This article comes from the WeChat public account: Interface News (ID: wowjiemian) , author: John Peng, head Figure from: vision China
“Chevron became the only company among the five major oil and gas giants to achieve positive growth in performance.”
When the new crown epidemic raged around the world and hit the oil price war between Saudi Arabia and Russia, international oil prices suffered a cliff-like plunge in the first quarter. The domestic “two barrels of oil” lost more than 35 billion yuan in the first quarter, and the performance of the five major foreign oil and gas giants was also greatly affected.
In the first quarter, BP (BP) , ExxonMobil, ConocoPhillips (hereinafter referred to as ConocoPhillips) all losses; Royal Dutch Shell Petroleum (hereinafter referred to as Shell) Net profit fell sharply; Chevron became the only company among the five major oil and gas giants to achieve positive growth in performance.
According to interface news statistics, these five oil and gas companies lost a total of 256 million US dollars in net profits .
British Petroleum (BP) released a performance report showing that it achieved revenue of US $ 59.65 billion in the first quarter, a year-on-year decrease of 10%; net loss About 4.365 billion US dollars, down 249% year-on-year. Its net profit for the same period last year was US $ 2.934 billion.
In the first quarter of this year, BP ’s oil and gas production fell by 2.8% to 3.715 million barrels per day.
BP said in its financial report that the company recorded a loss this quarter, mainly due to the sharp drop in oil prices at the end of the quarter, resulting in a loss of 3.7 billion US dollars in crude oil inventories.
BP plans to reduce its capital expenditures by 25% in 2020 to US $ 12 billion, in order to maintain profitability when oil prices fall below US $ 35 per barrel next year.
Another oil and gas giant ExxonMobil recorded its first quarterly loss in 32 years.
In the first quarter, ExxonMobil ’s revenue was US $ 56.158 billion, a year-on-year decline of 11.7%; a net loss of US $ 610 million, and a net profit of US $ 2.35 billion in the same period last year.
ExxonMobil said that the performance loss was mainly due to the company ’s related write-downs that generated $ 2.9 billion in non-cash expenses, which reflected the impact of falling commodity prices and asset impairments on the valuation of non-cash inventories.
ConocoPhillips also suffered huge losses.
In the first quarter, ConocoPhillips ’revenue was US $ 4.81 billion, a year-on-year decrease of 52.19%; a loss of US $ 1.74 billion, and a profit of US $ 1.8 billion in the same period last year.
The company ’s losses include the shrinking market value of the equity of its acquired companies, the decline in the prices of bulk energy commodities, and the impairment of non-cash assets.
ConocoPhillips also announced its second crude oil production cut within two weeks. In May this year, the company’s production cut plan was 265,000 barrels per day; by June, ConocoPhillips will reduce production by 460,000 barrels per day. The company’s total oil production is about 1.3 million barrels per day.
In the first quarter, Royal Dutch Shell Petroleum (hereinafter referred to as Shell) and Chevron continued to maintain despite the decline in revenue profit.
Shell ’s financial report shows that in the first quarter, based on the current supply cost (CCS) , the net profit attributable to shareholders of the identified project is 28.6 100 million US dollars, a year-on-year decrease of 46%. This shows the sluggish prices of oil, natural gas and LNG, as well as lower profit levels in the refining and chemical sectors.
Shell also reduced its first quarter dividend to $ 0.16, a 66% reduction from the fourth quarter of last year.This is the company’s first dividend cut since 1945.
In addition, Shell has suspended its current stock repurchase program.
In response to the decline in oil demand, Shell announced that it will reduce its 2020 capital expenditure plan from the original plan of 25 billion US dollars to 20 billion US dollars, and will reduce its refining business by 40%.
In the first quarter of this year, Chevron achieved substantial growth in performance. Its revenue reached US $ 31.5 billion, down 10.5% year-on-year; its net profit was US $ 3.599 billion, up 35.86% year-on-year.
Chevron said that this was mainly due to increased downstream profits and increased oil and gas production from shale in the Permian Basin in the United States.
But the company is not optimistic about the future.
Chevron announced that in March this year, Chevron announced that it would reduce its annual capital expenditure to US $ 16 billion, a 20% decrease from the previous period. After that, the capital expenditure plan was reduced to $ 14 billion, a further 12.5% reduction.
The president of Chevron warned in the financial report that if the current market conditions continue, the company ’s financial performance will remain sluggish for a long time.
This article comes from the WeChat public account: Interface News (ID: wowjiemian) , author: Peng strong