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PetroChina’s profit in Q1 2015 hits record low

by ChemOrbis Editorial Team - content@chemorbis.com
  • 28/04/2015 (16:20)
According to a statement on the company’s website, China’s biggest oil and gas producer PetroChina’s net profit slumped in the first quarter of this year. The company’s net income plunged 82% on the year to CNY6.15 billion ($990 million) from CNY34.2 billion ($5.50 billion) due to a slump in crude oil prices and weak demand in China’s domestic oil and gas markets.

PetroChina’s operating profit declined 73.4% to CNY13.9 billion ($2.23 billion) while sales fell 22% to CNY 410.3 billion ($66 billion) in the first three months ending in March. According to the statement, PetroChina’s chemical business contracted to CNY1.3 billion ($209.4 million) compared with CNY4.2 billion ($675.5 million) in the same period of 2014. However, the company’s ethylene output climbed 7.9% to reach 1.3 million tons in the January- March period.

Upstream, the company’s oil and gas production increased 4.9% to reach 381.2 million barrels of oil equivalent in the first three months while its refining segment posted an operating loss of CNY3.8 billion ($612 million) in January-March period after posting CNY2 billion ($322.3 million) in same period of the preceding year.

According to Bloomberg, PetroChina’s profit may decline 47% to CNY56.6 billion in 2015; however the company reportedly expects improved earnings this year in line with recovering crude oil prices.
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