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PetroChina revenue up, profits slide
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PetroChina, China’s largest oil and gas producer, reported expansion in revenue in 2019, but its net profit saw a remarkable drop due to slowing global economic growth and unrest in the international oil market.
Revenue rose 6 percent year on year to 2.52 trillion yuan (US$355.22 billion), according to the company’s annual financial report. The sector of exploration and production, the brightest spot, generated a 30.7 percent increase in profit.
Net profits attributable to equity holders was 45.68 billion yuan, down 13.9 percent from the previous year.
PetroChina said the performance met profit forecasts, with major production indicators growing steadily despite the complex and grim situation of the global oil market affected by the gloomy economic outlook and sharp decline in oil prices.
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