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比对数据,我们看到,让三大石油公司盈利能力加大分化的主要原因除了国际油价低迷外,还有就是在低油价下,企业在行业全产业链中的布局。中国石油和中国海油由于上游资产占比较大,对油价敏感,受国际油价低位震荡等因素影响较大,业绩大幅下滑。中国石油创下自上市10年以来的最差业绩。中国海油创下上市16年来最差业绩。中国石化则因中下游产业资产规模较大,炼油板块盈利能力强,成品油销售和化工板块盈利稳步增长,抵御了低油价带来的冲击。
Compared with the data, we can see that the main reasons for increasing the profitability of the three major oil companies apart from the international oil price downturn are the layout of enterprises in the entire industry chain under the condition of low oil prices. PetroChina and CNOOC are sensitive to oil prices because of their relatively large upstream assets. They are greatly affected by factors such as low international oil price volatility and sharp decline in performance. PetroChina set the worst performance since its launch 10 years ago. China’s CNOOC hit the worst performance in 16 years. Sinopec Corp. resisted the impact of low oil prices due to the large-scale assets in the midstream and downstream industries, strong profitability in the refining segment and the profitability of refined oil sales and chemical segment.