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    PetroChina reports best quarterly profit in 7 years

Summary

The company said it is establishing a new entity that will focus on investments in strategic assets and low-carbon projects.

by: Shardul Sharma

Posted in:

Complimentary, Natural Gas & LNG News, Asia/Oceania, Corporate, Exploration & Production, Financials, News By Country, China

PetroChina reports best quarterly profit in 7 years

PetroChina, the listed entity of Chinese state-run CNPC, on April 29 reported its best quarterly profit in seven years owing to higher realised product prices.

The company reported a net profit of 27.7bn yuan ($4.28bn) in the three months ending March 31 (Q1), having posted a loss of 16.3bn yuan in the same period last year.

Domestic oil and gas output was 373mn barrels of oil equivalent, up 4.3% year/year. Marketable natural gas output was 1.12 trillion ft3, up 9.6% year/year. The average realised price for crude oil was $55.70/barrel, up 2.4% yr/yr. The average realised price for natural gas was $6.56/'000 ft3, up 28.6% yr/yr.

The company also announced it was establishing a new entity that will focus on investments in strategic assets and low-carbon projects. The new firm, CNPC Kunlun Capital Company, is 51% owned by CNPC, 29% by PetroChina and 20% by CNPC Capital.