PetroChina's Profit Surges in Q3
Chinese state-run PetroChina on October 29 reported a 351% yr/yr jump in net profit for the three months ending September 30 (Q3), thanks to income generated from the spin-off of pipeline assets.
The company generated a profit of yuan 40.05bn ($6bn) in the three-month period, up from a yuan 8.86bn income a year earlier. In September, PetroChina closed the sale of its pipelines, gas storages, and LNG terminals to PipeChina.
PetroChina’s profit for the nine months ending September 30 (9M) dropped to yuan 10.06bn from yuan 37.28bn a year earlier, however, due to lower realised oil and gas prices. The average realised price for crude oil was down 34.9% yr/yr while the average realised price for natural gas dropped 16% yr/yr.
PetroChina produced 701.2mn barrels of crude oil in the nine months, up 2.7% yr/yr, and 3.08 trillion ft3 of marketable gas , up 6.5% yr/yr.