PetroChina's profit up 41% in Q1
PetroChina, the listed arm of Chinese state-run CNPC, on April 29 announced a 41% year/year jump in net profit in the first three months of the year (Q1) on the back of higher oil and gas prices.
The company reported a net income of 39.1bn yuan ($5.94bn) compared with 27.7bn yuan in the same quarter of last year. The oil and gas output grew 3.3% yr/yr to 431mn barrels of oil equivalent.
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The average realised price for crude oil in Q1 was $86.29/barrel, representing an increase of 54.9% as compared with the same period of last year. The domestic realised price was $86.55/barrel, up 55.6% yr/yr while the average realised price for domestic natural gas was up 16.5% as compared with the same period of last year.