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World loss of oil companies in the first quarter

News Source:http://www.jinchemical.com/ ; SendDate:2020-5-13 16:38:49 

According to the recently published financial report for the first quarter of 2020, domestic PetroChina and Sinopec have made operating losses, but such losses or significant decline in performance are worldwide, not only limited to Chinese enterprises, but also large international oil companies.

During the same period, BP lost about 30.8 billion yuan (US $4.4 billion, US $1:7 to RMB, the same below), ExxonMobil lost 4.2 billion yuan (US $600 million), shell lost 280 million yuan (US $24 million), and the three major oil companies lost about 35.3 billion yuan in total. BP has published two kinds of profit data, one is the profit-30.8 billion yuan under the historical cost method, that is, the loss is 30.8 billion yuan; the other is the profit of 5.6 billion yuan under the replacement cost method. In the case of continuous price rise, the profit under the historical cost method will be higher than that under the replacement cost method. On the contrary, if the price keeps falling, the profit under the replacement cost method will be higher than that under the historical cost method. International oil prices fell in the first quarter of this year, so BP's replacement cost profit is higher than its historical cost profit. International financial reporting standards require that historical cost method should be used in general and other alternative methods should only be used in case of serious inflation. The profit data of domestic PetroChina, Sinopec and other large oil companies mentioned above are also under the historical cost method. Financial data under different accounting methods are not comparable.

In addition, according to relevant reports, five listed oil companies in the United States have filed for bankruptcy in the past 30 days. Some even believe that 2020 will be the year of bankruptcy for many small and medium-sized oil companies.

The operating losses and difficulties are mainly caused by external reasons, which are caused by the severe blow to both supply and demand sides of the world oil market.

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