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PetroChina expects H1 net profit to double

PetroChina Co. Ltd. said July 30 that it expects net profit attributable to equity holders for the first half to increase by 13.5 billion Chinese yuan to 15.5 billion yuan, or 107% to 122%, compared to the corresponding period in 2017.

The integrated oil and gas company projects that net profit attributable to equity holders after deducting nonrecurring loss/profit rose by 13.5 billion yuan to 15.5 billion yuan, or 88% and 101%, in the first half.

The company said its estimate was primarily driven by production and operation optimizations and a rise in the average realized prices of its main products, which include crude oil, natural gas and refined oil.

During the first half of 2017, the company reported a net profit attributable to equity holders of 12.67 billion yuan and a net profit attributable to equity holders after deducting nonrecurring loss/profit of 15.30 billion yuan.

The company will announce its first-half results Aug. 31.

As of July 27, US$1 was equivalent to 6.81 Chinese yuan.