PetroChina Q1 profit down 82 percent

Chinese oil and gas giant PetroChina said its quarterly net profit plunged 82 percent to 6.2 billion yuan ($989 million), as compared to the first quarter in 2014.

PetroChina is yet another player to post losses due to the drop in global crude oil prices.

In the first quarter of 2015, the average realized price for the company’s crude oil was US$48.87 per barrel, representing a drop of 51.2% as compared with the same period last year, PetroChina said on Monday.

Operating profit for PetroChina’s natural gas and pipeline segment reached RMB7,355 million, an increase of 428.4% as compared with the same period last year.

In particular, the net loss incurred from sales of imported gas and LNG in the natural gas and pipeline segment reached RMB7,166 million, reducing the loss by RMB4,939 million as compared with the same period last year, PetroChina said.

LNG World News Staff; Image: PetroChina