PetroChina reported a 1.4% rise in first-half net income to 81.83 billion yuan ($10.79B), beating analysts' average estimate of 78.9 billion yuan, per a Bloomberg poll. Revenues increased 20% to 392.7 billion yuan. PetroChina was helped by a return to profitability at its refinery unit, which earned 3.93 billion yuan in H1, compared to a 13.9 billion yuan loss last year. Operating profits jumped 86% to 5.4 billion yuan at its chemicals and marketing unit and grew 34% to 6.1 billion yuan at its pipeline unit. PetroChina also benefited from lower tax payments, due to incentives it received from certain provinces in China. Earlier this month, PetroChina shareholders approved plans to list on the Shanghai Exchange, likely at a discount to its Hang Seng listing, but a date has not been fixed. PetroChina's ADRs gained 3.3% to $139.29 on Wednesday.
Sources: Bloomberg, MarketWatch
Commentary: PetroChina's Growth Prospects May Attract Investors • Energy Stocks: Buy Something • Berkshire Hathaway Releases Latest 13F: Summary of Holdings
Stocks/ETFs to watch: PTR. Competitors: CVX, CEO, SHI. ETFs: FXI, PGJ, ADRE, EEB
Related: PetroChina Investor Relations
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