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.
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.
Most Popular Articles
From the Career Center
Jobs that may interest you