PetroChina net profit tumbles 78 pct in 2016
Source: www.chinamining.org Citation: Xinhua Date: March 31, 2017
PetroChina, China`s largest oil and gas producer, reported Thursday a 77.9-percent year-on-year plunge in net profits last year due to low oil and gas prices.
Profit attributable to owners of the company totaled 7.9 billion yuan (around 1.1 billion U.S. dollars) in 2016, according to results released by PetroChina in line with international financial reporting standards.
Revenue dropped 6.3 percent year on year to 1.6 trillion yuan, the company said, attributing the revenue decrease to falling oil and gas prices.
The company saw crude oil output slip 5.3 percent year on year to 921 million barrels in 2016 and marketable natural gas output rise 4.6 percent to 3.3 trillion cubic feet.
It plans to further reduce crude oil output to 879 million barrels this year, while keeping gas production at approximately the same level as last year.
Despite the sharply lower profits, PetroChina saw its shares edge up by 0.13 percent in Shanghai and 0.17 percent in Hong Kong on Thursday.
About CHINA MINING
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.
CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September 2017. We invite you to join the event and to celebrate the 19th anniversary of CHINA MINING with us. For more information about CHINA MINING 2017, please visit: m.balanzskin.com.
