油价波动背景下石油企业的财务绩效分析

Analysis on the financial performances of petroleum enterprises in the background of oil price fluctuation

为有效规避油价风险、提升石油企业财务绩效、增强石油企业的竞争力,通过比较研究的方法,采用2008-2017十年间国际油价以及中国石油和中国石化的利润数据,分析了国际原油价格波动对中国石油和中国石化的企业整体利润,以及其勘探与生产和炼化板块的利润影响。研究结果表明:①从企业整体利润看,石油企业的利润与原有价格的走势基本一致,相对平稳且合理的国际油价有助于石油企业的利润表现;②从上下游板块来看,低油价容易导致勘探与生产板块的利润风险,高油价容易导致炼化板块的利润风险,80～90美元/桶的国际油价是国内炼化板块的一个大致的盈亏平衡区间。结论认为:国内石油企业需要通过加强勘探与生产板块的成本费用管控降低油气操作成本,通过集约发展炼化产业提高炼化产业竞争力,加大国际石油勘探与开发的合作保障原油供给以及通过加强销售能力降低销售成本从而提升销售盈利能力。

In order to evade the risk of oil price effectively,improve the financial performances of petroleum enterprises and enhance their competitiveness,the effects of the fluctuation of international oil price on PetroChina’s and Sinopec’s overall profits and their profits in the exploration&production sector and the refinery sector were analyzed by means of comparative study,based on the international oil price and PetroChina’s and Sinopec’s profit data during 2008-2017.And the following research results were obtained.First,from the viewpoint of enterprise’s overall profit,the profits of petroleum enterprises are basically accordant with the trend of oil price,so stable and rational international oil price is conducive to the profits of petroleum enterprises.Second,as for upstream and downstream sectors,low oil price can easily lead to the profit risk in the exploration&production sector and high oil price can easily lead to the profit risk in the refinery sector.And the international oil price of US$80~90 is an approximate breakeven interval for domestic refinery sector.In conclusion,it is necessary for domestic petroleum enterprises to cut down the oil and gas operation cost by strengthening the cost and expenditure control of exploration&production sector,increase the competitiveness of refinery industry by means of intensive development,ensure the oil supply by enhancing international cooperation of petroleum exploration and development,and improve the sales and profitability by strengthening the sales ability and decreasing the selling cost.