PetroChina's Net Profit Hit by Losses from Refining and Chemicals Segment

PetroChina – China's largest listed oil company by capacity – said Thursday that its net profit for 1H 2012 declined 6 percent from a year earlier due to refining losses and weaker demand for oil products and petrochemicals amid a difficult period in the global economy.

Net profit for the six months ended June 30, 2012, was $9.8 billion (CNY62 billion), down from $10 billion (CNY66 billion) a year earlier. The company's exploration and production business recorded an operating profit of $17 billion (CNY113.8 billion), while its refining and chemicals business booked an operating loss of $4.5 billion (CNY28.9 billion). 
 
PetroChina said that it expects 2H 2012 to remain "complicated and severe." It added that it will "put more effort into assessing and forecasting external situations … and will respond to all challenges in the most appropriate manner."
 
 
 

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Office Manager
Expertise: Asset Management|Operations Management|Secretarial or Administrative
Location: Von Ormy, TX
 
Port Engineer
Expertise: Marine Engineering|Operations Management|Ships Engineer
Location: Albany, NY
 
Sr. Analyst - Mobile & Application Development
Expertise: IT - Programming & Database|IT - Software Development|Project Management
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $50.64/BBL 0.62%
Light Crude Oil : $48.04/BBL 1.47%
Natural Gas : $3.01/MMBtu 2.58%
Updated in last 24 hours