PetroChina profit slides as crude prices drop


PetroChina (PTR +0.1%) says its Q1 net profit fell 4.9% Y/Y to 34.2B yuan ($5.5B) from 36B yuan due mainly to rising costs and a decline in international crude prices.

Revenue fell 2% to 529B yuan because of a lower contribution from PTR's upstream E&P operations; crude oil output rose 2.3%, although the average selling price for PTR's crude oil fell 2.9% during the period.

Operating losses from the refining and chemical businesses narrowed to 2.2B yuan from 4.7B yuan, helped by the Chinese government's authorization in September for an increase in refined product prices.

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