August 30, 2018 / 9:19 AM / 23 days ago

PetroChina Q2 profit surges to three-year high on oil price recovery

BEIJING, Aug 30 (Reuters) - Second-quarter profit at PetroChina Co, China’s largest oil and gas producer, more than doubled from a year earlier to 16.94 billion yuan ($2.48 billion), according to Reuters’ calculations based on first-half results released on Thursday.

For the first half, net income rose 114 percent from the same period last year to 27.09 billion yuan, a company filing to the Shanghai Exchange showed.

The quarterly performance is the best since the second quarter of 2015, according to Reuters data. The gains were led by the recovery in oil prices since the middle of 2017.

The results were above the guidance the company gave in July for a first-half result of 26.17 billion yuan to 28.17 billion yuan.

Revenue for the first six months of this year was 1.109 trillion yuan ($162.19 billion).

Second-quarter revenue was 567 billion yuan, up 17.5 percent from 482.4 billion a year earlier and its highest since the third quarter of 2014, according to Reuters calculations.

PetroChina’s crude oil production in the first half rose to 437.7 million barrels, up from 435.8 million barrels in the first half of 2017.

Gas production in the first half increased 3 percent from a year earlier to 1,791 billion cubic feet.

Strong refining margins as well as higher crude oil prices and robust gas sales have boosted the performance of China’s three oil majors.

Sinopec on Monday reported its best first-half performance since it listed 18 years ago, while its smaller peer CNOOC Ltd also posted its best ever half-year net profit since the first six months of 2015.

$1 = 6.8334 Chinese yuan renminbi Reporting by Meng Meng and Aizhu Chen; Editing by Christian Schmollinger

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