Current diesel sales have returned to the same level last year, gasoline sales have recovered to 90% of the same period last year, and chemical product sales have recovered to 86% of the same period last year
On April 29, according to the Sinopec News Office, due to the double impact of the new coronary pneumonia epidemic and the plunge in international oil prices, Sinopec's first-quarter results suffered a staged loss, but the current Sinopec diesel sales have returned to the same level last year, and gasoline sales have rebounded 90% of the same period last year, sales of chemical products recovered to 86% of the same period last year, the production and operation situation gradually improved.
Since the beginning of this year, Sinopec has stepped up efforts to prevent and control the epidemic situation and resume production, minimize the impact of the epidemic situation and the plunge in oil prices, and maintain safe and stable production operations. Especially in the process of combating the epidemic of New Coronary Pneumonia, the company actively fulfilled its social responsibilities, guaranteed a stable supply of oil and gas, increased production and supply of medical and health raw materials, and fulfilled the solemn promise of "continuous supply of oil products, no price increase, and no service closure"; The business model facilitates people's lives and promotes the resumption of industrial chain production; the expansion of recruitment of university graduates to help migrant workers return to work has contributed to the prevention and control of epidemics and economic and social development.
According to the first quarter performance report of Sinopec Corp., in the first quarter of 2020, the new coronary pneumonia epidemic has spread globally, the global economic downside risk has increased, and various uncertainties and instabilities have increased significantly. China's gross domestic product (GDP) fell by 6.8% year-on-year, the market demand for petroleum and petrochemical products fell sharply, superimposed by the impact of the collapse of international oil prices, the petroleum and petrochemical industry was greatly affected. According to the Chinese Accounting Standards for Enterprises, the net profit attributable to shareholders of the parent company in the first quarter was RMB-19.782 billion. According to the International Financial Reporting Standards, the net profit attributable to shareholders of the company in the first quarter was RMB -19.145 billion.
The main reason for the impact on the first quarter results is that the collapse of oil prices has resulted in the loss of high-priced crude oil inventories. Sinopec is a continuous production enterprise with the largest refining and processing capacity in the world. In 2019, it will process 249 million tons of crude oil. In order to be able to produce safely and steadily, it is necessary to maintain a crude oil inventory with a certain amount of processing in advance. The cycle from crude oil purchase to processing into product sales is about 2-3 months. The price of refined oil sold in the first quarter is determined according to the current crude oil price, and the cost reflects the high-priced crude oil purchased at the end of last year and early this year.
Second, the epidemic directly affects the consumption of oil and chemical products. In the first quarter, the nationwide demand for chemical products and refined oil fell sharply, and sales fell by more than 20%. The shrinking sales of Sinopec's gasoline, diesel and chemical products, which in turn affects the consumption of crude oil, has led to a longer period of difficulty in removing high-priced stocks and increased difficulty.
Lu Dapeng, a spokesman for Sinopec, said vividly that a large steamed bread factory needs to purchase a large amount of flour in advance in order to ensure the continuous supply of steamed bread. When the price of steamed buns is lower than the purchase price of flour in stock, in order to ensure continuous production and market demand, you must sell at a loss; the market is not good, and the high-priced flour in stock needs to be used for a long time. Cheap flour. At present, the petroleum and petrochemical market is gradually picking up, and high-priced crude oil is gradually being digested. Sinopec is making every effort to resolve the double pressures caused by the epidemic situation and the collapse of oil prices, out of the predicament, and strive to complete the annual production and operation goals and tasks.
It is understood that since March 23, Sinopec launched a "100-day attack and create benefits" action, and continued to exert efforts in the four dimensions of market development, optimization and adjustment, potential tapping and cost reduction, and safe production, focusing on reducing crude oil procurement costs and grasping High-quality oil and gas exploration and profit development, promote the increase of natural gas production, sales and efficiency, the processing volume is inclined to the market, the profitability of oil refining enterprises, optimize the chemical business product structure, and increase oil market development.
As the domestic epidemic situation is basically controlled, the government's economic stimulus policies are beginning to take effect, and economic activities are gradually recovering. Since late March, the resumption rate of key national projects has reached more than 90%. Motivated by factors such as the gradual lifting of traffic closures, reductions in high-speed tolls, return traffic from all over the country, and the resurgence of migrant workers, the transportation industry has recovered rapidly. The data shows that as of the end of March, the number of daily heavy-duty trucks in the country has been close to the same period of the previous year, and the mileage of high-speed large trucks has increased by more than 50% year-on-year.
Currently, Sinopec's daily sales of refined oil products have recovered from less than 20% of the daily average during the epidemic period to more than 90% of normal levels; sales of chemical products have also gradually recovered. It is expected that with the accelerated pace of resumption of production and production in China, the consumption demand for oil and chemical products will further increase, the supply and demand environment will return to balance, and the company's operating efficiency will gradually improve.
