PetroChina's Net Profits Soar Ten-Fold Over First Nine Months
Dou Shicong
DATE:  Oct 31 2017
/ SOURCE:  Yicai
PetroChina's Net Profits Soar Ten-Fold Over First Nine Months PetroChina's Net Profits Soar Ten-Fold Over First Nine Months

(Yicai Global) Oct. 31 -- Net profit in the first three quarters at Chinese energy giant PetroChina Co. [SHA:601857;HKG:0857;NYSE:PTR] grew more than ten-fold on the year thanks to a rise in international crude oil prices and cost control, the firm said in its quarterly report published yesterday.

Operating income grew 26.7 percent on the year to CNY1.46 trillion (USD219.8 billion), while net profit soared 903.2 percent to CNY17.37 billion, giving earnings per share of CNY0.09 (USD0.01).

In terms of output, the firm shipped 660.1 million barrels of crude oil, 5.2 percent less than the same period last year. Saleable natural gas output totaled 2,539.2 billion cubic meters, up 4.5 percent. Rising crude oil prices and better cost control saw the group's oil and gas businesses contribute CNY10.98 billion to operating profit, compared to a loss of CNY3.95 billion a year earlier.

During the first nine months, the world economy recovered slowly and China continued its steady momentum, PetroChina said in its report. The international market saw balancing supply and demand of oil, violent price fluctuations and an average price rise over the year. Average spot prices for North Sea Brent crude oil and West Texas Intermediate crude oil climbed 23.8 percent and 19.1 percent, respectively.

The company forecast that the global oil market will remain balanced while price fluctuations continue during the fourth quarter, and the group's full-year net profit would be much greater than last year.

Follow Yicai Global on
Keywords:   PetroChina,Profit & Loss,Crude Oil,Oil Prices