PetroChina’s net profit drops in Q3
by ChemOrbis Editorial Team - content@chemorbis.com
PetroChina reported a 5.3% decline in net profit for the third quarter, attributed to weaker fuel sales and lower oil prices. The company’s net profit fell to 43.91 billion yuan ($6.15 billion), while revenue decreased by 12.4% to 702.4 billion yuan ($98.6 billion). The company had reported a record high income of 88.61 billion yuan ($12.4 billion) in the first half of the year.
Despite this drop, PetroChina maintained the highest net profit among its domestic peers, with CNOOC reporting record earnings of 36.93 billion yuan ($5.1 billion) and Sinopec Corp’s profit halving to 8.5 billion yuan ($1.1 billion) during the same period.
In the first nine months of the year, PetroChina produced 708.3 million barrels of oil, a 0.3% increase year-on-year, with 83% of this production occurring domestically. However, the company’s crude oil processing slightly declined by 0.7% to 1,036.2 million barrels, averaging 3.78 million barrels/day.
Despite the challenges in fuel sales, PetroChina reported a 9.7% increase in chemical product output, reaching 28.64 million metric tons.
Despite this drop, PetroChina maintained the highest net profit among its domestic peers, with CNOOC reporting record earnings of 36.93 billion yuan ($5.1 billion) and Sinopec Corp’s profit halving to 8.5 billion yuan ($1.1 billion) during the same period.
In the first nine months of the year, PetroChina produced 708.3 million barrels of oil, a 0.3% increase year-on-year, with 83% of this production occurring domestically. However, the company’s crude oil processing slightly declined by 0.7% to 1,036.2 million barrels, averaging 3.78 million barrels/day.
Despite the challenges in fuel sales, PetroChina reported a 9.7% increase in chemical product output, reaching 28.64 million metric tons.
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