Mar 30 - PetroChina Net Profit Falls 4.9% to CNY 132.98 Billion in 2011

Source: PetroChina Co., Ltd. , ChinaScope Financial (Data)

+       The 2011 annual report of PetroChina Co., Ltd. (601857.SH, 0857.HK, PTR.NY) shows that the company’s net profit dropped 4.9% year-on-year to CNY 132.98 billion.

+       As China’s largest crude oil producer, PetroChina’s oil and gas equivalent output reached 1.29 billion barrels last year, up 4.7% from 1.23 billion in 2010. Meanwhile, overseas oil and gas equivalent output increased 18.2% to 120.8 million barrels.

+       In 2011, PetroChina’s revenue from exploration and production reached CNY 774.78 billion, up 42.2% year-on-year, while it made a loss in oil refining and the chemical industry of CNY 61.87 billion.

+       In comparison, net profit of China Petroleum & Chemical Co. (600028.SH, 0386.HK, SNP.NY) was CNY 71.7 billion, and net profit of China Oilfield Services Ltd. (601808.SH, 2883.HK) was CNY 70.26 billion in 2011.

Despite increase in revenue, falling margin has resulted in negative growth rates of net profit attributed to shareholders

All segment margins except that of exploration and production have declined

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n PetroChina Net Profit Falls 4.9% to CNY 132.98 Billion in 2011

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