Oil and Gas Industry Forecast Q2/2025: While the Sector Reports Large Profits, Why Did Two Giants Petrolimex and BSR Drop by 35% and 91%?

Vietcombank Securities (VCBS) forecasts that in Q2/2025, the oil and gas industry will show positive business results, yet two major companies BSR and PLX are expected to see sharp declines in profits. Upstream service companies like PVS, GAS, and PVD are likely to perform well due to large projects and rising gas production. PVS is projected to achieve VND 5,986 billion in revenue and VND 239 billion in profit, while PVD forecasts revenue of VND 2,425 billion and profit of VND 236 billion. Conversely, BSR is estimated to generate VND 32,295 billion in revenue but only VND 72 billion in profit, a drastic 91% drop, primarily due to high inventory costs, while PLX expects a revenue of VND 79,264 billion but profits down by 35% to VND 836 billion. This situation results from fluctuations in oil prices and high inventory costs. VCBS concludes that although revenues climb, profits for BSR and PLX remain adversely affected, leading to results below expectations.