Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Company

PetroChina posts loss of over 2 bln USD

April 29, 2016


Abstract : PetroChina, the country's leading oil and gas producer, posted profit losses for the first quarter on Thursday, citing plummeting international oil prices.

BEIJING, April 28 (Xinhua) -- PetroChina, the country's leading oil and gas producer, posted profit losses for the first quarter on Thursday, citing plummeting international oil prices.

Net losses attributable to shareholders reached 13.78 billion yuan (about 2.13 billion U.S. dollars), according to a quarterly report it filed to the Shanghai and Hong Kong stock exchanges.

From January to March, the company's crude oil and marketable natural gas output rose 1.4 percent and 4.8 percent, respectively, from the same period last year, according to the report.

In the first quarter, plummeting international oil prices brought the average price of the company's crude oil to 27.27 U.S. dollars per barrel, a decrease of 44.2 percent over the same period last year, it said.

The average price of its natural gas was 4.886 U.S. dollars per thousand cubic feet, down 21.7 percent from the same period last year.

However, as international oil prices stabilized and measures to reduce costs and improve profitability were implemented, PetroChina's operational and financial results in the first quarter improved month by month.

The company saw a substantial revenue increase in March and recorded a profit in the same month. Currently, PetroChina maintains a healthy financial position with its debt-to-capital ratio and debt-to-asset ratio remaining stable, and free cash remaining positive, said the report.

PetroChina plans to complete transactions for the Trans-Asia Gas Pipeline cooperative project in the second quarter of this year, which will have a positive impact on its interim and annual financial results for this year, the report said.

The company's performance will be improved by the recent rebound in international oil prices, the recovering domestic refined oil market, a decrease in losses incurred from imported natural gas and efforts to reduce costs and improve profitability, PetroChina said. Enditem

Scan the QR code and push it to your mobile phone

Keyword: oil PetroChina

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial