PetroChina’s Q1 net profit grows 13.9% to $5.7bn on high crude prices

27 April 2011 17:13  [Source: ICIS news]

LONDON (ICIS)--PetroChina posted a 13.9% year-on-year increase in its first-quarter net profit to yuan (CNY) 37.0bn ($5.67bn), largely driven by high crude oil prices, the major oil and gas producer said on Wednesday.

Turnover for the three months ended 31 March 2011 soared 39.9% to CNY445.98bn, after PetroChina increased crude oil production to take advantage of rising prices.

In the first quarter of 2011, PetroChina said it produced 219.1m/bbls of crude oil, representing an increase of 4.3% compared with the same period last year, and 639.3 billion cubic feet of marketable natural gas, representing an increase of 7.1% compared with the same period in 2010.

The group’s exploration and production operations in the first quarter generated an operating profit of CNY45.87bn, representing a 38.8% year-on-year increase.

In respect of refining and chemicals operations, which posted an operating loss of CNY3.68bn versus a profit of CNY5.59bn in the prior year period, PetroChina said it had offset any losses from the impact of high and volatile crude oil prices by leveraging fully into its refining and chemicals operations.

In the first quarter of 2011, the company processed 250.1m/bbls of crude oil, representing a 16% year-on-year rise, it added.

Meanwhile, PetroChina said it produced 22.0m/tonnes of gasoline, diesel and kerosene, an increase of 16.9% compared with the same period in 2010, and 921,000/tonnes of ethylene, a 1.4% rise compared with the same quarter last year.

Looking to the second quarter of 2011, PetroChina said it would continue to strengthen management of its production and improve its overall operational efficiency so it could achieve its development targets for 2011.

($1 = CNY6.53)

For more on PetroChina, visit ICIS company intelligence

By: Franco Capaldo
+44 (0)20 8652 3214

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