PetroChina profit growth slows
Net profits of PetroChina Company Limited, China’s largest oil and gas producer, edged up 0.8 percent year on year to 96.05 billion yuan (15.64 billion U.S. dollars) in the first three quarters of 2014, new data showed Wednesday.
The pace was much slower than a 4-percent growth in the first half of this year.
During the first nine months, business revenue rose 4.3 percent to 1.75 trillion yuan, according to the company’s quarterly report filed with the Shanghai Stock Exchange
The company’s slow profit growth was mainly attributable to a weak third quarter, when international oil prices declined. Its profits in the exploration and production sector dropped in the third quarter, and losses were seen in petrochemical businesses.
It produced 700 million barrels of crude oil in the first nine months, up 0.3 percent year on year, while its production of natural gas for sales rose 7.1 percent from a year earlier, according to the report.