The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
PetroChina Co. reported steady net income in the first quarter as higher exploration and production earnings countered a slump in refining.
Net income rose 1 percent from a year ago to 10.26 billion yuan ($1.5 billion), the company said in a statement to the Hong Kong stock exchange, using international accounting standards.
Despite international oil prices averaging 5 percent lower during the quarter, China’s largest oil and gas producer boosted operating profit from exploration and production by 47 percent to 14.3 billion yuan. That’s partly due to a 1.5
percent drop in oil and gas lifting costs.