Sinopec, PetroChina Fight Back With ‘Pity Me’ Earnings 中石化、中石油上演苦肉计
In what I can only describe as a stroke of brilliant PR by China’s top two oil companies, both PetroChina (NYSE: PTR; HKEx: 857) and Sinopec (NYSE: SNP; HKEx: 386) have posted very strong first quarter numbers but also managed to draw attention to how much they’ve suffered due to high oil prices. 
(English article) Sinopec in particular was very creative, saying it kept down its refining losses during the quarter by relying on crude oil stockpiles it accumulated when oil prices were lower. PetroChina, meantime, relied on its crude oil business to offset its own massive refining losses. The PR blitz underscoring the problems they face comes as Chinese consumers express growing frustration with high gas prices, and as Beijing grows increasingly worried about inflation. Analysts are saying to look for Beijing to grant another price increase in the not-too-distant future, and such an increase may indeed be coming. But with crude oil prices unlikely to go much higher and perhaps even come down as the Libya situation plays out, don’t look for an inflation-worried Beijing to approve any major hikes in gas prices anytime soon.
Bottom line: PetroChina and Sinopec have launched an effective PR campaign to highlight losses from their refining operations, but don’t look for any major gasoline price hikes from Beijing.
中石油<0857.HK><601857. SS>和中石化<0386.HK> <SNP.N>一季度财报喜人，但却成功地让大家注意到他们的炼油业务是如何饱受油价飙升之苦的。我只能说，这是一个高明的公关策略。中石化尤其有创意，称其一季度控制住炼油业务亏损原因靠的是在油价较低时囤积的原油库存。中石油则同时宣称，依赖原油业务抵消了炼油业务的大幅亏损。在中国消费者对高油价日益不满，中国政府对通货膨胀日益担心之际，这两家公司的公关策略凸显了两家公司所面临的问题。分析人士表示，估计在不久的将来，中国政府将批准燃料油再次涨价。但实际上在原油价格不大可能变得更高，而且随着利比亚动荡的局势趋向平稳，甚至可能会下跌。因此别指望中国政府允许油价大幅度提升。
一句话：中石油和中石化的公关策略卓有成效，强调了其炼油业务的亏损，但别指望中国政府会允许油价大幅上涨。
Related postings 相关文章:
◙ Sinopec Fights Back With Feeble PR Blitz 中石化公关仍不到位
◙ Sinopec Scandal Points to Big Oil Crackdown 中石化：“天价酒”事件实为敲山震虎？
◙ PetroChina Gets in Bed wtih Saudis to Secure Oil Supplies 中石油的沙特“情缘”
