PetroChina Income Climbs

PetroChina announced its results for the first three quarters of 2013.

In the first three quarters of 2013, the Company recorded turnover of RMB1,682.784 billion, representing an increase of 5.3% as compared with the same period last year; net profit attributable to the shareholders of the Company amounted to approximately RMB95.3 billion, an increase of 9.6% as compared to the same period last year, with basic earnings per share of RMB0.52. The Company continued to maintain active, healthy and effective development of its businesses.

Exploration and Production

The Company made important progress in domestic oil and gas exploration and production and achieved a steady growth in output. In the first three quarters of 2013, the Company’s crude oil output reached 698.0 million barrels, representing an increase of 2.2% as compared to the same period last year. The Company’s output of marketable natural gas amounted to 2,048.0 billion cubic feet, representing an increase of 9.0% as compared to the same period last year. Output of oil and natural gas equivalent was 1,039.4 million barrels, representing an increase of 4.3% as compared to the same period last year, of which, 101.4 million barrels were overseas output, representing an increase of 2.0% as compared to the same period last year. Due to the decrease in the selling price of crude oil and the increase in its cost, profit from operations in the exploration and production segment amounted to RMB147,010 million, representing a decrease of 10.0% as compared to the same period last year.

Natural Gas and Pipeline

The Company coordinated and balanced the domestic and overseas resources and enhanced its potential for domestic production and supply for its natural gas business, strengthened the management of the demand side and pushed forward the development of new pipelines and high-profitable markets in a well-organized manner, thus ensuring profitability. Profit from operations of the natural gas and pipeline segment amounted to RMB23,438 million in the first three quarters of 2013, representing an increase of RMB22,553 million as compared to the same period last year. Among which, loss from sales of imported gas was RMB31,690 million.

Outlook

Judging from the macroeconomic environment, the international oil market and the domestic oil and gas market, the Company will continue to confront a complex external environment in the fourth quarter of 2013. In addition to making active responses to further changes in both the domestic and overseas economies, PetroChina will continue to make progress while maintaining stability under scientific management, enhance the coordination of its resources, strengthen the use of capital in production and operations, focus on both quality and profitability in the Company’s development, and commit effort to the areas of safety and environmental protection in order to successfully achieve its production and operations goals in 2013.

1 Chinese yuan = 0.164196 U.S. dollars

LNG World News Staff, October 29, 2013

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