PetroChina expects 2020 net profit to fall 55%~63% year-on-year

On the evening of January 29, PetroChina released its 2020 annual results forecast, stating that it is expected that the net profit attributable to shareholders of the company in 2020 will decrease by RMB 25 billion to 29 billion compared with the same period of the previous year, a year-on-year decrease of 55%~ 63%.

On the evening of January 29, PetroChina released its 2020 annual results forecast, stating that it is expected that the net profit attributable to shareholders of the company in 2020 will decrease by RMB 25 billion to 29 billion compared with the same period of the previous year, a year-on-year decrease of 55%~ 63%.
The announcement shows that the performance forecast period is from January 1, 2020 to December 31, 2020.
The net profit attributable to shareholders of the company after deducting non-recurring gains and losses will be reduced by RMB 73 billion to 77 billion compared with the same period of the previous year.
Yuan, a year-on-year decrease of 136%~144%.
As for the main reason for this performance reduction, PetroChina stated that due to the impact of the new crown pneumonia epidemic, oil prices have fallen precipitously.
The average spot price of Beihai Brent crude oil in 2020 will drop by about 35% year-on-year; the company's refined oil sales have dropped significantly, and gasoline , Diesel sales decreased by 10% to 20% year-on-year.
Affected by the sharp drop in oil prices, the Company made provision for impairment of oil and gas assets in accordance with accounting standards.
In terms of non-recurring gains and losses, in 2020, the company completed the pipeline asset restructuring transaction with the National Petroleum and Natural Gas Pipeline Group Co.
, Ltd.
, resulting in a net income of about 32 billion yuan after tax.