PetroChina's 1Q profit falls 5% on lower oil price

4/24/2014

PetroChina's 1Q profit falls 5% on lower oil price

AIBING GUO

BEIJING (Bloomberg) -- PetroChina Co. posted a 4.9% decline in first-quarter profit as lower oil prices hurt earnings.

Net income fell to 34.2 bn yuan ($5.48 bn), or 0.19 yuan a share, in the three months ended March 31 from 36 bn yuan, or 0.20 yuan, a year ago, the Beijing-based energy explorer and refiner said today in a statement to the Shanghai Stock Exchange. The average estimate of four analysts compiled by Bloomberg was 32.03 bn yuan.

Oil and gas output dropped 2.3% to 363.4 MMboe in the first quarter, and the realized crude price was $100.60 a barrel, down 2.9%, according to the statement.

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