Petrochina's H1 Profit Up
State-owned Petrochina August 29 said profit during the six months to June (H1 2019) was up 3.6% year on year owing to higher oil and gas sales.
Company’s profit during H1 was yuan 28.42bn ($4bn) as against yuan 27.44bn in the same period last year, PetroChina said in a filing to the Hong Kong stock exchange. Total revenue was yuan 1.12 trillion, up 6.8% year on year. Crude oil sales volume was up 27.6% year on year while natural gas sales volume was up 23.5% year on year.
Company’s overall crude oil output during H1 was 451.9mn barrels, up 3.2% as compared with the same period of last year, the marketable natural gas output of 1,964.3bn ft3, representing an increase of 9.7% as compared with the same period of last year, and the oil and natural gas equivalent output of 779.4mn barrels, representing an increase of 5.9% as compared with the same period of last year.
In H1, the crude oil output from domestic operations was 369.8mn barrels, representing an increase of 1.6% as compared with the same period of last year. The marketable natural gas output from domestic operations amounted to 1,825.1bn ft3, up 10.7% as compared with the same period of last year. The oil and natural gas equivalent output from domestic operations amounted to 674.1 million barrels, representing an increase of 5.5% as compared with the same period of last year, Petrochina said.
In H2 2019, Petrochina expects the world economy to continue to grow, but risks of economic downturn to increase. “In general, the balance of supply and demand in the international crude oil market will widen, and oil prices will remain volatile with certain downward pressure,” it said.