Half-year profits reduced by more than 29 billion yuan, three major oil companies seek breakthroughs in the "new" sector.

The semi-annual report shows that the oil and gas output of China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation has all reached historical highs, but revenue and net profit have declined to varying degrees, totaling a reduction of over 29 billion yuan compared to the same period last year, equivalent to earning about 1.6 billion yuan less per day. According to Sun Chuanwang, a professor at the China Energy Economics Research Center of the School of Economics at Xiamen University, the phenomenon of "increasing production without increasing profits" presented in the semi-annual report of the three major oil companies is mainly closely related to the decline in international crude oil prices, the decrease in downstream refined oil sales, and the downturn in the chemical market gross profit. Faced with the squeeze of new energy on the traditional oil and gas market, intensifying efforts to break through to the "new" sector has become the unanimous choice of the three major oil companies. "Traditional energy companies must keep up with the trend and transform towards greenification." Yan Hongtao, President of China National Offshore Oil Corporation, stated during a mid-term performance exchange meeting held on August 28 that they will increase research and development investment in the future and track and participate in the global development of new energy. Through technological progress, improvement in management capabilities, and finding new energy industries with certain moats, they aim to make it the second growth curve of the company besides oil and gas.