Loss! Saudi Aramco, Sinopec, PetroChina's profits fell by more than 40% in 2020, ExxonMobil, BP, Chevron and ConocoPhillips suffered losses

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The blockade implemented to combat the COVID-19 epidemic suppressed economic activities, and international crude oil prices continued to "fall" in the first half of 2020. Affected by the epidemic and special delivery conditions, on April 21, 2020, the price of May WTI crude oil futures in the United States once hit -$40.32 per barrel (closing at -$37.64). In 2020, international crude oil has exited a deep "V" curve. Saudi Aramco profits fall 44% in 2020 Saudi Arabia * * Oil company Saudi Aramco said its net profit in 2020 was US$49 billion, down from US$88.2 billion in 2019, affected by factors such as lower oil prices, lower sales volume, and lower profit margins on refining and chemical products. In 2020, Saudi Aramco's average crude oil production fell to 9.2 million barrels per day, the lowest level since 2011. Saudi Aramco's capital expenditures in 2020 were US$27 billion and capital expenditures in 2019 were US$33 billion. In 2020, Saudi Aramco's oil and gas production reached 12.4 million barrels of oil equivalent per day, including 9.2 million barrels per day of crude oil production. Financial report information shows that in April 2020, Saudi Aramco’s daily crude oil production reached an all-time high of 12.1 million barrels per day. ； In August 2020, Saudi Aramco's natural gas production reached 10.7 billion cubic feet per day, also setting a single-day production record. ExxonMobil lost US$22.4 billion In the fourth quarter of 2020, ExxonMobil lost US$20.1 billion, becoming the company's largest quarterly loss in history and losing money for four consecutive quarters. ExxonMobil suffered a total loss of US$22.4 billion in 2020, compared with a profit of US$14.34 billion in 2019. Affected by the impact of the COVID-19 epidemic and low oil prices, ExxonMobil cut nearly one-third of new project spending in 2020, laid off 14,000 employees, and increased debt by $21 billion. ExxonMobil CEO Darren Woods said this is "the most challenging market environment ExxonMobil has ever experienced." BP lost US$20.3 billion and British Petroleum announced its fourth quarter and full-year financial results for 2020. The financial report showed that net profit in the fourth quarter of 2020 was US$115 million, lower than analysts’ expectations of US$285 million. However, the profit in the fourth quarter cannot change the overall loss situation for the whole year. According to the financial report, BP's loss in 2020 was US$20.305 billion, compared with a profit of US$4.026 billion in the same period in 2019. This also became BP's first full-year loss in the past 10 years. BP is currently accelerating its energy transformation and divesting its oil assets. Just before the financial report was released, BP also announced that it would sell its 20% stake in Oman’s Block 61 to PTTEP. BP expects proceeds from divestitures and other asset disposals to reach $4 billion to $6 billion in 2021. Chevron lost US$5.5 billion. Chevron's loss in the fourth quarter of 2020 was US$656 million, compared with a loss of US$6.667 billion in the same period last year. Looking at the whole year, Chevron suffered a loss of US$5.5 billion in 2020, and Chevron's profit in 2019 was US$2.9 billion. Chevron cut capital spending in 2020 from $20 billion to $14 billion and said it would spend between $14 billion and $16 billion annually by 2025. ConocoPhillips lost US$2.7 billion The financial report shows that ConocoPhillips lost US$800 million in the fourth quarter of 2020, compared with a profit of US$700 million in the fourth quarter of 2019. From a full-year perspective, ConocoPhillips suffered a loss of US$2.7 billion in 2020, compared with a profit of US$7.2 billion in 2019. ConocoPhillips completed its acquisition of Concho on January 15, 2021. On October 19 last year, ConocoPhillips announced the acquisition of Concho for US$9.7 billion, becoming the largest merger and acquisition in the shale oil and gas industry in 2020. The value of the combined company will reach US$60 billion, becoming a new US shale oil giant. Sinopec's profits fell by 43% in 2020. Sinopec disclosed its 2020 annual report. The company achieved operating income of 2.105984 billion yuan, a year-on-year decrease of 28.8%. ； Net profit was 32.924 billion yuan, down 42.9% year-on-year. Basic earnings per share were 0.272 yuan. The board of directors recommended the payment of a final dividend of 0.13 yuan per share. Sinopec expects net profit in the first quarter to be 16 billion to 18 billion yuan. PetroChina's profits fell by 58% in 2020 PetroChina achieved total operating income of 1.93384 billion in 2020, a year-on-year decrease of 23.2% ； Achieved net profit attributable to the parent company of RMB 19 billion, a year-on-year decrease of 58.4%, and the decline expanded compared with the same period last year ； Earnings per share were 0.1 yuan. During the reporting period, the company's gross profit margin was 20%, basically maintaining the previous year's level, and its net profit margin was 1.7%, a year-on-year decrease of 0.9 percentage points. Refining profits are worrying, and corporate transformation and upgrading are accelerating! source: Polyolefin People, NetEase, Capital State For more chemical information, please follow WeChat: China Chemical Information Weekly (ID: CCN-weekly) Disclaimer: The content contained in this article comes from public channels such as the Internet and WeChat public accounts. We hold a neutral attitude towards the opinions in the article. 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