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Economic operation report of the petroleum and chemical industry in 2017

economic operation report of the petroleum and chemical industry in 2017

August 22, 2018

[China paint information]

2017 is a turning year for the economic operation of the petroleum and chemical industry. In accordance with the strategic deployment of the CPC Central Committee and the State Council, the whole industry insisted on deepening the supply side structural reform, vigorously promoted innovation driven transformation and upgrading, strengthened confidence, overcome all difficulties, and worked hard. The industry economy achieved excellent results, and the growth of major economic indicators was better than expected. The industrial economy is steadily moving towards a high-quality development stage

I. Basic Situation of industrial economic operation in 2017

(I) overall situation of petroleum and chemical industry

data from the National Bureau of statistics showed that by the end of 2017, there were 29307 Enterprises above Designated Size in the petroleum and chemical industry, with a cumulative main business income of 13.78 trillion yuan, an increase of 15.7% over the previous year; The total profit was 846.2 billion yuan, with a year-on-year increase of 51.9%, accounting for 11.8% and 11.3% of the main revenue and total profit of national scale industries respectively. In the whole year, the fixed asset investment was 2.06 trillion yuan, down 2.8%, accounting for 8.8% of the total industrial investment of the country; The total assets were 13.03 trillion yuan, an increase of 5.4%, accounting for 11.6% of the total assets of China's large-scale industries, and the asset liability ratio was 54.03%. In 2017, the total import and export trade of the whole industry was US $583.37 billion, an increase of 22.1%, accounting for 14.2% of the total import and export trade of the country, of which exports were US $192.98 billion, an increase of 12.9%, accounting for 8.5% of the total export trade of the country; The deficit was US $19.42 billion, an increase of 45.1% year-on-year

in 2017, the profit margin of the main revenue of the petroleum and chemical industry was 6.14%, up 1.47 points year-on-year; The cost of main business income per 100 yuan was 83.19 yuan, a year-on-year decrease of 0.4 yuan. The inventory turnover days of finished products are 13.5 days; The average payback period of accounts receivable is 25.8 days. The loss of the industry was 12.8%, a year-on-year decrease of 0.8 percentage points

(II) operation of the three business segments

1. Oil and gas exploitation industry

as of the end of 2017, there were 293 Enterprises above Designated Size in the oil and gas exploitation industry, with a cumulative main revenue of 920.15 billion yuan, an increase of 17.6% year-on-year; The total profit was 32.98 billion yuan, with a loss of 55.08 billion yuan in the same period last year; The investment in fixed assets was 264.89 billion yuan, an increase of 13.9%; The total assets were 2.18 trillion yuan, a decrease of 3.9%; The asset liability ratio is 46.95%

the annual total output of crude oil and natural gas was 324 million tons (oil equivalent), with a year-on-year increase of 0.8%. Among them, the crude oil output was 192 million tons, a decrease of 4%; The output of natural gas (including coalbed methane, the same below) was 147.42 billion cubic meters, an increase of 8.5%; The output of liquefied natural gas was 8.29 million tons, an increase of 14.4%. The annual import of crude oil was 420 million tons, with a year-on-year increase of 10.2%, and the degree of external dependence was 68.4%; The imported natural gas was 95.52 billion cubic meters, an increase of 27%, and the external dependence was 38.4%

in 2017, the profit margin of owner's revenue of oil and gas exploitation was 3.58%, and in 2016 it was -7.04%; The cost of main business income per 100 yuan was 78.18 yuan, a year-on-year decrease of 10.18 yuan. The inventory turnover days of finished products are 6 days; The average recovery period of accounts receivable is 28.5 days. The loss of the industry was 30%, a year-on-year decrease of 9.2 percentage points

2. Petroleum processing industry

as of the end of 2017, there were 1366 Enterprises above Designated Size in the petroleum processing industry, with a cumulative main business income of 3.42 trillion yuan, an increase of 21.5% year-on-year; The total profit was 191.15 billion yuan, an increase of 14.4%; The investment in fixed assets was 222.82 billion yuan, an increase of 5.6%; The total assets were 2.05 trillion yuan, an increase of 12.3%; The asset liability ratio is 57.35%. In 2017, the national crude oil processing volume was 568 million tons, with a year-on-year increase of 5.0%; The output of refined oil (steam, coal and diesel, the same below) was 358 million tons, an increase of 3.0%, of which the output of diesel oil was 18300 tons, an increase of 2.4%; Gasoline output was 133 million tons, an increase of 3.0%. The annual export of refined oil was 40.999 million tons, with a year-on-year increase of 7.3%; The total export volume was US $21.48 billion, an increase of 28.3%

in 2017, the profit margin of owner's revenue of oil processing was 5.59%, a year-on-year decrease of 0.35 points; The cost of main business income per 100 yuan was 77.87 yuan, an increase of 3.19 yuan year-on-year. The inventory turnover days of finished products are 10.6 days; The average payback period of accounts receivable is 9.4 days. The loss of the industry was 14.6%, a year-on-year decrease of 1.6 percentage points

3. Chemical industry

by the end of 2017, there were 26202 Enterprises above Designated Size in the chemical industry, with a cumulative main business income of 9.1 trillion yuan, an increase of 13.8% year-on-year; The total profit was 605.07 billion yuan, an increase of 40.2%; The investment in fixed assets was 1.5 trillion yuan, down 5.2%; Assets totaled 8.39 trillion yuan, an increase of 6.6%; The asset liability ratio is 54.7%. The total import and export volume of the whole year was 328.94 billion US dollars, with a year-on-year increase of 12.3%, of which the total export volume was 155.2 billion US dollars, with an increase of 9.8%; The deficit was US $18.55 billion, an increase of 79.3% year-on-year

in 2017, the total output of major chemical products in China increased by about 2.7%, down 2.2% from the previous year. Among them, the total output of chemical fertilizer (converted into pure) 60654, in terms of cost performance 20000 tons, down 2.6%; The output of sulfuric acid was 86.942 million tons, an increase of 1.7%; The output of caustic soda was 33.652 million tons, an increase of 5.4%; Polysilicon output was 298000 tons, with an increase of 13.1%; Ethylene output was 18.214 million tons, an increase of 2.4%; The output of pure benzene was 8.335 million tons, an increase of 3.7%; Methanol output was 45.288 million tons, an increase of 7.1%; The total output of synthetic materials was 150 million tons, an increase of 6.6%; The output of tires was 926million, an increase of 5.4%

the total export volume of rubber products in the whole year was 46.54 billion US dollars, an increase of 4.9% year on year; The export volume and export volume of chemical fertilizers were 25.195 million tons (physical quantity) and 6.14 billion US dollars respectively, a year-on-year decrease of 9.6% and 7.4%

in 2017, the profit margin of the main revenue of the chemical industry was 6.65%, an increase of 1.25 points year-on-year; The cost of main business income per 100 yuan was 85.59 yuan, a year-on-year decrease of 0.58 yuan. The inventory turnover days of finished products are 14.7 days; The average payback period of accounts receivable is 29.6 days. The industry lost 12.4%, a year-on-year decrease of 0.5 percentage points

II. Main characteristics and problems of economic operation

(I) main characteristics

1 The economic scale regained the momentum of expansion, and the income increased again, hitting a recent high

in 2017, the revenue of the petroleum and chemical industry reached 13.78 trillion yuan, an increase of 15.7%, the largest increase in five years, 4.6 percentage points higher than the growth rate of national scale industries in the same period. From the perspective of growth trend, the fluctuation of the whole year is not large, but slow and stable. Among them, the oil and gas exploitation increased by 17.6%, the oil processing industry increased by 21.5%, and the chemical industry increased by 13.8%

profits increased rapidly, close to the best level in history. In 2017, after three consecutive years of decline, the total profit of the petroleum and chemical industry regained its growth momentum, regaining the 800 billion yuan mark, more than 840 billion yuan, with a growth rate of more than 51%, significantly higher than the average growth rate of 21.0% for national scale industries, and the total profit and growth rate almost reached the highest level in history. Among them, the oil and gas exploration industry turned losses into profits, the oil processing industry increased by 14.4%, and the profit of the chemical industry increased by 40.2%

assets rose steadily and maintained the momentum of expansion. In 2017, the total assets of China's petroleum and chemical industry hovered around the 12 trillion mark for two years, and the expansion accelerated, breaking through 13 trillion yuan at one stroke, reaching 13.03 trillion yuan, reaching a new level

2. The endogenous driving force of economic growth is enhanced

optimization of growth structure

in the chemical industry, the income of synthetic materials, basic chemical raw materials and special chemical manufacturing increased rapidly, with a high contribution rate. In 2017, the main business income of synthetic materials manufacturing increased by 23.5%, ranking first in all chemical industries. The growth rates of basic chemical raw materials and special chemicals manufacturing were 16.1% and 12.4% respectively, ranking second and third. In terms of contribution rate, the contribution rate of synthetic materials, basic chemical raw materials and special chemical manufacturing to the growth of chemical industry revenue reached 26.9%, 32% (of which the contribution rate of organic chemical raw materials reached 21.8%) and 21.7%, respectively, with a total contribution rate of more than 80%. The revenue growth of the chemical industry mainly comes from these three areas

increased profitability. In 2017, the profit margin of the main revenue of the petroleum and chemical industry reached 6.14%, a new high in the past four years. Among them, the oil and gas exploitation industry turned positive from a negative value in the previous year; Although the oil processing industry fell back from the previous year, it still maintained a historically high level of 5.59%; The profit margin of the main revenue of the chemical industry increased significantly by 1.25 percentage points year-on-year, exceeding 6% for the first time since 2012

improved energy efficiency. In the first three quarters of 2017, the total energy consumption of the petroleum and chemical industry increased by 1.3% year-on-year, down 0.3 percentage points from the same period last year, the lowest growth rate in the same period in history. The consumption of standard coal in 10000 yuan revenue decreased by 12.8% year-on-year, the first decline since 2013. Among them, the 10000 yuan income of the oil and gas exploitation industry decreased by 16.8%, the petroleum processing industry decreased by 13.6%, and the chemical industry decreased by 12.6%. Energy consumption per unit product also continued to decrease. Among them, the comprehensive energy consumption of caustic soda production decreased by 0.5%, that of soda production decreased by 3%, that of synthetic ammonia production decreased by 2.2%, that of ethylene production decreased by 0.1%, and that of oil and gas production and crude oil processing decreased by 2.1%

the debt ratio decreased. In 2017, the asset liability ratio of the petroleum and chemical industry was 54.03%, the lowest since 2010, down 0.58 percentage points from the same period last year, and 1.5 percentage points lower than the national industrial debt ratio of 55.5% in the same period. Among them, the oil and gas exploitation industry was 46.95%, up 0.31 points year-on-year; The petroleum processing industry was 58.45%, down 1.07 points; The chemical industry was 54.70%, down 1.09 points

3. Consumption accelerated, structural improvement

the growth of energy consumption accelerated, and the proportion of natural gas continued to rise. In 2017, China's apparent consumption of oil and natural gas was 799 million tons (oil equivalent), an increase of 7.4% year-on-year, and the growth rate was 3.1 percentage points faster than that of the previous year. Among them, the apparent consumption of crude oil was 607 million tons, an increase of 5%; The apparent consumption of natural gas was 239.39 billion cubic meters, an increase of 15.3%, accounting for 27% of oil and natural gas, an increase of 1.8 percentage points year-on-year. Since 2017, LPG consumption has slowed down significantly, with an annual growth rate of only 7.8%, the lowest since 2013. Among oil consumption, the most noteworthy is that the growth rate of gasoline consumption hit a new record low, with a growth rate of only 2.3%, and there was once a negative growth; Diesel consumption stopped decreasing and turned to increasing, but the growth rate was less than 1.5%; Driven by the prosperity of the air transport industry, kerosene consumption maintained a rapid growth rate of 8.7%, slightly lower than that of the previous year

consumption structure improved. In 2017, the total apparent consumption of major chemicals increased by about 4.6%, 0.9 percentage points higher than the previous year. Among the consumption of major chemicals, the growth rate of basic chemical raw materials has fallen, the growth of synthetic materials has accelerated significantly, and chemical fertilizers continue to decline. The total annual apparent consumption of basic chemical raw materials increased by about 4%, down 1.1 percentage points from the previous year; Synthetic materials increased by 7%, an increase of 3.5 percentage points. Among them, the growth rate of synthetic rubber and synthetic fiber monomer reached 30% and 11.1% respectively. In 2017, the apparent consumption of chemical fertilizers decreased by about 1.1%, falling for the second consecutive year. Among them, urea decreased by 3.1%; Potash consumption maintained growth, but the growth rate slowed to 4.6%

4. Exports returned to growth

in 2017, the import and export trade of the petroleum and chemical industry continued to grow rapidly, the foreign demand market improved, and the export trade resumed its growth momentum after declining for two consecutive years. According to the customs data, the total import and export volume of the whole year increased by 22.1% year-on-year, the largest increase since 2012. Among them, the import growth rate reached 27.2%, the export growth rate was 12.9%, and the export growth rate showed an accelerating trend. Export structure optimization. The proportion of refined oil, organic chemical raw materials and synthetic materials in exports continued to rise. In 2017, refined oil accounted for 11.1% of the total exports of the whole industry, an increase of 1.3 percentage points year-on-year; Organic chemical raw materials account for 21 It is known from the data mechanics that 2%, an increase of 1.0 percentage points; Synthetic materials accounted for 8.3%, an increase of 0.6 percentage points. Some Biographies