Rising oil price propels PetroChina profit to 22.7b yuan
Finance | 22 Mar 2018 7:17 pmState-owned oil and gas giant PetroChina (0857) reported today net profit for 2017 increased by 190.2 percent to 22.79 billion yuan from 7.85 billion yuan in 2016.
Revenue grew by 24.7 percent to 2.01 trillion yuan, the company said.
Profit was boosted by the rise in the prices of crude oil, natural gas and refined products as compared with the same period of last year.
PetroChina is the largest oil and gas producer and seller in manland China.
The company recommended a final cash dividend of 0.06074 yuan (inclusive of applicable tax) per share for 2017.
The annual average spot price of North Sea Brent crude oil was US$54.19 per barrel, up by 23.9 percent from the year before, the company said. The annual average spot price of the West Texas Intermediate crude oil was US$50.79 per barrel, a rise of 17.2 percent from 2016.
In 2017, PetroChina's crude oil output dropped by 3.7 percent to 887.0 million barrels.
The marketable natural gas output reached 3,423.4 billion cubic feet, up by 4.5 percent from 2016, the company reported. The oil and natural gas equivalent output dropped by 0.6 percent to 1,457.8 million barrels.
