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The domestic oil and gas exploration industry suffered losses for the second consecutive year, but compared to 2016, both cost and profitability have improved. On February 6, the China Petroleum and Chemical Industry Federation (hereinafter referred to as the Petrochemical Federation) issued the "Review of the Economic Operation of China's Petroleum and Chemical Industry in 2017 and the 2018 Outlook Report". According to the report, due to the insufficient efficiency of the oil extraction industry, the domestic oil and gas exploration industry lost 30% in 2017, down 9.2 percentage points year-on-year. Among them, the oil mining industry has a loss of 58%, and nearly 60% of oil-mining enterprises have a net loss of 1.15 billion yuan. In 2017, the main revenue of the oil and natural gas mining industry per 100 yuan was 78.18 yuan, a decrease of 10.18 yuan over the same period of last year; the domestic oil and natural gas mining owner's income profit rate was 3.58%, and the main year's main income profit rate was -7.04%. As one of the three major business segments of the petrochemical industry, as of the end of 2017, there were 293 enterprises above designated size in the domestic oil and gas exploration industry, with a total revenue of 920.15 billion yuan, a year-on-year increase of 17.6%; net profit of 32.98 billion yuan, turning losses into profits, The same period last year was a net loss of 55.08 billion yuan. The industry completed fixed assets investment of 264.89 billion yuan in 2017, an increase of 13.9%. As of the end of 2017, assets totaled 2.18 trillion yuan, down 3.9% year-on-year; the asset-liability ratio was 46.95%. In addition, the oil and gas exploration industry's ex-factory price index rose by 29% year-on-year in the year of 2017, and chemical raw materials and chemical products manufacturing rose by 9.4%. The overall price level ended the five-year decline. This also promoted the recovery of petrochemical performance. The report predicts that international oil prices will maintain a rising momentum this year, but the gains are significantly weaker than in 2017. The average annual price of international crude oil has risen to between US$55-60/barrel, or about 8%. The average annual price of WTI crude oil is estimated to be about US$55/barrel, the average annual price of Brent crude oil is US$60/barrel, and the average price of Daqing crude oil is about US$53/barrel. Based on this uptrend, the Petrochemical Federation predicts that the main business income of the petroleum and chemical industry in 2018 will exceed 15 trillion yuan, an increase of about 10% year-on-year. Among them, the chemical industry's main income was 10 trillion yuan, an increase of about 10%. The report predicts that the total profit of the petroleum and chemical industry in 2018 will be close to 900 billion yuan, an increase of about 5% year-on-year; the total profit of the chemical industry will be about 630 billion yuan, a year-on-year increase of 5%. Compared with the oil exploration industry, the petrochemical industry's second largest business segment, the oil processing industry, is much better. However, the asset-liability ratio is relatively higher. As of the end of 2017, there were 1,366 enterprises above designated size in the petroleum processing industry, with a cumulative main income of 3.42 trillion yuan, a year-on-year increase of 21.5%; total profit of 191.55 billion yuan, an increase of 14.4%. In 2017, the industry completed fixed assets investment of 222.82 billion yuan, an increase of 5.6%; assets totaled 2.05 trillion yuan, an increase of 12.3%; asset-liability ratio of 57.35%. The business sector with the highest growth rate was the chemical industry, with a year-on-year increase of 40%, but its asset investment declined. As of the end of 2017, there were 26,202 enterprises above designated size in the chemical industry, with a cumulative revenue of 9.1 trillion yuan, a year-on-year increase of 13.8%; total profit was 605.07 billion yuan, a year-on-year increase of 40.2%. The chemical industry completed fixed assets investment in 2017 was 1.5 trillion yuan, down 5.2%; assets totaled 8.39 trillion yuan, an increase of 6.6%; asset-liability ratio was 54.7%. The growth of the chemical industry is greatly affected by imports and exports. In 2017, domestic import and export trade totaled 328.94 billion US dollars, up 12.3% year-on-year; of which exports totaled 155.2 billion US dollars, an increase of 9.8%; the deficit was 18.55 billion US dollars, an increase of 79.3%. The report shows that the problem of insufficient investment momentum in the petrochemical industry is increasingly prominent. In 2017, due to the unsustainable growth rate of the chemical industry, fixed assets investment in the petroleum and chemical industry declined for the third consecutive year. Among them, the chemical industry declined for two consecutive years, falling by 5.2% in 2017, an increase of 2.5 percentage points year-on-year. Report monitoring data also showed that in 2017, domestic oil and chemical industry inventory funds rose by 12.3%, of which the chemical industry rose by 12.7%, the largest increase in five years. “In the context of slowing demand, stocks are rising rapidly, indicating that market risks may increase and should be vigilant,†the Petrochemical Federation said in the report. According to the National Bureau of Statistics, as of the end of 2017, there were 29,307 large-scale enterprises in the domestic petroleum and chemical industry, with a cumulative main business income of 13.78 trillion yuan, a year-on-year increase of 15.7%; total profit of 846.20 billion yuan, an increase of 51.9%, respectively National main-scale industrial main income and total profit of 11.8% and 11.3%. (This article comes from the interface news)