PetroChina Earnings Rise, But Growth in Gas Production Drops

摘要

State giant PetroChina saw its 2010 earnings boosted by higher oil and gas prices, although growth in gas production slowed. The firm, China's largest oil and gas producer, recorded a 35.4% surge in net profit to 139.99 billion yuan ($21.3 billion), with turnover up nearly 44% to 1.47 trillion yuan (IOD Mar.26,p3). Its average realized price of crude oil rose 31.7% to $72.93 per barrel, while gas prices were up over 17% to 955 yuan per thousand cubic meters ($4.12 per thousand cubic feet). Its upstream division accounted for more than 80% of total earnings.