Thursday, October 27, 2011

PetroChina Third Quarter Net Beats Estimates

PetroChina Co.’s third quarter profit growth outpaced gains by rival China Petroleum & Chemical Corp. as higher crude oil prices helped counter refining losses at Asia’s biggest company by market value.

Net income rose 7.8 percent from a year earlier to 37.4 billion yuan ($5.9 billion), PetroChina said yesterday. That surpassed the 33.3 billion yuan mean estimate of six analysts surveyed by Bloomberg. Sinopec, as China Petroleum is known, said profit increased 3 percent to 20.2 billion yuan.

PetroChina, which gets almost three times the operating income from energy exploration than Sinopec, benefitted more from higher oil prices as it boosted output to meet demand in the world’s second largest economy. Chinese energy companies are adding oil and gas assets from Australia to North America to curb losses from selling fuels at state controlled prices.....Read the entire article.

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