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PetroChina posts 5.8% rise in Q1 net profit

Apr. 27, 2012 (China Knowledge) - PetroChina Co Ltd<601857><0857>, China's largest oil producer, announced yesterday that its net profit climbed 5.8% year on year to RMB 39.15 billion in the first quarter of this year.

The company's operating revenue rose 17.86% year on year to RMB 525.65 billion in the first three months.

Operating profit from the exploration and production segment, the main source of the firm's profit, surged 31.6% year on year to RMB 60.38 billion during the period.

The oil-refining and chemical segment suffered an operating loss of RMB10.85 billion in the period. The company processed 2.57 million barrels of crude oil in the first quarter, 2.8% more than in the same period of 2011.
The company's crude oil output climbed 3.6% year on year to 2.27 million barrels in the quarter, and its production of natural gas rose 11.2% to 710.9 billion cubic feet.

The average sales price of crude oil and natural gas was US$105.48 per barrel and US$4.87 per 1,000 cubic feet, up 14.8% and 9.9% year on year, respectively.

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