新加坡（彭博社）—中国石油巨头结束了上半年的勘探和生产，惩罚了炼油业务。

中石油和中海油周四发布了强劲的盈利报告，而燃料生产巨头中石化本周早些时候表示，利润较上年同期下滑了 24%。三者都兑现了增加支出的承诺，力求满足习近平主席提高能源产量的要求。

投资者似乎很高兴，尤其是对中海油的成本削减。该公司周五领涨香港恒生指数，涨幅高达 6.5%。中石油涨幅高达4.5%。

以下是 1 月至 6 月结果的一些亮点：

消费热潮

与荷兰皇家壳牌和雪佛龙等全球巨头严格控制支出并向投资者返还现金不同，中国国有巨头正在大手笔扩大产量。虽然这三者尚未达到年度资本支出目标的中间位置（支出往往集中在下半年），但与去年相比已显着增加。

产量不断增长

这三个国家的产量都在稳步增加，考虑到他们国内的许多油田都已经老旧且成本高昂，这并非易事。这有助于解释为什么他们在天然气上大举押注。中海油上半年净产量创历史新高，中石油国内天然气供应量实现两位数增长。尽管整体产量仅增长 0.9%，但中国石化（正式名称为中国石油化工股份有限公司）的天然气产量增长了 7%。

成本控制

中海油的成本削减措施成效显着。这家海上勘探公司将总成本从一年前的 31.83 美元/桶进一步降低至 28.99 美元/桶，有助于抵消油价下跌对其运营的影响。桑福德伯恩斯坦公司的分析师在一份报告中表示，“成本控制仍然非常出色”。

中石油进口天然气的政策有所缓和。这些损失收窄至2016年以来的最低水平，该公司将其归因于国内产量增加减少了海外采购。这家最大的生产商以国家控制的价格向国内用户出售天然气，该价格往往低于通过长期供应合同和中亚管道进口天然气的成本。

SINGAPORE (Bloomberg) - China Big Oil wrapped up a first half that rewarded exploration & production and punished refining.

PetroChina Co. and Cnooc Ltd. on Thursday posted stronger earnings, while Sinopec, the fuel-making behemoth, said earlier in the week that profit slid 24% from a year ago. All three delivered on commitments to increase spending, seeking to fulfill President Xi Jinping’s demand for higher energy output.

Investors seemed pleased, especially with Cnooc’s cost cutting. The company led gains on the Hang Seng Index in Hong Kong on Friday, rising as much as 6.5%. PetroChina added as much as 4.5%.

Here are some highlights from their January-June results:

Spending Spree

Unlike global titans such as Royal Dutch Shell and Chevron, who are keeping a tight rein on spending and returning cash to investors, China’s state-owned giants are splurging to expand output. While the trio aren’t yet at the midway mark of their annual capex targets -- spending tends to be concentrated in the second half -- they have significantly increased from last year.

Growing Output

All three are steadily increasing output, which hasn’t come easy considering that many of their oil fields back home are old and costly. That helps explains why they’re betting big on natural gas. Cnooc’s net production rose to a record in the first half, while PetroChina posted a double-digit growth in domestic gas supply. Gas output by Sinopec, officially known as China Petroleum & Chemical Corp., gained 7% despite overall production rising just 0.9%.

Cost Control

Cnooc’s cost-cutting shone through. The offshore explorer further lowered its all-in cost to $28.99/bbl from $31.83 a year ago, helping offset the impact of falling oil prices on its operations. “Cost control continues to be excellent,” analysts at Sanford C. Bernstein said in a note.

PetroChina is getting some reprieve from importing natural gas. Those losses narrowed to the least since 2016, which the company attributed to higher domestic output trimming overseas purchases. The top producer sells gas to domestic users at state-controlled prices, which tend to be lower than its costs of importing gas through long-term supply contracts and pipelines from Central Asia.