PetroChina Reports 290% Jump in Q3 Profit
PetroChina reported October 30 a significant 290% hike in its Q3 profit thanks to rise in oil and gas prices.
The company, a subsdiary of Chinese state-owned CNPC, reported a profit of yuan 4.69bn ($705mn) while revenues rose 17% to yuan 481.8bn ($72.5bn).
For the nine months PetroChina's profit was yuan 17.33bn ($2.6bn), up from 1.73bn a year earlier, even allowing a yuan 4.35bn loss on disposals of non-current assets.
In the first three quarters of 2017, the company produced 660.1mn barrels (2.42mn b/d) of crude oil, down 5.2% year-on-year, while marketable natural gas output was 2,539.2bn ft3 (or 9.3bn ft3/d), up 4.5% year-on-year.
In the first three quarters of 2017, on the back of the higher gas prices and sales volumes relative to 9M2016, the natural gas and pipeline segment recorded a profit from operations of yuan 18.04bn ($2.7bn), representing an increase of yuan 188mn over the same period in 2016.
Shardul Sharma