PetroChina's 2017 Profit Sharply Up
PetroChina said March 22 that its profit for 2017 was yuan 22.8bn ($3.6bn), representing a significant increase of 190.2% from the previous year thanks to lower costs, higher efficiencies and better prices. The company realised a revenue of yuan 2 trillion for the full year, up 25% year on year.
In 2017, crude oil output of the company reached 887mn barrels. Marketable natural gas output was 3.4 trillion ft3. The oil and natural gas equivalent output amounted to 1.4 trillion barrels, including 189mn barrels from overseas operations, which accounted for 13% of the company’s total oil and gas equivalent output.
Domestic exploration and production segment recorded a profit from operations of yuan 15.4 trillion, up yuan 12.3 trillion from the previous year.
As at the end of 2017, the company had 82,374 km of domestic oil and gas pipelines, comprising 51,315 km of natural gas pipelines, 19,670 km of crude oil pipelines and 11,389 km of refined oil product pipelines. In 2017, the natural gas and pipeline segment achieved a profit from operations of yuan 15.6 trillion.
Brighter outlook
In 2018, PetroChina expects the global economy to achieve stronger growth when the economic environment continues to improve. “As the global oil market gradually returning to equilibrium and with China’s economy expected to achieve moderate and stable growth, the overall consumer demand for oil and gas in China will continue its uptrend,” it said.