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Investment

CNPC reports stable H1 profit growth

September 02, 2019


Abstract :  China National Petroleum Corporation (CNPC), the country's largest oil and gas producer and supplier, reported stable performance in the first half of 2019.

BEIJING, Sept. 1 (Xinhua) -- China National Petroleum Corporation (CNPC), the country's largest oil and gas producer and supplier, reported stable performance in the first half of 2019.

"The business chains of oil and gas ran smoothly, and operational performance grew steadily during the first half of 2019," said an announcement on the CNPC website.

In H1, the company raked in total revenue of 1.2 trillion yuan (about 168.1 billion U.S. dollars), and an operating profit of about 70.66 billion yuan, up 6.8 percent and 4.9 percent year on year, respectively.

Net profit attributable to owners of the company stood at 28.42 billion yuan, up 3.6 percent from a year ago, the company's interim results showed.

Despite fluctuations of the international oil price and fierce market competition, the company put forward structural adjustments and the financial performance remained "stable and sound," said the announcement.

In the first half of 2019, CNPC reported 674 million barrels of equivalent equity production of oil and gas at home, up 5.5 percent year on year.

Overseas production also saw stable growth during the same period, with the company's overseas oil and gas net output surging 8.1 percent year on year to 105 million barrels tonnes.

In the first half of 2019, the company's sales of processed oil totaled 89.91 million tonnes, while the sales of natural gas rose 23.5 percent year on year to 125.27 billion cubic meters.

In the second half of the year, CNPC will step up efforts to drive high-quality growth, according to the statement.

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