PetroChina’s net profit up 2.4% in 2007
Posted on Apr-03-2008· by china investor
BEIJING, March 19 (Xinhua) — PetroChina Company Limited reported Wednesday that its net profit for 2007 was 145.625 billion yuan (20.6 billion U.S. dollars), up 2.4 percent from a year ago.
In 2007, PetroChina’s turnover reached 835.04 billion yuan, representing an increase of 21.2 percent from the previous year. The basic earnings per share were 0.81 yuan, representing an increase of approximately 0.02 yuan from the previous year.
Increases in prices of crude oil, natural gas and refined products are major factors contributing to the performance of PetroChina in 2007, said the company.
”The performance is within market expectation,” said Wang Jing, analyst with the Orient Securities.
The realized crude oil price of PetroChina in 2007 is 65.27 U.S. dollars per barrel, up 9.1 percent from the price of 59.81 U.S. dollars per barrel in 2006.
Increased special earnings levies due to soaring crude oil price and lower domestic price of refined products, which was lifted from November 2007, both contributed to the reduction of profit rise, Wang said.
The exploration and production segment realized an operating profit of 206.59 billion in 2007, representing a decrease of six percent from the previous year due to the increased special earnings levies, according to PetroChina.
PetroChina’s total output of crude oil and natural gas in 2007 was 1.11 billion barrels of oil equivalent, representing an increase of 4.8 percent from the year of 2006. Crude oil output reached 839 million barrels, up 8.1 million barrels, and output of marketable natural gas, rose 255.1 billion cubic feet from the previous year to 1.63 trillion cubic feet.
PetroChina refined 824 million barrels of crude oil in 2007, reaching a record high with a year-on-year increase of 4.9 percent.
Affected by the macro economic measures which kept domestic price of refined products at a lower level, the refining and marketing segment recorded an operating loss of 20.68 billion yuan in 2007, representing a reduced loss of 8.48 billion yuan compared with the previous year.
The chemical and marketing segment of the company recorded an operating profit of 7.83 billion yuan, representing an increase of 2.77 billion yuan year on year. The operating profit for the natural gas and pipeline segment amounted to 12.5 billion yuan, up39 percent year on year.
PetroChina witnessed an increase of 57.16 million barrels of oil equivalent in its overseas oil and gas net production, with a year-on-year increase of 0.9 percent. The company’s realized volume of international oil and gas trade reached 14.29 billion U.S. dollars in 2007.
PetroChina is the Hong Kong and Shanghai-listed subsidiary of China National Petroleum Corporation, China’s largest oil producer.
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