PetroChina’s net income drops to 5 year low in 2014
by ChemOrbis Editorial Team - content@chemorbis.com
China’s biggest oil and gas producer, PetroChina, posted its lowest net income in the last five years in 2014 due to falling crude oil prices, according to media reports. The company’s net income declined to 107.2 billion Yuan ($17 billion) from 129.6 billion Yuan in 2013. Analysts’ estimates called for a 108.7 billion Yuan ($17.5 billion) net income in 2014.
However, the company’s sales rose 1.1% on the year to 2.28 trillion Yuan ($367 billion) in 2014. On the production side, oil and gas production increased 3.6% to 1.45 billion barrels of oil equivalent (bpd) in 2014.
In the face of weaker crude oil costs, the company has decided to cut its capital spending for 2015 to 266 billion Yuan ($43 billion), down 8.8% from a year earlier.
However, the company’s sales rose 1.1% on the year to 2.28 trillion Yuan ($367 billion) in 2014. On the production side, oil and gas production increased 3.6% to 1.45 billion barrels of oil equivalent (bpd) in 2014.
In the face of weaker crude oil costs, the company has decided to cut its capital spending for 2015 to 266 billion Yuan ($43 billion), down 8.8% from a year earlier.
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