PetroChina profit rises 4 pct

PetroChina achieved steady growth in its production and operations, delivering sound operating results that exceeded expectations in the first half of 2014.

For the six months ended 30 June 2014, the Company recorded turnover of RMB1,153.968 billion, representing an increase of 4.8% over the same period of 2013. Net profit was RMB68.124 billion, representing an increase of 4.0% over the same period in 2013. In addition, the company maintained a stable gearing ratio, a lower capital expenditure and controlled upstream costs and expenses.

In the first half of 2014, the company enjoyed good momentum in its domestic oil and gas exploration operations. In terms of the natural gas exploration, large-scale reserves were built up at Tarim Basin, Erdos Basin and other regions. The company also accelerated the development of shale gas and started up all the production building projects in Changning, Weiyuan and Zhaotong. The development of coal-seam gas moved into healthy track of development.

1 Chinese yuan = 0.162604 U.S. dollars

Press Release, August 28, 2014; Image: PetroChina