- PetroChina (NYSE:PTR) says its H1 net profit rose 4% Y/Y as losses at its refining and chemical businesses narrowed after fuel pricing reforms last year; for the quarter, profit rose ~15% Y/Y to $33.9B yuan ($5.5B), matching expectations.
- However, H1 operating profit from PTR's natural gas and pipeline business fell 81% Y/Y to 4.1B yuan, partly because PTR needed to procure expensive natural gas imports to meet rising demand; PTR has lost billions of dollars from selling imported natural gas at deep discounts in recent years.
- Analysts expect PTR to report stronger H2 results thanks to a natural gas price increase and potential gains from asset sales.
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From other sites
at CNBC.com (Jan 14, 2015)
at CNBC.com (Jan 7, 2015)
at CNBC.com (Jan 6, 2015)
at CNBC.com (Dec 23, 2014)
at CNBC.com (Dec 8, 2014)
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