PetroChina H1 2019 profits rise 3.6pc on increasing sales

BEIJING: PetroChina Co, Asia’s largest oil and gas producer, said on Thursday first half 2019 net profit rose 3.6 per cent from a year earlier, driven up by increasing crude oil and natural gas sales.
For the first six months of 2019, the company earned 28.42 billion yuan ($4.01 billion), up from 27.44 trillion for the same period last year, PetroChina said in a filing to the Hong Kong stock exchange. Total revenue for the state-backed company was 1.12 trillion yuan, up 6.8 per cent from the same period in 2018.
Profit for the April to June quarter was 18.17 billion yuan, the highest since the third quarter last year, according to calculations by Reuters based on the earnings filing. That compares with 16.94 billion yuan in the same period a year earlier and 10.25 billion yuan in the first quarter of this year. Over the first six months of 2019, PetroChina produced a total of 451.9 million barrels, or 2.5 million barrels per day, up 3.2 per cent from the same period in 2018. While natural gas output increased 9.7 per cent to 1.96 trillion cubic feet, or 55.5 billion cubic meters. — Reuters