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2014-04-26 10:24:00

PETROCHINA FALLS 4.9%

PETROCHINA FALLS 4.9%

State-controlled PetroChina Co. on Thursday said its first-quarter net profit fell 4.9% from a year earlier, due mainly to rising costs and a decline in international crude prices.

China's largest oil company by production capacity said first-quarter net profit fell to 34.2 billion yuan ($5.5 billion) from 36 billion yuan a year earlier.

Revenue fell 2% to 528.9 billion yuan from a year earlier because of a lower contribution from the company's upstream exploration-and-production operations. The company's crude oil output rose 2.3% in the first quarter, although the average selling price for its crude oil fell 2.9% during the period.

Beijing-based PetroChina and parent China National Petroleum Corp. have for years been building their international portfolio of upstream assets—in 2013 alone, they spent $20 billion on oil and gas projects in Australia, Mozambique, Peru and Brazil, according to data provider Dealogic.

Among recent purchases aimed at boosting its reserves was its November acquisition of a 25% stake in Iraq's giant West Qurna-1 field.

In March, PetroChina Chairman Zhou Jiping said the company is still looking for acquisitions to fuel growth, even as it plans to trim 2014 capital spending by 7% to 296.5 billion yuan (US$47.9 billion). On April 17 the company said it would pay 1.32 billion Canadian dollars (US$1.2 billion) for the 40% stake it doesn't already own in an oil-sands operation in northern Alberta.

First-quarter operating losses from its refining and chemical businesses narrowed to 2.2 billion yuan from 4.7 billion yuan, helped by the Chinese government's authorization in September for an increase in refined product prices.

Also, a 15% increase in wholesale natural gas prices introduced last July helped PetroChina's gas and pipeline business to report a 27% increase in operating profit from a year earlier. It has lost billions of dollars from selling imported natural gas at government-mandated deep discounts in the past few years.

Earlier this week, Cnooc Ltd., China's largest offshore oil and gas producer by capacity, reported a 6.9% rise in first-quarter revenue on higher oil and gas output. Cnooc provides only net profit figures for its first-half and full-year periods.

The third of China's big three oil and gas companies, China Petroleum & Chemical Corp., will post its first-quarter results on Monday.

wsj.com

Tags: CHINA, OIL, GAS

Chronicle:

PETROCHINA FALLS 4.9%
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

PETROCHINA FALLS 4.9%
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

PETROCHINA FALLS 4.9%
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

PETROCHINA FALLS 4.9%
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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