PetroChina ranked first on net profit of 124.18 billion yuan in 2010

The State Council's Financial Supervision, Evaluation and Evaluation Bureau of the State-owned Assets Supervision and Administration Commission recently announced the operation of state-owned assets of central enterprises in 2010. The disclosure of the operations of 102 central enterprises showed that China National Petroleum Corporation (hereinafter referred to as “China Petroleum”) had a net profit of 124.18 billion yuan, ranking ahead of other central enterprises in performance.

According to statistics, in 2010 China National Petroleum Corporation had a total asset of 629.96 billion yuan, operating revenue of 172.98 billion yuan, and net profit of 124.18 billion yuan. In 2009, CNPC’s net profit was 128.56 billion yuan, ranking second.

Analysts said that PetroChina benefited from the increase in oil prices, the steady growth in oil and gas production, and the significant increase in operating profit from exploration and production. Refinery benefited from the profitability of two product oil price adjustments. The efficiency of the sales segment has increased significantly, and the import tax rebate policy is expected to boost the profitability of the natural gas business in the future.

According to the SASAC report, such performance was attributed to the strengthening of production, operation and management by enterprises, the development of oil and gas exploration and production, and the active exploration of the international market. In 2010, international oil prices continued to rise, and their revenues increased significantly.

However, some analysts believe that behind this good result, it reflects the monopoly profits of the central SOEs. Regardless of whether the financial crisis occurred in 2008 or the recovery of economic recovery in 2009, CNPC’s net profit was always over 100 billion yuan. The use of administrative resources to deepen the monopoly of the market is an important factor in obtaining profits.

Industry sources said that as a monopoly industry, the net profit of oil is very impressive. The oil and petrochemical giants PetroChina, Sinopec and CNOOC achieved a net profit of 270.53 billion yuan in 2010, and the three net profit figures reached 1/3 of the total net profit of 102 central SOEs.

However, the loss of PetroChina's oil refining business in the first half of this year dragged down the company's performance. The listed company's refining sector posted a loss of 23.358 billion yuan, including a loss of 17.226 billion yuan in the second quarter. The overall performance in the first half of the year was flat year-on-year, lower than market expectations. Zhou Jiping, president of CNPC, said that this year the company's refining business will have a net loss of 50 billion yuan.

Market analysts believe that CNPC's oil business covers the entire oil industry chain and realizes the integration of upstream and downstream industries. Refining losses are only part of the company's operations. “Lacking losses” helps to create a certain amount of new pricing mechanism for refined oil products. influences. At the same time, as a monopolistic state-owned enterprise, it is possible to use the "policy deficit" to continue to obtain huge financial subsidies.