PetroChina gains from prices, demand
By Richard Fu |
October 29, 2010, Friday
|
Print Edition
Print Edition
PETROCHINA Co has posted a 13 percent increase in quarterly net earnings as it benefitted from higher energy prices and demand.
The nation's largest oil producer earned 34.7 billion yuan (US$5.1 billion) in July through September, the best quarterly profit in two years, it reported late Wednesday. It earned 30.8 billion yuan in profit in the same period a year earlier.
The firm gained from a 12-percent increase in crude oil prices in the last quarter in New York.
Analysts said PetroChina's earnings in the current quarter will be further boosted by strong demand and higher refining margins.
China raised gasoline and diesel prices by 3 percent on Tuesday. The price hike shows the government is committed to its fuel pricing mechanism, boosting outlook for PetroChina and rival Sinopec, Asia's largest refiner.
Fourth-quarter profit should grow "sequentially" from the third, especially with rebounding crude prices and higher sales volume during the Guangzhou Asian Games in November and winter, according to Mirae Asset Securities, which raised full-year earnings forecast by 5 percent to 138 billion yuan.
PetroChina's net income for the first nine months jumped 23 percent to 100 billion yuan, already close to its full-year earnings in 2009.
Crude oil production rose 1.3 percent to 639.7 million barrels for the first nine months while natural gas output surged 11 percent to 1.68 trillion cubic feet.
Ping An Securities analyst Wu Ying forecast that gas will be a growth driver for PetroChina.
The nation's largest oil producer earned 34.7 billion yuan (US$5.1 billion) in July through September, the best quarterly profit in two years, it reported late Wednesday. It earned 30.8 billion yuan in profit in the same period a year earlier.
The firm gained from a 12-percent increase in crude oil prices in the last quarter in New York.
Analysts said PetroChina's earnings in the current quarter will be further boosted by strong demand and higher refining margins.
China raised gasoline and diesel prices by 3 percent on Tuesday. The price hike shows the government is committed to its fuel pricing mechanism, boosting outlook for PetroChina and rival Sinopec, Asia's largest refiner.
Fourth-quarter profit should grow "sequentially" from the third, especially with rebounding crude prices and higher sales volume during the Guangzhou Asian Games in November and winter, according to Mirae Asset Securities, which raised full-year earnings forecast by 5 percent to 138 billion yuan.
PetroChina's net income for the first nine months jumped 23 percent to 100 billion yuan, already close to its full-year earnings in 2009.
Crude oil production rose 1.3 percent to 639.7 million barrels for the first nine months while natural gas output surged 11 percent to 1.68 trillion cubic feet.
Ping An Securities analyst Wu Ying forecast that gas will be a growth driver for PetroChina.
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