Zhongman Petro & Natural Gas

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Zhongman Petroleum Flags Earnings Pressure Risk, Expects First-Half Net Profit to Drop Over 60% Year-on-Year

Zhongman Petroleum issued an announcement on abnormal stock trading after hitting the daily limit up three times in four consecutive trading sessions. The company expects net profit attributable to shareholders of the listed company for the first half of 2026 to be between 88.68 million yuan and 106 million yuan, a year-on-year decrease of 64.68 percent to 70.46 percent. The company stated that operating performance is affected by multiple factors such as crude oil production and sales volumes and the progress of investment in overseas oilfield projects. If the digestion of crude oil inventories at the Wensu oilfield fails to improve and the shutdown drilling teams in Iraq cannot resume work and production in a timely manner, operating performance faces the risk of further pressure. Recently, international crude oil prices have experienced significant short-term fluctuations, and future oil price trends are highly uncertain. The company reminds investors to pay attention to relevant risks.

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Zhongman Petroleum announces nine rig crews in Iraq remain idle, crude sales at Wensu oilfield decline

Zhongman Petroleum has issued an announcement stating that due to geopolitical conflicts in the Middle East, multiple rig crews in its Iraq operations remain in a standby state. As of the announcement date, the company has deployed a total of 14 rig crews in the Iraqi market, of which nine are still on standby, causing a certain adverse impact on the drilling and completion engineering segment. Meanwhile, crude oil sales from the company's Wensu oilfield have declined compared to the same period last year. The company's stock experienced abnormal trading volatility, with the cumulative deviation of the closing price increase exceeding 20 percent over two consecutive trading days on July 22 and July 23, 2026. Apart from the above, the company's other production and operating activities are normal, with no major adjustments in the market environment or industry policies, and internal production and operations remain stable.

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Oilfield Services Engineering Sector Strengthens Intraday as Institutions Say Industry Shifts from Asset-Heavy to Technology- and Service-Driven Model

The oilfield services engineering sector rose 2.18% intraday, with Xinjin Power up 3.85%, Beiken Energy up 3.64%, Tongyuan Petroleum up 3.50%, Zhongman Petroleum up 3.14%, and Qianneng Hengxin up 2.36%. A research note from CICC pointed out that the global FLNG market is accelerating its expansion, with global FLNG liquefaction capacity expected to exceed 20 million tonnes per year by 2026 and surpass 30 million tonnes per year by 2030, driving sustained demand for offshore engineering equipment and related technical services. The Middle East oilfield services market offers vast opportunities, projected to grow from 83 billion US dollars in 2023 to 131 billion US dollars in 2029. Chinese oilfield service companies currently hold a relatively low share in the region, presenting significant potential for import substitution and market share gains. Coupled with high utilization rates of domestic drilling equipment and the accelerated phase-out of older assets, there is upside potential for drilling rig day rates, as the industry transitions from an asset-heavy model to one focused on technology and services.

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