PetroChina's 1H Profit Up 114% on Year
Chinese state-owned PetroChina more than doubled its profit for the January-June (1H2018) period thanks to improved oil prices, higher refined fuel sales and robust natural gas demand, it said August 30.
Net profit attributable to owners of the company was yuan 27.09bn ($4bn), representing an increase of 113.7% compared with the same period in 2017. Revenue during the period was yuan 1.109tn, PetroChina said.
PetroChina’s gas production during the first half was about 1.8trillion ft3, up 3% year on year while crude oil production was 437.7mn barrels, up from 435.8mn barrels in 1H2017. The average realised crude oil price in 1H2018 was $65.81/b, up 32.5% year on year.
PetroChina expects the global economy to continue recovering in 2H2018 and oil market to be tightly balanced. Commenting on its natural gas business, the company said it will improve the pipe network interconnection mechanism, optimise pipeline operation, and enhance pipe transportation profitability. It is also looking to develop downstream markets along new pipelines in order to improve sales performance of natural gas business chain. PetroChina said it will accelerate the pace of plant opening in new natural gas fields and promote the development of shale gas "in a profitable, large-scale and environmentally-friendly way".