Rising oil prices lift PetroChina's Q1 net by 14%
By Richard Fu |
April 28, 2011, Thursday
|
Print Edition
Print Edition
PETROCHINA Co posted a 13.9 percent increase in first-quarter earnings as higher crude oil prices offset negative refining margins.
China's biggest oil producer earned 37 billion yuan (US$5.7 billion) in the January-March period, compared with 32.5 billion yuan a year earlier, according to results filed to the Shanghai Stock Exchange yesterday.
PetroChina, the nation's No. 2 refiner after Sinopec, said its refining operations saw an operating loss of 6.1 billion yuan in the quarter as gains in crude prices outpaced hikes in domestic fuel rates.
Oil and gas production rose 5.2 percent to 325.7 million barrels of oil equivalent (boe) in the first quarter. About 8 percent were from overseas.
PetroChina and global peers like Exxon Mobil have benefited from a rise in crude oil prices this year.
Oil prices may stay high this year, James Zhang, a strategist at Standard Bank, said last week in Shanghai, citing geopolitical tensions, world economic recovery and loose monetary policies.
The South African bank forecast Brent crude prices to average US$110 per barrel in 2011. Brent averaged US$105.5 in the first quarter.
CNOOC Ltd, the smallest of China's three major state-owned oil firms, yesterday said its first-quarter revenue soared 59 percent to 48.5 billion yuan on the back of higher output and rising prices of oil and gas.
The offshore producer's net output rose 27 percent to 85.2 million boe in the first three months in line with its prior full-year guidance of 355 million-365 million boe. CNOOC doesn't issue quarterly profit results.
"We believe CNOOC's net profit can rise by another 28 percent this year based on our conservative US$100 Brent crude price forecast," Mirae Asset Securities analyst Gordon Kwan said.
CNOOC has no refining operations.
Sinopec, China's second-largest oil producer, has yet to report its first-quarter results.
China's biggest oil producer earned 37 billion yuan (US$5.7 billion) in the January-March period, compared with 32.5 billion yuan a year earlier, according to results filed to the Shanghai Stock Exchange yesterday.
PetroChina, the nation's No. 2 refiner after Sinopec, said its refining operations saw an operating loss of 6.1 billion yuan in the quarter as gains in crude prices outpaced hikes in domestic fuel rates.
Oil and gas production rose 5.2 percent to 325.7 million barrels of oil equivalent (boe) in the first quarter. About 8 percent were from overseas.
PetroChina and global peers like Exxon Mobil have benefited from a rise in crude oil prices this year.
Oil prices may stay high this year, James Zhang, a strategist at Standard Bank, said last week in Shanghai, citing geopolitical tensions, world economic recovery and loose monetary policies.
The South African bank forecast Brent crude prices to average US$110 per barrel in 2011. Brent averaged US$105.5 in the first quarter.
CNOOC Ltd, the smallest of China's three major state-owned oil firms, yesterday said its first-quarter revenue soared 59 percent to 48.5 billion yuan on the back of higher output and rising prices of oil and gas.
The offshore producer's net output rose 27 percent to 85.2 million boe in the first three months in line with its prior full-year guidance of 355 million-365 million boe. CNOOC doesn't issue quarterly profit results.
"We believe CNOOC's net profit can rise by another 28 percent this year based on our conservative US$100 Brent crude price forecast," Mirae Asset Securities analyst Gordon Kwan said.
CNOOC has no refining operations.
Sinopec, China's second-largest oil producer, has yet to report its first-quarter results.
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