Berkshire Hathaway

PetroChina output belies profit result

PUBLISHED : Wednesday, 16 October, 2002, 12:00am
UPDATED : Wednesday, 16 October, 2002, 12:00am

PetroChina produced slightly more oil and gas in the first nine months than in the same period last year but will have earned a smaller profit due to lower oil prices.

China's No 1 oil producer said yesterday it produced 1.3 per cent more crude oil and gas in the first nine months, but the realised sale price of its oil fell 13.6 per cent.

The company said it produced 576.8 million barrels of oil in the nine months, up 0.6 per cent year on year, and 448.4 billion cubic feet of natural gas, up 6.8 per cent.

While the realised sale price of its gas rose 1.6 per cent year on year, oil accounted for 88.6 per cent of the firm's total production, after translating gas output into the equivalent amount of oil.

Total oil and gas production volume amounted to 651 million barrels of oil equivalent.

Analysts said the nine-month production figures were in line with their expectations.

The company, which is due to post its third-quarter results late this month, did not provide costs and profit data.

PetroChina's net profit fell 27.9 per cent year on year in the first-half to 19.57 billion yuan (about HK$18.34 billion).

Meanwhile, Xinhua Financial News reported that China Petroleum & Chemical (Sinopec) pumped 25.29 million tonnes (equivalent to 184.61 million barrels) of crude oil in the first eight months of this year, a 0.33 per cent year-on-year rise.

Sinopec - Asia's largest oil refiner - produced 3.2 million tonnes of refined oil products, representing a 1.01 per cent year-on-year fall, it said.