PetroChina and Sinopec's third-quarter performance turned losses into profits

Sinopec and PetroChina released the third quarter report last week.

Sinopec and PetroChina released the third quarter report last week.

According to the quarterly report of Sinopec, in the first three quarters, the company achieved operating income of approximately 1.

Specifically, in the exploration and development sector, the profit before interest and tax in the third quarter was 13.

In the oil refining sector, profit before interest and taxes in the third quarter was 31.

In the marketing and distribution sector, profit before interest and taxes in the third quarter was 18.

In the chemical sector, profit before interest and taxes in the third quarter was 4.

On October 29 , PetroChina's third quarterly report also brought good news of a performance turnaround.

The exploration and production business segment achieved an operating profit of 9.

The refining and chemical business segment achieved a total operating profit of 8.

In the sales sector, operating profit was 7.

Regarding the reasons for the growth in performance, the two major oil companies mentioned in their announcements that in the first three quarters, affected by the new crown pneumonia epidemic, the world economy experienced a deep recession, the easing of supply and demand in the international oil market further intensified, and the international crude oil price fell sharply.

In addition, with the effective control of the domestic epidemic, the domestic macroeconomic operation has steadily recovered, showing a trend of improving quarter by quarter, and the economic growth rate in the first three quarters has turned from negative to positive.