PetroChina sees lowest profit in 5 years
Print Edition
PETROCHINA, the biggest oil and gas producer in China, said yesterday that it posted the lowest annual profit in five years in 2014 as earnings shrank in tandem with falling crude oil prices.
The company’s net earnings fell 17.3 percent to 107.2 billion yuan (US$17.3 billion) last year from 129.6 billion yuan a year earlier, it said in a statement to the Hong Kong stock exchange. Sales rose 1.1 percent to 2.28 trillion yuan.
Oil and gas production rose 3.6 percent to 1.45 billion barrels of oil equivalent in 2014, according to the statement. The realized crude oil price fell 13 percent to 3,939 yuan a ton.
PetroChina expects this year’s capital spending to fall 8.8 percent to 266 billion yuan from last year, adding to the 8.4 percent reduction in 2014.
Sinopec, China’s largest petroleum refiner, said on Sunday that its net earnings tumbled 29.4 percent to 47.43 billion yuan last year. Its revenue declined 1.9 percent year on year to 2.83 trillion yuan.
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