On July 13th, Sinopec Group held an economic activity analysis meeting in June. The analysis showed that the overall production and operation situation of the group company in the first half of the year had become better and the profits had exceeded expectations.
According to the performance forecast released recently by Sinopec, the company expects that the net profit attributable to shareholders of listed companies in the second quarter of 2015 will be more than 1000% higher than the first quarter of 2015.
Some analysts believe that the company's profitability has been greatly improved due to the reduction of high-cost inventory and the recent rise in refined oil prices to promote the refining business profitability.
Yin Xiaofeng, an analyst at Galaxy Securities, said that since the implementation of the new pricing mechanism for refined oil products in 2013, the status of oil refining operations has been systematically improved when crude oil prices are relatively stable.
After the implementation of the Fourth National Gasoline in the first half of last year, the company's single barrel refinery EBIT reached approximately US$2/bbl; due to the drop in oil prices and inventory depreciation, the company’s refinery single barrel EBIT fell sharply to a loss of US$4.8/year in the fourth quarter of last year and the first quarter of this year. Barrels and losses are $1.2/barrel. With the rebound in crude oil prices, plus the benefit from the upgrading of the quality of the oil products implemented by Guosi Diesel this year, the company's single barrel refinery EBIT is expected to be close to US$3/barrel; in the second quarter, the inventory revenue will be superimposed, and the refining performance will be even more impressive.
What needs to be mentioned is that international crude oil prices have fallen sharply since July. Given that OPEC has maintained its strategy of not reducing production and the global economic recovery is uncertain, the industry is expected to maintain a weaker international crude oil price in the second half of the year.
In the first quarter of this year, Sinopec's chemical business realized revenue of 75.104 billion yuan, a year-on-year decrease of 27.14%; operating income of 3.069 billion yuan, year-on-year losses, and quarterly earnings continued to increase.
Low oil prices help increase the spread of petrochemical products and increase profitability.
Xiaofeng Xiao said that benefiting from relatively low oil prices, the spread between olefins and naphtha has widened, and the company's chemical business profitability in the first half of the year was the best in four years.
Sinopec also stated that since the beginning of this year, facing the severe situation of the new normal of the economy and the low volatility of international oil prices, in the face of declining market demand and overcapacity, the Group has firmly implemented the requirements for central government growth, strengthened the analysis of the macroeconomic situation, and strengthened international cooperation. The oil price trend was studied and reinforced, and the integration of petroleum and petrochemical industry chain was strengthened, and efforts were made to optimize crude oil resources, balance diesel production and sales, develop natural gas business, expand product oil exports, adjust product structure of refining products, and improve service customer level.
At the same time, the company actively promoted strict management from top to bottom, worked hard to reduce costs, ensured safe production, and began to achieve a better monthly profit since March.
Wang Yupu, chairman of Sinopec, also pointed out at the meeting that the market companies have faced unprecedented market challenges and pressures this year. The market has given us many problems and has learned a lot from them.
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