China oil companies could report 'significant losses' in the first quarter, Bernstein says [MSNBC.com]
PetroChina Company Limited (PTR)
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Source: MSNBC.com
VIDEO2:4002:40PetroChina, Sinopec to see 'significant losses' in Q1 amid oil glut: BernsteinStreet Signs Asia 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 forBoth 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 sawU.S. crude prices go into negative territoryBeveridge 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 benchmarkBrent crude futures"The problem with some of the Chinese producers, I've heard, is that it's very difficult, given that these are state-owned enterprises, to cut costs as aggressively as private sector companies," the Bernstein analyst said. This has led the firms to be slow in their reaction, from cutting costs to r
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