UpdatePetroChina H1 net profit slips 7.2% to $7.4bn

28 August 2009 11:49  [Source: ICIS news]

(Adds detailed segment performance throughout)

SHANGHAI (ICIS news)--PetroChina posted a 7.2% year-on-year drop in its first-half net profit to yuan (CNY) 50.5bn ($7.4bn) as prices of its products fell with declines in international crude oil prices, the Chinese energy giant said on Friday.

In a filing with the Hong Kong Stock Exchange, PetroChina said it achieved turnover of CNY415.28bn during the first half of 2009, down 24.7% year on year.

The company’s prices of crude oil, natural gas, gasoline and diesel were weaker compared with last year’s levels, while its revenue from the trading of oil products also declined, it said.

The exploration and production segment’s operating profit in the first half of the year plunged by 71.3% to CNY37.64bn due to the sharp decrease in crude oil prices, the company said, adding the unit remained the most important contributor to the group’s profit.

PetroChina’s average realised crude oil price in the first half of 2009 was $42.46/bbl, which represented a 54.6% decrease from $93.45/bbl during the first half of 2008, according to the filing.

As a result of fully leveraging the advantages of its integrated refining and chemical operations, the refining and chemicals segment returned to an operating profit in the first half of the year, at CNY17.19bn, compared with an operating loss of CNY59.83bn in the same period last year.

PetroChina’s capital expenditure in first half of 2009 was CNY78.1bn, an 8.3% year-on-year increase from CNY72.1bn, due to the start of various construction projects dealing with oil and gas pipelines, the company said.

The group’s crude oil output in the first half of the year was down by 4.8% year on year to 417.7m bbl, while its refineries processed 389m bbl of crude oil in the first half, which was 8.4% less than the same period last year, the filing said.

Ethylene output in the first half increased by 0.2% to 1.3m tonnes, while synthetic resin output fell 0.3% year on year to 2.03m tonnes, according to the filing.

The group said it produced 191,000 tonnes of synthetic rubber in the first half, up 21.7% year on year.

($1 = CNY6.83)

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By: Judith Wang
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