Chinese Oil Giants Flag Strong Rebound in First-Half Income
(Bloomberg) -- Energy giants China Petroleum and Chemical Corp. and PetroChina Co. both forecast a sharp improvement in net income for the first half of 2021 thanks to stronger crude oil prices as the Covid-19 crisis eased and the global economy improved.
In filings Thursday, PetroChina and the company known as Sinopec said the better conditions drove a significant increase in demand for oil, gas and petrochemical products and helped them improve efficiency.
Sinopec expects net income of between 36.5 billion yuan ($5.6 billion) and 38.5 billion yuan for the first half, recovering from a 22.9 billion yuan loss in the same period last year. The forecast is also higher than in the opening half of 2019, when Sinopec reported net income of 31.3 billion yuan.
PetroChina said its earnings will increase by 75 billion to 90 billion yuan in the first half, “turning losses into profit.”
Sinopec's shares have risen 13% in Hong Kong this year and 7.4% in Shanghai. PetroChina is up 58% in Hong Kong and 26% in Shanghai.
©2021 Bloomberg L.P.
With assistance from Bloomberg
-
India's Troika Of Good Luck | Joining The Dots
A weaker Trump, a cooling AI trade and resilient earnings have put Indian markets back in favour. Rising inflation could spoil the party.
-
Talking Points This Week: Leadership Shock At Nvidia, Earnings Strength, And The Fog Over Hormuz
The Anthropic IPO pricing and first trading day, Nvidia's upcoming earnings, and any fresh signals from Iran will set the tone for the following week.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
