PetroChina, Asia’s leading oil and gas producer, had a surge of 350% in profit in Q3 2020. It was a remarkable change from Q2 2020 when it reported a loss of 13.75 billion yuan as a result of plummeting oil prices.
However, according to the research data analyzed and published by the Finnish website Sijoitusrahastot, the first nine months of 2020, it experienced a 73% year-over-year (YoY) profit decline.
Shell Raises Dividend by 4% to $16.65 in Q3 2020
On the other hand, China Petroleum & Chemical Corporation SNP (Sinopec) had its earnings per American Depositary Receipt (ADR) increase from $1.41 in Q3 2019 to $5.54 in Q3 2020.
However, its revenue sank during the quarter due to a drop in realized oil price from $58.82 to $38.24. Realized natural gas price also fell, going from $5.32 to $6.19, a 14.1% decline. As a result, it had a segmental operating loss of 6.48 billion yuan.
Similarly, China National Offshore Oil Corp (CNOOC) cited weak oil prices as the cause behind its revenue drop. Its realized oil prices fell 29% to $43.03 per barrel during the quarter.
Beyond China, Shell made headlines when it raised shareholders’ dividends by 4% to $16.65 in Q3 2020. The oil company had slashed dividends in April 2020 for the first time since World War II.
Shell’s total adjusted earnings for the period was $955 million compared to $638 million in Q2 2020. Comparatively, in Q3 2019, Shell’s net profit amounted to $4.77 billion.