Industry News
CNPC Will Rein in Capital Expenditure
Posted: 09/03/2014 16:44:45  Hits: 765
CNPC Group held recently the production and business operation situation analysis conference of the first half year, and put forward that CNPC will strengthen capital expenditure and total quantity investment control, and make great efforts to the reform scheme implementation in the second half year.
CNPC Group pointed out on the conference that the overall performance was better than expectation in the first half year. The domestic exploration and production business volume and profits had increased obviously among the overall performance. Sales expansion and cutting inventory of oil products effected evidently. Refining business profitability made up the deficits and gets surpluses. Chemical business reduced losses and imported gas loss fell on year-on-year basis. Overseas oil and gas business focused on the opportunity of making profits on major project, so the profits have achieved positive growth. Interest-bearing debt momentum of rapid growth was under control. On the whole, the domestic oil and gas production realized double growth both on time and task in the first half. The revenues, profits and taxes rose, financial condition kept steady, and joint-stock company's performance was better than that of four big characteristics of comparable companies. 
For the work in the second half, the meeting stressed that: Strengthen the capital expenditure and total quantity investment control, and gradually formed in the long-term mechanism of incremental benefit and constraint incremental investment. Pay special attention to the reform of implementation and promote the innovation in management. Continue to increase income, reduce expenditure and lower the cost and make more effects. Do efforts to achieve reserved benefit goal. At the same time, do a good job on the planned budget for 2015 and planning formulation of 13th Five Year Plan.
The meeting also will discuss about being prepared for optimizing of the refining and chemical business area layout, further standardizing labor, strengthening compliance management, accelerating reform of the unlisted business systems and mechanisms, improving the natural gas marketing system reform, and supplying and protecting the gas in this winter and next spring, etc in advance. The meeting also put forward explicitly definite direction for future work. 
CNPC Will Rein in Capital Expenditure