PetroChina 2Q Profit Rises 29%, Beats Forecast

Reuters

HONG KONG, Aug 22 (Reuters) – PetroChina Co Ltd , the country's dominant oil and gas producer which also owns refineries, posted a 29 percent rise in its second-quarter profit, beating analyst estimates.

Net profit rose to 29.5 billion yuan ($4.8 billion) in April-June from 22.8 billion yuan a year earlier, according to Reuters calculations based on PetroChina's first-half results released on Thursday. That compares with an average forecast of 25.4 billion yuan by five analysts polled by Thomson Reuters.

Net income increased as improved profitability at PetroChina's refining and natural gas import business offset lower international crude prices.

($1 = 6.1234 Chinese yuan)

(Reporting by Charlie Zhu; Additional reporting by Twinnie Siu and Christina Lo; Editing by Ryan Woo)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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
Automation Systems Analyst II
Expertise: Business Development
Location: Houston, TX
 
Automation Engineering Manager
Expertise: Electrical Engineering|Engineering Manager
Location: Houston, TX
 
Instrumentation & Electrical Project Estimator
Expertise: Electrician|Estimating|Project Management
Location: Spring, TX
 
search for more jobs

Brent Crude Oil : $53.96/BBL 0.35%
Light Crude Oil : $51.36/BBL 0.21%
Natural Gas : $3.209/MMBtu 0.34%
Updated in last 24 hours