The first quarter financial reports of the "Big Three Oil Companies" reveal new trends in energy transformation
author: Ann
2025-05-08
Recently, PetroChina, CNOOC, and Sinopec have successively disclosed their first quarter financial reports for 2025. In a complex market environment, the three companies have shown different operating trends. Overall, the revenue of the "three oil barrels" has all declined year-on-year; in terms of net profit, except for a slight increase in PetroChina, Sinopec and CNOOC have both declined.
PetroChina announced data on April 29 showing that in the first quarter, it achieved operating income of 753.11 billion yuan and net profit attributable to parent company shareholders of 46.81 billion yuan, a year-on-year increase of 2.3%. In the face of the macro situation and oil and gas price fluctuations, the company coordinated the promotion of production and operation and transformation and development, and the oil and gas equivalent production reached 467 million barrels, a year-on-year increase of 0.7%. At the same time, the new energy business performed well, with wind and solar power generation of 1.68 billion kWh, a year-on-year increase of 94.6%, period expenses decreased by 836 million yuan compared with the same period last year, and management expenses decreased by 0.34%, with significant results in reducing costs and increasing efficiency.
Sinopec's operating income in the first quarter was 735.356 billion yuan, down 6.91% year-on-year, and its net profit attributable to the parent company was 13.264 billion yuan, down 27.58% year-on-year. Despite the pressure on performance, the company's upstream exploration and capacity construction have made breakthroughs, with oil and gas equivalent production of 18.12 million tons, up 3.4% year-on-year, and natural gas production up 6.0%. The refining and chemical sector flexibly adjusted its structure, with crude oil processing of 63.3 million tons and total sales of refined oil of 59.81 million tons in the first quarter, up 6.5% year-on-year, while accelerating its transformation into an integrated energy service provider of "oil, gas, hydrogen and electricity services".
China National Offshore Oil Corporation's total operating income in the first quarter was 106.854 billion yuan, down 4.14% year-on-year, and its net profit attributable to the parent company was 36.563 billion yuan, down 7.95% year-on-year. However, it achieved counter-trend growth in production, with net production of 188.8 million barrels of oil equivalent, up 4.8% year-on-year, of which domestic net production increased by 6.2% year-on-year and overseas net production increased by 1.9%. Capital expenditure was approximately 27.71 billion yuan, down 4.5% year-on-year. It is worth noting that its subsidiary COSL's revenue increased by 6.4%, and its net profit increased by 39.6%. Its drilling, shipping and other business segments performed outstandingly.
Analysts believe that the three companies all attach importance to increasing oil and gas production in energy production, but their revenue has declined due to the fluctuations in global oil and gas prices and the adjustment of the domestic energy demand structure. In the new energy track, PetroChina's wind and solar power generation has grown rapidly, and Sinopec's charging and swapping business has accelerated its layout. In the future, consolidating the advantages of traditional businesses, deepening the transformation of new energy, and optimizing the industrial structure will become the key paths for the three oil giants to achieve sustainable development.
PetroChina announced data on April 29 showing that in the first quarter, it achieved operating income of 753.11 billion yuan and net profit attributable to parent company shareholders of 46.81 billion yuan, a year-on-year increase of 2.3%. In the face of the macro situation and oil and gas price fluctuations, the company coordinated the promotion of production and operation and transformation and development, and the oil and gas equivalent production reached 467 million barrels, a year-on-year increase of 0.7%. At the same time, the new energy business performed well, with wind and solar power generation of 1.68 billion kWh, a year-on-year increase of 94.6%, period expenses decreased by 836 million yuan compared with the same period last year, and management expenses decreased by 0.34%, with significant results in reducing costs and increasing efficiency.
Sinopec's operating income in the first quarter was 735.356 billion yuan, down 6.91% year-on-year, and its net profit attributable to the parent company was 13.264 billion yuan, down 27.58% year-on-year. Despite the pressure on performance, the company's upstream exploration and capacity construction have made breakthroughs, with oil and gas equivalent production of 18.12 million tons, up 3.4% year-on-year, and natural gas production up 6.0%. The refining and chemical sector flexibly adjusted its structure, with crude oil processing of 63.3 million tons and total sales of refined oil of 59.81 million tons in the first quarter, up 6.5% year-on-year, while accelerating its transformation into an integrated energy service provider of "oil, gas, hydrogen and electricity services".
China National Offshore Oil Corporation's total operating income in the first quarter was 106.854 billion yuan, down 4.14% year-on-year, and its net profit attributable to the parent company was 36.563 billion yuan, down 7.95% year-on-year. However, it achieved counter-trend growth in production, with net production of 188.8 million barrels of oil equivalent, up 4.8% year-on-year, of which domestic net production increased by 6.2% year-on-year and overseas net production increased by 1.9%. Capital expenditure was approximately 27.71 billion yuan, down 4.5% year-on-year. It is worth noting that its subsidiary COSL's revenue increased by 6.4%, and its net profit increased by 39.6%. Its drilling, shipping and other business segments performed outstandingly.
Analysts believe that the three companies all attach importance to increasing oil and gas production in energy production, but their revenue has declined due to the fluctuations in global oil and gas prices and the adjustment of the domestic energy demand structure. In the new energy track, PetroChina's wind and solar power generation has grown rapidly, and Sinopec's charging and swapping business has accelerated its layout. In the future, consolidating the advantages of traditional businesses, deepening the transformation of new energy, and optimizing the industrial structure will become the key paths for the three oil giants to achieve sustainable development.
ما هي الخصائص التي ينبغي أن يكون ارتفاع درجة الحرارة الشحوم عالية الجودة ؟
What factors must be considered when selecting bearings?
