Tag Archives: PetroChina first half net profit 531 million has shrunk more than ninety percent

PetroChina first half net profit 531 million has shrunk more than ninety percent

Jinghua Times (reporter Shi Zhijun) last night, the oil released interim report. Under International Financial Reporting Standards, the first half of 2016, the group achieved a turnover of 739.067 billion yuan, 15.8% decrease over the previous year; net profit attributable to shareholders 531 million yuan, up sharply reduced 97.9% last year; to achieve basic earnings per share earnings 0.003 yuan, 0.136 yuan decrease over the previous year.

During the reporting period, the international oil market supply and demand fundamentals, loose, by the slow global economic recovery, the combined effect of geopolitical factors such as shock rebound after international crude oil prices dip, WTI crude oil prices and other reference differential narrowed further. North Sea Brent crude and WTI crude oil average spot prices were $ 39.81 / bbl and $ 39.64 / bbl, down 31.2% and 25.6% respectively over the previous year.

For the results have fallen sharply, China Petroleum said, mainly crude oil, natural gas, refined oil, the main product prices and crude oil, natural gas and other product sales increase combined effects. Oil prices lead to decline in proved developed reserves, depletion rate, depletion of oil and gas assets to increase.

Industry experts believe that this is with continued low international oil prices related. Www oil analyst Qin Wenping said that as the exploration and production of crude oil accounted for more than 78% of the oil revenue, so the impact of lower international oil prices is more obvious. Domestic oil exploration costs at $ 45-53 / barrel, much higher than the current international oil prices.

In addition, the report also announced a personnel updates, CNPC board agreed to elect candidates for the company director Zhang Jianhua, and agreed to the motion submitted by the company in 2016 Extraordinary General Meeting for approval.

July 12, PetroChina announced through the official website, as Zhang Jianhua, general manager of CNPC. Earlier 51-year-old Zhang Jianhua long-term work in the petrochemical.

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