PetroChina (601857) quarterly report review for 2019: performance in line with expectations
Event: The company released the first quarter of 2019 results announcement, reporting and realizing operating income of US $ 591 billion, an annual increase of 8%.
9%, achieving a net profit of 102.
5 trillion, discount EPS 0.
056 yuan, an increase of 1 in ten years.
0%, in line with our expectations.
Comments: The upstream segment is working hard to maintain the company’s profit main body to supplement the company’s operating profit in the exploration and development segment in the first quarter of 2019 of US $ 14.3 billion, an increase of 27.
1%, continue to maintain the company’s main profit category.
We believe that the increase in the company’s upstream performance is mainly due to the company’s increase in reserves and production, reducing costs and increasing efficiency.
The average price of Brent in the first quarter of 2019 was 63.
$ 83 / barrel, down 5 per year.
1%, the company’s average realized price is 59.
$ 53 / barrel, down 5 per year.
Under the expectation that the average price of crude oil will rise, the company will stabilize oil and increase gas, actively accelerate the construction of crude oil production capacity, and the crude oil output will continue to grow: in Q1 2019, the company will achieve crude oil production2.
2.3 billion barrels, an increase of 4 per year.
At the same time, the company increased revenue and cut costs, reduced costs and increased efficiency. In the first quarter of 2019, oil and gas unit operating costs gradually decreased1.
5%, the budget control strategy has significant benefits.
The natural gas and pipeline sectors have achieved volume and price increases, the company’s first quarter of 2019
5%, mainly benefited from the rapid growth of domestic natural gas demand.
The company leverages its own pipeline network and market advantages to optimize natural gas production and transportation plans, continues to do key and efficient market development, and effectively guarantees sales benefits; at the same time, accelerates interoperability, reasonable layout, safe and efficient natural gas pipeline network construction to achieve natural gas volume and priceRise.
It reported that the company produced 99.9 billion cubic feet of natural gas, an increase of 8 per year.
86%, with an average realized price of 6.
$ 63 / thousand cubic feet, a four-year increase of 4.
In addition, the company effectively controlled the sales of imported LNG and pipeline gas expectations, increasing sales by one.
In 57% of cases, the net purity of the imported gas reaches 32.
8.9 billion, a loss of 25 a year.
Refining and chemical sector remained stable The company’s operating profit in the first quarter of 2019 was 3 billion, a further decrease of 64.
Among them, the operating profit of the refining business was zero.
46 ‰, a decrease of 98 per year.
82%; operating profit of chemical business 29.
53 trillion, a decrease of 34 a year.
The company’s refining business gradually was mainly caused by the shift in gross profit of refining and chemicals in Q1 2019, as well as the reduction of inventory and the promotion of the company’s internal price marketization.
In the first quarter of 2019, the average price of the refined oil 321 spread was 984 yuan / ton, a 22% decrease, and the average price of ethylene-naphtha spread was 461 yuan / ton, a 29% reduction.
Reported companies process crude oil 2.
9.2 billion barrels, an increase of 3%; the production of gasoline, diesel, and kerosene above 1203, 1289, and 279 were +13 respectively.
42%; the production ratio of diesel to steam was 1 from the same period last year.
25 drops to 1.
07. The product structure has been continuously optimized.
In Q1 of 2019, the company increased the load rate of chemical equipment, and the output of chemical products increased: ethylene and synthetic resin production were respectively 156 and 248, an increase of 6 夜来香体验网 respectively.
In addition, the company strengthened the cost control of the refining and chemical sector, adjusted and optimized the allocation of resources and product structure in accordance with market demand, increased production and marketed high-efficiency products, and the sector continued to maintain a stable posture.
Significant progress in sales segment The company’s operating profit in the first quarter of 2019 was 35.
17 ppm, an increase of 18 in ten years.
Under the unfavorable conditions of intensified competition in the domestic refined oil market, the company actively optimized the sales structure, enhanced market competitiveness and the ability to create trade business efficiency, coordinated the import and export of resources, increased product sales while ensuring the smooth 武汉夜网论坛 flow of the industrial chain, and improved the overall sectorProfitability.
The company’s Q1 2019 sales of refined oil products were initially 4,206, a reduction of 0 each year.
83%, of which gasoline and kerosene sales reached 1776 and 454 endpoints, respectively, which rose more than 0.
70%, diesel sales in early 1975, reduced by 3.
04%; 2019 Q1 sales of diesel-gasoline ratio is 1.
11, from the same period last year.
15 continues to fall.
Earnings forecasts, estimates and ratings remain with our earnings forecasts for the company. It is estimated that the company’s net profit for the years 19-21 will be 91.9 billion, 111.9 billion, and 125.5 billion, and the corresponding EPS will be 0.
We are optimistic about the company’s long-term development prospects and maintain the company’s A-share and H-share “Buy” ratings.
Risk warning: Oil prices rise less than expected; refinery and chemical boom declines