PetroChina Expects 1H Profit to More Than Double

PetroChina expects its net profit during January-June (1H 2018) to increase by more than 100% compared with the same period last year, it said July 30.

Company’s net profit may be in the range of yuan 13.5bn ($1.98bn) and yuan 15.5bn, up 107% to 122% from the same period a year ago, PetroChina said in filing to the Hong Kong Stock Exchange. The increase is primarily due to lower costs and improved efficiency, and higher average realised product prices.

PetroChina said it adhered to its steady development guidelines, intensified its efforts in reform and innovation, took proactive measures to adapt to changes in the market, brought its advantages in integrated upstream and downstream operations into full play, optimised the allocation of resources, production and operation, and kept broadening sources of income, reducing costs and improving efficiency.

“Meanwhile, the average realised prices of crude oil, natural gas, refined oil and other main products of the Company experienced a significant rise as compared with the previous year. The net profit attributable to equity holders of the company is expected to increase significantly as compared with the previous year,” PetroChina said.