PetroChina posts 4% growth in earnings
By Richard Fu |
August 27, 2010, Friday
|
Print Edition
Print Edition
PETROCHINA Co posted a worse-than-expected 4 percent rise in second-quarter earnings as weak refining margins offset gains from higher crude oil prices.
The company earned 32.8 billion yuan (US$4.82 billion) in the April-June period, according to its interim results released yesterday. That was below the average estimate of 34.13 billion yuan by eight analysts polled by Reuters.
Crude oil prices gained about 30 percent in the second quarter, but government control on fuel prices means oil companies' refining business in China could suffer amid high crude rates.
"International crude oil prices may fluctuate drastically with high frequency over the near future, and the operating environment for the petroleum and petrochemical industry may also face numerous uncertainties," said PetroChina, the nation's largest oil producer and No. 2 refiner.
Compared with Sinopec Corp, Asia's largest refiner, and CNOOC Ltd, a pure upstream oil and gas producer, PetroChina is something in between. CNOOC more than doubled its first-half net profit while Sinopec has posted a 6.7 percent gain.
For the first half, PetroChina's net profit rose 29.4 percent to 65.3 billion yuan. Operating income in its exploration and production business jumped 95 percent during the period while it tumbled 68 percent in the refining and chemical segment.
PetroChina President Zhou Jiping said the company is seeking further cooperation with British oil company BP.
The company earned 32.8 billion yuan (US$4.82 billion) in the April-June period, according to its interim results released yesterday. That was below the average estimate of 34.13 billion yuan by eight analysts polled by Reuters.
Crude oil prices gained about 30 percent in the second quarter, but government control on fuel prices means oil companies' refining business in China could suffer amid high crude rates.
"International crude oil prices may fluctuate drastically with high frequency over the near future, and the operating environment for the petroleum and petrochemical industry may also face numerous uncertainties," said PetroChina, the nation's largest oil producer and No. 2 refiner.
Compared with Sinopec Corp, Asia's largest refiner, and CNOOC Ltd, a pure upstream oil and gas producer, PetroChina is something in between. CNOOC more than doubled its first-half net profit while Sinopec has posted a 6.7 percent gain.
For the first half, PetroChina's net profit rose 29.4 percent to 65.3 billion yuan. Operating income in its exploration and production business jumped 95 percent during the period while it tumbled 68 percent in the refining and chemical segment.
PetroChina President Zhou Jiping said the company is seeking further cooperation with British oil company BP.
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