PetroChina Blows Out Earnings Estimates

PetroChina Company Limited (NYSE:PTR) achieved stable and smooth production and operations in the first quarter of 2012 as it enhanced its management to cope with the complex and changing domestic and overseas environment. PetroChina successfully fulfilled its key operational indexes, made steady progress in the construction of key projects, engaged in the stable expansion of its overseas business, and continued to improve its safety and environmental protection. Through these efforts, PetroChina’s operational performance progressed steadily, thereby, getting off to a good start for the year.

In the first quarter of 2012, according to both the International Financial Reporting Standards and the Chinese Accounting Standards, net profit attributable to the owners of the Company was RMB39.153 billion, representing an increase of 5.8% as compared with the same period last year, and the basic earnings per share was RMB0.21.

In respect of its exploration and production operations, the Company gave top priority to exploration and continued to implement the “Peak Growth in Oil and Gas Reserves” Program. By drawing on the favorable opportunity posed by the increase in global oil prices, the Company actively organized production and operations. Crude oil production increased steadily, while natural gas production grew rapidly. In the first quarter of 2012, the Company produced 227.0 million barrels of crude oil, representing an increase of 3.6% as compared with the same period last year, and 710.9 billion cubic feet of marketable natural gas, representing an increase of 11.2% as compared with the same period last year.

Read the entire report at PetroChina.Com

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