PetroChina and Sinopec return to profitability in 3Q

摘要

Both PetroChina and Sinopec Corp.reported profits from June to Sept.as Chinese energy demand continued to rebound from the impacts of the COVID-19 pandemic and both firms spun off their pipeline assets to newly created state firm PipeChina.PetroChina reported a profit of 40.05B yuan($5.97B),up from a profit of 8.83B yuan in 3Q 2019,as the company benefited from the sale of most of its oil and gas pipelines and some storage facilities to PipeChina at the end of the quarter.Crude throughput during the quarter also rebounded to 3.36MM b/d,up slightly from the 3.35MM b/d in 3Q 2019,as local refined product demand continued to rebound.While overall crude throughputs were up on the year,gasoline,diesel,and jet-kerosene output all fell to 1.11MM b/d,1.06MM b/d,and 250K b/d,respectively,from 1.15MM b/d,1.14MM b/d,and 290Kb/d,respectively.