Oil refining losses in super sinopec seventy percent has been questioned

As expected, China's oil (9.74, 0.03, 0.31%) gas Co., LTD. (00857 HK, 601857. SH, hereinafter referred to as "of oil") 2011 net profit decline, oil refining appeared giant kui; But surprisingly, product oil yield only for sinopec two-thirds of petrochina, refining losses but more than 70% of the total amount of sinopec.

 

The oil in the performance of the report was released yesterday in 2011, according to oil realize turnover RMB 2.003843 trillion (RMB, similarly hereinafter), up 36.7%; Subject to domestic product prices macro control, gas imports into the sales price hangs upside down and tax growth factors such as the larger impact, a net profit of 132.984 billion yuan, 4.9% year-on-year drop.

 

Annual reports from oil to see, upper plate is still an important source of its earnings. In 2011, the oil exploration and production plate realize operation profit is 219.539 billion yuan, a year-on-year increase of 42.8%. "But the oil in the speed of the plate making money upstream, also miss the oil refining and gas imports the loss of the speed, so the whole net profit decline." Treasure island analysts LiYaDan said.

 

This is the oil in the 2008 and 2009 net profit for two years after the downturn, again net profit decline, but sinopec and cnooc 2011 net profit are no decline. To this, the researchers ZhouXiuJie energy industry consultant has said, in natural gas business on the oil in the share of sinopec and cnooc than many, imported gas business heavy losses of drag down the overall decline in oil profits.

 

The oil in annual report in 2011, according to the natural gas and oil pipeline plate realize operation profit is 15.53 billion yuan, operation profit is 23.9% year-on-year drop, which sells the import natural gas, liquefied natural gas (LNG) accumulative total loss of about 21.4 billion yuan.

 

Of concern in the refining sector, 2011 years oil processing 984.6 million barrels of crude oil, crude oil load rate reached 92.0%, the production of gasoline, kerosene, diesel oil 87.15 million tons, oil refining business operating losses of 60.087 billion yuan.

 

"Development and reform commission raised prices of refined petroleum products, oil this year in the first two months of oil refining business losses has better." The vice President ZhouJiPing oil in performance conference, China's crude oil of external dependence has reached 50%, product prices reform mechanism is very important, the national development and reform commission has clearly will shorten the refined oil refiners period, increase the frequency of the adjustment and transparency.

 

It is worth noting that, sinopec earlier in the annual report of release in 2011, according to total 128 million tons of oil production of petrochemical, refining business operating losses for 34.8 billion yuan. According to the two companies disclose data calculation, every ten thousand tons of oil of refined oil which was about 6.9 million yuan, every ten thousand tons of oil sinopec's loss of about 2.7 million yuan. Without considering other factors, but a rough draw the conclusion: the oil refinery in the average loss more than twice the higher.

 

What is the reason of this? China petroleum economic institute of technology market DaiGuQuan, deputy director of institute of the first financial daily (the Po) "said, both of oil refining sector statistics caliber is consistent, because part of sinopec refinery a transformation, the oil in crude oil than adaptability is slightly better, so the cost of oil to slightly higher. In addition, both the refinery size and the degree of also can affect its costs.

 

Galaxy securities QiuXiaoFeng said, cause the gap of the main causes of the crude oil costs and scale benefit except the industry layout is also important reasons. Historically speaking, petrochina and sinopec had north-south division, the southern oil sales prices higher, sinopec refinery much in the south, and oil refinery in more in the north, so the oil in the south to north oil, increase the transportation cost.

 

ZhouXiuJie argues that, in oil and sinopec refinery in business how to cost accounting is not transparent, if both oil refining business cost accounting is not consistent, do not have strictly comparability.