PetroChina Q3 net profit up 30 pct on higher oil prices
HONG KONG, Oct 29 (Reuters) - PetroChina Co Ltd (0857.HK) (PTR.N) (601857.SS), Asia's top oil and gas producer, posted a nearly 30 percent rise in third-quarter earnings thanks to higher oil prices and a government hike in fuel prices.
The largest of China's energy triumvirate, which includes top Asian oil refiner Sinopec Corp (0386.HK) (SNP.N) (600028.SS) and offshore specialist CNOOC Ltd (0883.HK) (CEO.N), said its July-September net profit was 39.89 billion yuan ($5.8 billion) versus 30.7 billion yuan a year earlier.
The result beat an average forecast for 34.9 billion yuan from three analysts polled by Reuters.
Global oil prices CLc1 fell from $140 per barrel in July to $100 in September, but they were still higher than the $70-80 level a year earlier.
Analysts are upbeat on the fourth-quarter outlook for PetroChina and Sinopec as they enjoy one of the highest refining margins in the world after crude prices CLc1 more than halved to $65 per barrel from $140 in July, and after Beijing raised gasoline and diesel prices by 18 percent in June.
Shares in PetroChina fell 21 percent in the third quarter, versus Sinopec's 17 percent fall and an 18 percent drop for the benchmark Hang Seng Index .HSI. ($1=6.838 Yuan) (Reporting by Judy Hua; Editing by Anne Marie Roantree)
