s
Global EditionASIA 中文双语Français
Business
Home / Business / Companies

PetroChina sees Q3 profits spike

By Zheng Xin | chinadaily.com.cn | Updated: 2020-10-30 09:54
Share
Share - WeChat
PetroChina employees conduct daily inspections on equipment at a facility in Puyang, Henan province. [Photo by Tong Jiang/For China Daily]

PetroChina, China's largest oil and gas producer, saw net profits for the third quarter soar to 40.05 billion yuan ($5.95 billion), up 353.6 percent year-on-year, the company said on Thursday.

The company attributed the upsurge of net profit, despite the dual impacts of plummeting oil prices and a demand slump amid the COVID-19 outbreak, to effective cost control and high-quality development.

Major breakthroughs have also been made in domestic oil and gas exploration. Crude production increased 2.7 percent year-on-year during the first three quarters, while gas production increased 6.5 percent year-on-year.

Net profit during the first three quarters reached 10.07 billion yuan, down 73 percent year-on-year. Revenue fell 20 percent to 497.13 billion yuan, as crude prices remained at low levels after a collapse in the first half of the year.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE