PetroChina’s H1 net profit climbs 5.6%
Print Edition
PetroChina Co posted a 5.6 percent increase in first-half profit on higher energy production and smaller losses at its refining business after China reformed its fuel pricing.
Net income rose to 65.5 billion yuan (US$10.7 billion) in the first six months from 62.03 million yuan a year earlier, China’s largest oil producer said yesterday. Revenue jumped 5.2 percent to 1.1 trillion yuan.
The company benefited from a 4.4 percent gain from a year earlier in crude oil and natural gas output totaling 697.2 million barrels in the first half. The average realized crude selling price fell 6.9 percent to US$100.49 a barrel.
PetroChina’s refining loss of 7.77 billion yuan in the first half narrowed from 23.3 billion yuan a year earlier after China unveiled a fuel pricing reform in late March to link prices more closely to global crude rates.
“The group successfully reduced losses of the refining and chemicals segment to a significant extent compared with the same period in 2012 by taking advantage of this opportunity,” PetroChina said.
Previously, the government often delayed fuel price increases when crude rates rose sharply, hurting refiners.
The supply in the global crude market may slightly exceed demand in the second half of this year, with highly fluctuating crude prices, PetroChina said. Also, the domestic petroleum and petrochemical markets may not improve sharply in the second half amid an economic slowdown.
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