PetroChina expects 50-60% jump in profit in H1
PetroChina, the listed arm of Chinese state-owned CNPC, estimates its profit in the first half of this year to jump between 50% and 60% year/year owing to higher realised oil prices and increased production, it said on July 15.
The company expects the net profit in H1 to be between 26.5bn yuan ($3.94bn) and 32bn yuan. The production and sale of crude oil and natural gas increased as compared with the corresponding period of the previous year, the company said.
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The state-owned company said that it adhered to low-cost development and controlled the cost and expenses.