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PetroChina releases Q1 2014 results

Published by , Editor - Hydrocarbon Engineering
World Pipelines,


PetroChina has released its key financial data and financial indicators for the first quarter of 2014 (ended 31 March).

Q1 2014 highlights

  • Net cash flows from operating activities increased by 20.3% to RMB 20.6 billion.
  • Turnover stood at RMB 528.9 billion, a 2% fall compared to the same period in 2013.
  • Net profit declined by 4.9% to RMB 34.2 billion from RMB 36 billion in the same period a year earlier.
  • Earnings per share fell by 4.9% to RMB 0.19.

Exploration and production operations

In the exploration and production segment, the Group continued to implement its “Peak Growth in Oil and Gas Reserves” Programme, organised its oil and gas production and achieved a stable increase in output of oil and gas. In Q1 2014, crude oil output of the Group amounted to 231.7 million bbls, representing an increase of 0.3% compared with the same period last year. Marketable natural gas output amounted to 789.7 billion ft3, an increase of 6% compared with the same period in 2013. The oil and gas equivalent output was 363.4 million bbls, an increase of 2.3% as compared with Q1 2013. In Q1 2014, as a result of the decrease in the average realised price for crude oil, increase in costs, the adjustment of policies of certain overseas resource countries in relation to the oil and gas cooperation, together with other factors, the profit from operations of the exploration and production segment amounted to RMB 52.7 billion, representing a decrease of 7.5% from RMB 56.9 billion achieved in Q1 2013.

Natural gas and pipeline operations

With regard to natural gas and pipeline operations, the Group coordinated and balanced the utilisation of various sources, including domestic gas, overseas gas and coal gas. PetroChina continued to strenghthen the management of the demand side and pushed forward the development of newly constructed pipelines and high-profitability markets, thereby ensuring sales profitability.

In Q1 2014, the profit from operations of the natural gas and pipeline division amounted to RMB 1.4 billion, an increase of 26.5% compared with RMB 1.1 billion in Q1 2013. The net loss incurred from sales of imported gas and LNG amounted to RMB 12.1 billion, a decrease of RMB 2.3 billion compared with the same period in 2013.


Adapted from press release by Rosalie Starling

Read the article online at: https://www.worldpipelines.com/business-news/25042014/petrochina_releases_q1_2014_results_241/

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