PetroChina (PTR) H1 Earnings Edge Up On Upstream Strength
Zacks Investment Research | Aug 30, 2019 08:22AM ET
Chinese energy giant PetroChina Co. Ltd. (NYSE:PTR) announced first-half 2019 earnings of RMB 28.4 billion or RMB 0.155 per diluted share compared with RMB 27.4 billion or RMB 0.150 per diluted share a year earlier.
One of China’s big three oil giants, the other two being Sinopec (NYSE:SNP) and CNOOC Limited (NYSE:CEO) , PetroChina’s total revenue for the half year rose 6.8% from the year-ago period to RMB 1,196.3 billion.
The positive comparisons can be primarily attributable to higher oil and gas production and drop in lifting costs, which helped its exploration and production unit profit surge 79.4%. This was partly offset by weaker downstream earnings.
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