The Sino-Singapore Jingwei client reported on April 29th that the first quarter report of "Three Barrels of Oil" appeared. According to Chinese enterprise accounting standards, China Petroleum ’s net loss in the first quarter was 16.234 billion yuan and Sinopec ’s net loss was 19.792 billion yuan. In total, the "two barrels of oil" had a net loss of 36.016 billion yuan in the first quarter, with an average daily loss of 396 million yuan.

  PetroChina and Sinopec reports for the first quarter of 2020 show that both companies' revenue and net profit fell in the first quarter.

  Screenshot of PetroChina's 2020 First Quarter Report

  Screenshot of the first quarter report of Sinopec in 2020

  Among them, PetroChina's operating income was 509.098 billion yuan, a year-on-year decrease of 14.4%; the net loss attributable to shareholders of the parent company was 16.234 billion yuan, a year-on-year decrease of 258.5%.

  Sinopec's operating income was 555.502 billion yuan, a year-on-year decrease of 22.6%; the net loss attributable to shareholders of the parent company was 19.792 billion yuan, compared with a profit of 14.765 billion yuan in the same period last year.

  CNOOC's revenue and expenditure in the first quarter of 2020

  In addition, CNOOC also announced revenue and expenditure data for the first quarter of 2020 on the 29th. In the first quarter, the company achieved revenue of 41.559 billion yuan, compared with 44.407 billion yuan in the same period of 2019; capital expenditure was 16.9 billion yuan, and 14.076 billion yuan in the same period of 2019.

  For the decline in the first quarter results, "two barrels of oil" all pointed to the impact of excess crude oil supply and falling prices.

  PetroChina said that in the first quarter of 2020, due to the impact of the new crown epidemic, the growth of the world economy and trade has been severely impacted, the downside risks have increased, and the instability and uncertainty have increased significantly; China ’s economic operation has also been greatly affected, and its GDP ) Compared with the same period of last year, it decreased by 6.8%. The international oil market is affected by factors such as the macroeconomic downturn and oversupply. International oil prices have fallen sharply, with the average price lower than the same period last year. The consumption of domestic refined oil dropped sharply year-on-year, and the contradiction of oversupply further intensified. The domestic natural gas market demand also declined year-on-year.

  Sinopec said that in the first quarter, the epidemic spread globally, the downside risks of the world economy increased, and various uncertainties and instabilities increased significantly. China's gross domestic product (GDP) fell by 6.8% year-on-year, and the market demand for petroleum and petrochemical products has dropped significantly. The impact of the collapse of international oil prices has caused a great impact on the petroleum and petrochemical industry.

  In addition, China National Petroleum also said that in the second three quarters of 2020, due to the impact of the world economic downturn and other factors, it is expected that the international crude oil market will still be oversupplied and the international oil price will fluctuate at a low level. (Sino-Singapore Jingwei app)