19  July  2019

Home    About Us    Contact Us    Membership and Fee Policies   Search   Chinese  
Industry in Focus
China In Focus
World Events
Business Contact
Chinese Companies
International Companies
Information Database
China Petroleum Report
Monthly Report
Annual Report
Product and Service
Laws and Regulation
Exhibition and Forums
 Infopetro -> Industry in Focus

Petrochina Forecasts H1 Net Profit to More Than Double; Highest Since 2015


China's largest oil and gas producer PetroChina expects its profits to more than double in the first half of this year, the latest state oil major to benefit from the revival in crude oil prices.

Net profit in the first six months of 2018 will rise by between 13.5 billion yuan($1.98 billion) to 15.5 billion yuan from the first half of 2017, up by 107 percent to 122 percent from the same period a year ago, PetroChina said in filing to the Shanghai Stock Exchange on last Monday.

Based on net profit of 12.67 billion yuan in the first half of 2017, PetroChina's net profit is forecast to be 26.17 billion yuan($3.84 billion) to 28.17 billion yuan in the first six months of 2018. That would be the highest six-month profit for the company since 2015.

Based on the company's net profit of 10.15 billion yuan reported in the first quarter, it would also be the best quarterly result since the second quarter of 2015.

"With rising crude prices, the company reported higher sales prices of crude oil, refined products and natural gas," PetroChina said.

Global oil prices were up almost 20 percent in the first half of 2018 and topped $80 a barrel in May for the first time since 2014. An effort by the Organization of the Petroleum Exporting Countries to cut output, falling Venezuelan output as well as potential drop in Iranian exports has supported crude oil prices.

PetroChina will announce its first-half results on Aug. 31.

PetroChina's domestic rival Sinopec expects to deliver its best quarter since 2013.

($1 = 6.8183 Chinese yuan renminbi)

Home | About Us | Contact Us | Membership and Fee Policies | Search
© 2019 InfoPetro Technology Development, Ltd., All Rights Reserved.  ICP05035784