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PetroChina reports 4.9% drop in net profit for 2011

Mar. 30, 2012 (China Knowledge) - PetroChina Co Ltd<601857><0857>, China's largest oil producer, announced yesterday that its net profit last year fell 4.9% year on year to RMB 132.98 billion under Chinese accounting rules, due to a loss in the oil refining and chemical sector.

The company's operating revenue surged 36.7% year on year to RMB 2 trillion in 2011.

The exploration and production segment, the main source of the firm's profit, saw its turnover surged 42.2% year on year to RMB 774.78 billion in 2011 on higher oil prices. Operating profit from the sector was RMB 219.54 billion.

The oil-refining and chemical segment suffered an operating loss of RMB 61.87 billion in the period.
Sales of oil products soared 49.2% year on year to RMB 1.69 trillion.

The company's crude oil output climbed 3.3% year on year to 886.1 million barrels in 2011, and its production of natural gas rose 7.9% to 239.64 billion cubic feet. Oil-processing volume was 984.6 million barrels, up 8.9% year on year.

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