BUSINESS China's oil giant reports higher revenue, lower profits in 2019

BUSINESS

China's oil giant reports higher revenue, lower profits in 2019

Xinhua

17:50, March 30, 2020

A PetroChina technician inspects equipment at an oil refinery in Fushun, Liaoning province. (Photo: Xinhua)

PetroChina, China's largest oil and gas producer, reported expansion in revenue in 2019, while its net profit saw a remarkable drop due to the slowing global economic growth and unrest in the international oil market.

Revenue rose 6 percent year-on-year to 2.52 trillion yuan ($355.22 billion), according to the company's annual financial report. The sector of exploration and production, the brightest spot, generated a 30.7-percent increase in profit.

Net profits attributable to equity holders came in at 45.68 billion yuan, slipping by 13.9 percent from the previous year, the report showed.

PetroChina said the performance met profit forecasts, with major production indicators growing steadily despite the complex and grim situation of the global oil market affected by the gloomy economic outlook and sharp decline in oil prices.

Facing challenges arising from intensifying downward economic pressure and the further shrink in oil prices, the company vowed to uphold innovation strategies and promote high-quality development.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue