PetroChina 2Q Profit Rises 15%, Matches Estimates

It said in March it would cut capital spending for the second consecutive year in 2014 as it sought to boost shareholder returns in the midst of a massive corruption probe.

PetroChina and its parent firm, China National Petroleum Corp (CNPC), are at the centre of one of the biggest corruption investigations into the Chinese state sector in years, launched by the government more than half a year ago.

The Beijing-based company recorded a first-half operating profit of 4.36 billion yuan for its refining operations, up from a loss of 7.77 billion yuan in the same period in 2013.

Its overseas oil and gas output reached 67.1 million barrels, little changed from a year earlier.

Speaking at an earnings briefing, PetroChina vice chairman and president Wang Dongjin said its production in Iraq, a major source of its overseas output, had been disrupted by activities of Islamic State militants.

When asked when PetroChina will make payment of more than $1 billion for a 40 percent stake in the Dover oil sands project from Canadian firm Athabasca Oil Corp, Wang said: "It (the payment) will be made soon."

PetroChina was supposed to have completed the acquisition in June, but delayed payment amid the government-led corruption investigation into the Chinese company.


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