April 27th, 2012 | Shanghai Daily PetroChina posts surprise 5.8% rise in net earnings
PETROCHINA Co, China’s biggest energy producer, unexpectedly posted a 5.8 percent rise in first quarter profit as oil and natural gas output climbed.
Net income rose to 39.2 billion yuan (US$6.2 billion), or 0.21 yuan a share, in the three months ended March 31 from a year earlier, the Beijing-based refiner and energy explorer said in a statement yesterday. The average estimate of five analysts compiled by Bloomberg News was a profit of 34.8 billion yuan.
Overseas fields contributed to higher output for PetroChina, which plans to spend US$60 billion to boost the share of global assets this decade. The company is relying more on oil production as fuel price controls aimed at curbing inflation continue to result in refining losses.
“It’s a good set of numbers considering all the headwinds,” Gordon Kwan, head of regional energy research at Mirae Asset Securities Ltd in Hong Kong, said in an e-mail after the earnings report. “Better-than-expected production growth and cost controls contributed to the first-quarter positive surprise.”
Crude oil in New York averaged 8.9 percent higher in the quarter from a year earlier.