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PetroChina profit jumps, helped by growth overseas

  • PetroChina (PTR) says its 2013 profit rose 12.4% to 129.6B yuan ($20.8B) and total revenue rose 2.9% to 2.26T yuan ($366B) after higher retail gasoline prices helped to narrow heavy losses for its refining unit.
  • A change in state-set retail gasoline prices in 2013 helped to narrow PTR's loss on refining operations by nearly 45% to 24.4B yuan ($4B).
  • Overall crude output for domestic and foreign fields rose 1.8% Y/Y, while total natural gas output jumped 9.5%.
  • PTR Chairman Zhou Jiping says the company is still looking to acquisitions to fuel growth even while it trims its 2014 capital spending by 7% to 296.5B yuan ($47.6B) to boost shareholder return.
Comments (1)
  • joelkatz
    , contributor
    Comments (447) | Send Message
     
    This stock is big time undervalued! So i'm taking advantage of it.
    20 Mar, 09:26 AM Reply Like
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