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."


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

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Financial Reporting Analyst
Expertise: Accounting
Location: Houston, TX
Director Downhole Tool Engineering
Expertise: Electrical Engineering|Engineering Manager|MWD / LWD
Location: Houston, TX
AP Specialist
Expertise: Accounting
Location: Alpharetta, GA
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours