China oil companies could report 'significant losses' in the first quarter, Bernstein says [CNBC]
PetroChina Company Limited (PTR)
US:NYSE Investor Relations:
petrochina.com.cn/ptr/tzzgx/tzzgx.shtml
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Source: CNBC
Earnings from China's oil firms are going to "look pretty ugly" in the short-term, one Bernstein analyst told CNBC on Monday. "We're expecting very significant losses in the first quarter for PetroChina and Sinopec as a result of the low oil prices," Neil Beveridge, senior oil and gas analyst at Bernstein, told CNBC's "Street Signs." Both PetroChina and Sinopec are expected to post their quarterly earnings later this week, according to Refinitiv. It comes after recent volatility in oil prices which saw U.S. crude prices go into negative territory for the first time in history. Fears are mounting over slowing demand as a result of the economic fallout from the global coronavirus pandemic. Beveridge said onshore production in China is on "the high end of the cost curve," with break-even levels at about $50 to $60 per barrel. In comparison, international benchmark Brent crude futures currently sit at around $20 per barrel. "The problem with some of the Chinese producers, I've heard, is t
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