PetroChina profit down on lower oil prices
BY YVONNE LEE
HONG KONG -- PetroChina said Thursday its first-quarter net profit fell 8% from a year earlier due to lower realized crude prices and losses in refining and chemical businesses.
Net profit for the three months ended March 31 $5.8 billion, down from $6 billion in the same period a year earlier.
Revenue rose 3% to $87 billion from $85 billion.
The company said its crude oil output rose 1.8% to 231.0 MMbbl in the first quarter from a year earlier, and the average selling price of its crude oil fell 2.3% to $103.08 a barrel.
Dow Jones Newswires