The Three Largest Oil Companies Made 800 Million &Nbsp In The First Half Of The Year, And The Windfall Tax Rose.

Sinopec, the largest refiner in China, released its first half results last night. According to China's accounting standards, Sinopec's net profit in the first half of the year was 40 billion 200 million yuan, an increase of 9.4% over the same period last year, much better than expected. So far, the three largest domestic companies petroleum The company has issued a semi annual report, CNOOC's growth rate of up to 51%, PetroChina due to refinery losses and tax increases and other multiple reasons, net profit rose only 1% over the same period last year. But CNPC still ranked first in net profit of 66 billion yuan, followed by Sinopec's 40 billion 200 million yuan and CNOOC's 39 billion 300 million yuan. As a result, the average daily net profit of the three oil companies in the first half of the year was about 800 million yuan.

Two barrels of oil due to refinery losses dragged down performance

International oil prices rose sharply in the first half of this year, and BRENT crude oil spot price was 111.16 US dollars, up 43.6% over the same period last year, which has also brought different impacts to several major oil companies. Sinopec yesterday disclosed in its annual report that the cost of crude oil purchases increased by 36.4%, and the gross profit margin of the company in the first half of the year was -0.5%, representing a decrease of 3.3 percentage points compared with the same period last year. "In the first half of this year, the refinery business lost 12 billion 200 million yuan." Similarly, PetroChina's refining business suffered a loss of 23 billion 360 million yuan, and the gross profit margin of the refining sector was -0.3%, representing a decrease of 6.4 percentage points compared with the same period last year.

In the first half of this year, the NDRC had raised oil prices twice, but it has not changed the current situation of refining losses of the two major oil companies. Sinopec annual report also pointed out that the first half of the country to take into account a variety of factors, controlled Raise Two times the price of refined oil. It is understood that the price increase of the NDRC is not in place.

Prior to the CNPC annual report also pointed out that refining policy losses "greatly dragged the first half of the performance."

"Windfall tax" rose sharply

The increase in international oil prices also means an increase in taxes and fees. Sinopec disclosed that the first half of the year, excluding income tax, amounted to 93 billion 300 million yuan, up 23.7% from the same period last year. Among them, the increase in oil prices makes the oil special income "." Windfall tax "An increase of 8 billion 800 million yuan and an increase of 8 billion 400 million yuan in consumption tax, due to resource tax reform in 12 provinces such as Xinjiang, and resource tax increased by 700 million yuan. In the first half of this year, PetroChina's special income increased by 25 billion 225 million yuan over the same period last year, and the resource tax increased by 5 billion 12 million yuan over the same period last year.

Analysts said that compared with the two largest oil companies, although CNOOC's windfall tax also rose sharply due to the increase in oil prices, CNOOC did not have refinery plates, so there was no policy loss, so the company profits benefited from the most obvious increase in oil prices, up to 51%.

Analysis

Sinopec's "windfall tax" is not as good as CNPC.

He Wei, an international analyst at Bank of China, compared with PetroChina, although Sinopec has lost money in refining, Sinopec's chemical sector profit has increased by 97%, and its sales of refined oil products have increased sharply, hedging oil refining losses. PetroChina is also more profitable than Sinopec because of its large upstream plate. In addition, the PetroChina business is mostly concentrated in the western region which has achieved the resource tax reform. In the first half of this year, its resource tax increased by about 5000000000, while Sinopec increased by only 700 million. In addition, the import of natural gas in China is mainly due to the import of CNPC through the Central Asian pipeline. According to the current price, China's oil imports have lost one billion billion in one year.