On the evening of October 30, PetroChina Co., Ltd. released the financial statements that of the first three quarters of 2017 . In accordance with the PRC Accounting Standards for Business Enterprises, CNPC achieved operating revenue of 1.46 trillion for the first three quarters ,which is at the end of September 30, with 26.7% increase in total.
PetroChina's net profit growth is alarming, which is 9 times than that of last year ! In view of the rising prices of crude oil, natural gas and refined oil, the net profit is attributable to shareholders of parent company in the first three quarters was RMB17,362 million, an increase of 907.1% over the same period of last year.
Upstream exploration business makes money steadily！
Data showed that more than 350,000 jobs were cut off in the past three years since the oil price is showing down, with $ 1 trillion in investment withdrawing from the oil industry. Among them, the upstream exploration and production account for the vast majority of share.
The good news is that this year PetroChina's upstream business net profit showed a steady upward trend. Data showed that this year's upstream oil business profits were: 1.916 billion yuan in the first quarter, the second quarter of 4.984 billion yuan, 4.083 billion yuan in the third quarter.
Which information will continue to support the industry to pick up?
First of all, the general environment is good, the world economy is recovering modestly, and China's economy maintains a steady and favorable trend. All of these will become the external guarantee for the oil industry to pick up.
Furthermore, the oil prices are increasing steadily and the prices of international oil exceeded to 60 US dollars a barrel ,which adds momentum to the industry' recovery.
On October 28, Saudi Crown Prince Salman reiterated in a statement that Saudi Arabia was willing to support the extension of the global oil reduction agreement, which proved its practicability by rebalancing supply and demand.
Whether it is oil prices exceeds 60 US dollars or the upstream industry begins to profit, from that we can see the oil industry is moving towards a good trend of development and the industry warming is a foregone conclusion!