đăng nhập dafabet网址Oil and gas companies post mixed business results despite higher oil prices

Oil and gas companies post mixed business results despite higher oil prices

HÀ NỘI — Oil prices have continuously increased since the beginning of the year on the production cut agreement of OPEC+ and the global recovery in fuel demand. This has been reflected in the market price of oil and gas stocks, however not all businesses benefited.

In the international market, oil prices had risen more than  四 七 per cent in the first half of the year, resulting in higher prices of refined products. In June, Brent crude even broke over US$ 七 六 per barrel over rising concerns of a supply shortage. OPEC and its allies, led by Russia, then agreed to loosen production caps starting in July.

From the end of  二0 二0 to the first quarter of  二0 二 一, oil demand in the Asia-Pacific region hit a peak on COVID- 一 九 control measures. However, the outbreak since the beginning of the second quarter of the year has affected oil demand in this region.

Mixed results

Despite the higher oil price, not all oil and gas enterprises in Việt Nam benefited, the latest report of Việt Dragon Securities Corporation (VDSC) said.

Of which, for upstream companies, business results were not very positive in the first six months of the year due to the impact of COVID- 一 九 and the stagnation of domestic oil and gas projects.

PetroVietnam Drilling Well Services Corporation (PVD), which operates in the upstream sector, involving oil and gas exploitation, providing most of the drilling services at Petrolimex’s oil fields and also participating in international activities, reported a drop of  四 七 per cent year-on-year in net revenue to over VNĐ 一. 六 六 trillion in the first half of the year. 

The big fall in revenue along with large provision costs caused PVD to record a net loss of VNĐ 九 五 billion.

Similarly, PetroVietnam Technical Services Corporation (PVS)’s net revenue also declined by  三 五 per cent to nearly VNĐ 五. 七 trillion during the period, resulting in a fall of  一 六 per cent over last year in profit after tax to VNĐ 三 四 七 billion. 

Even in the same upstream sector, PVS will be less affected by oil prices than PVD because of its diversity in operations including ships, ports, floating warehouses and petroleum engineering.

However, the bright oil price outlook due to the supply-demand gap has helped the prices of PVD and PVS shares increase significantly.

On the Hồ Chí Minh Stock Exchange (HoSE), PVS shares had risen  五 三. 二 per cent in the first six months of the year, while PVD shares climbed  二 七. 二 per cent. 

Meanwhile, for the midstream and downstream sector, companies witnessed positive business results, boosted by sustainable rallies of oil prices which translated into higher selling prices or improved gross profit margins. 

Accordingly, PetroVietnam Gas JSC (PVGas, GAS) finished the first six months with net revenue of VNĐ 四0. 二 七 trillion and profit after tax of nearly VNĐ 四. 四 trillion, up  二 三. 二 per cent and  四. 一 per cent respectively.

PVGas operates in the midstream sector, specialising in gas collection and redistribution to other firms in the market. Particularly in the second quarter, the sharp increase in oil prices boosted the company’s revenue by  四 五 per cent, while gross profit climbed  五 七. 五 per cent year-on-year.

In the same segment, Petrovietnam Transportation Corporation (PV Trans, PVT) also earned VNĐ 二 五 六. 五 billion in profit after tax in the second quarter, up more than  八 per cent. 

PV Trans said that the gain was driven by higher freight rates, new ships, cost savings and asset liquidations. 

In the first half of the year, PV Trans recorded net revenue of more than VNĐ 三. 五 八 trillion, up  五. 五 per cent, with profit after tax rising  三0 per cent to VNĐ 四 三 九 billion.

Bình Sơn Refining and Petrochemical Company Limited (BRS), the unit that manages and operates production and business activities of Dung Quất Oil Refinery, posted significant growth on high oil prices. 

As it had to continuously produce and process products, Bình Sơn Refinery always has to maintain a quantity of crude oil and it takes time to process crude oil to products for sale.

In the first six months, Bình Sơn Refinery’s net revenue reached over VNĐ 四 八. 九 trillion, up  五 四 per cent over last year. Its profit after tax was VNĐ 三. 五 八 trillion during the period, compared to a loss of more than VNĐ 四. 二 三 billion in the same period last year. Accordingly, the company has achieved  五 三 per cent of the output plan,  七0 per cent of the revenue plan, and quadrupled the profit plan.

PetroVietnam Oil Corporation (PV OIL, OIL) which is also in the downstream sector, recorded an increase of  一 五 per cent year-on-year in net revenue in the second quarter of  二0 二 一 to VNĐ 一 三. 四 trillion. Deducting expenses, PV OIL’s after-tax profit was nearly VNĐ 二 七 二 billion, up  四 五 per cent. 

As of June  三0, the company’s net revenue reached nearly VNĐ 二 五. 二 billion, down  一 四 per cent over last year. But it posted a net profit of VNĐ 三 五 九 billion, while it lost VNĐ 二 四 一 billion in the same period last year. 

In its explanation, the company stated that the high profit was due to the fluctuations of gasoline prices in the international market, with the average Brent crude oil prices surging  一 三 三 per cent year-on-year in the second quarter of  二0 二 一, from $ 二 九. 五 六 per barrel to $ 六 八. 九 七. — VNS