of oil prices, the sector from 2012 Mao 33.5% decline in the first half of 2015 20.5%。Also Sinopec upstream business has been seriously challenged, gross 39 from 2012.17 fell to 7% in the first half of 2015.6%, but due to the petrochemical business is focused on downstream industries, therefore, smaller compared to petroleum, petroleum exploration and production segment profit decline in the overall performance impact on Sinopec。  China Energy Economic Research Institute of Economics Academy of Social Sciences, director of industry Zhu Tong pointed out that compared with the international oil companies, the shortcomings of China's three major oil central enterprises and the difficulties that the witch hunt system so that it can not make a purely commercial decision-making。Domestic central enterprises overseas acquisition reflects "responsible for the superior" culture, embodied in the international oil companies when the merger is "responsible to the shareholders," the culture。  However, the reporter noted that although the industry downturn, "three barrels of oil" results are subject to greater impact, but its net profit in 2016 is still up to 550 billion spending and high oil prices continued low oil prices experienced since 2014 after the downturn, oil prices began to show signs of recovery since the end of 2016, but after a few years of austerity after a reduction in spending, "three barrels of oil" is prepared to have a free hand "to spend" a。  Publicly available data show that in mid-2017, "three barrels of oil" capital expenditure soared again。Sinopec, for example with its 2017 capital spending plans for 110.2 billion yuan, compared with 2016 rose about 44%, recovered to the level of capital expenditures in 2010。  Currently, CNOOC has made it clear in mid-2017 will increase capital spending。Yuan Guangyu, president of CNOOC stock company expects capital expenditure this year will increase to 65 billion?70 billion yuan, of which exploration spending will increase。  According to CNOOC expects that there will be five new projects, which adjust the Penglai 19-9 overall and 23-1 oil fields have been put into Enping。During the year, the company has more than 20 new projects under construction。  However, when it comes to development of the company in 2017 earnings call, Yuan Guangyu, admits: "Although this year's oil price situation, at least the first two months, much better, but it can not be blindly optimistic than last year, because of the global production capacity or a slight excess。"Sinopec in its 2016 performance report also pointed out that in 2016, Sinopec annual capital expenditure was RMB 764.5.6 billion yuan。The company plans 2017 capital expenditure 110.2 billion yuan, up 2016 rose about 44%。Exploration and development and other sectors are more substantial upgrade, Sinopec to display mid-2017 situation in the industry, investment prospects。  But after the recent international oil price trend is worrying, North Sea Brent crude oil prices briefly above $ 57 / barrel high in January of this year, start at $ 55 / barrel price on a narrow range consolidation。Since entering in March, affected by many factors, Brent crude oil prices have fallen sharply, and barely at $ 50 / barrel mark integer above。  "For the moment, under the impact of the shale gas revolution, a decrease in oil prices supporting role in the implementation of the agreement is limited, and with the relevant production agreement expires in June, international oil prices fell again。"Gao Jian told reporters that high oil prices in February this year may be the high point of this year, oil prices。And long-term perspective, with energy efficiency and alternative energy to enhance appearance, high international oil prices is hard to return to one hundred yuan。  March 28, energy consultancy PIRA Chairman and Managing Director Maca.Schwartz in an interview with reporters, also said capital spending varies with changes in oil prices, Ascension is a very slow process, because a lot of projects canceled。Oil prices need to enhance the long-term stage, it recommends that companies more capital spending。(Original title: profit 46.7 billion yuan, Sinopec, CNOOC net profit fell nearly 97%, "three barrels of oil" report card performance sun rainbow night) (Editor: DF327)

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