PetroChina’s production up 0.3% in 1Q

In the face of domestic and international situations, PetroChina Company Limited has focused on the development guidelines of “quality, profitability and sustainability” despite a slowdown in domestic economic growth and a weak market demand. As a result, the Company achieved steady operating results, meeting expectations for the first quarter of 2014.

In the first quarter of 2014, the Company realized net profit of RMB37,270 million, exceeding the budgeted profit target for the quarter based on the China Accounting Standards (“CAS”) and the International Financial Reporting Standards (“IFRS”).

In respect of exploration and production, the Company continued to implement its “Peak Growth in Oil and Gas Reserves” Program, organized its oil and gas production in a scientific manner and achieved a stable increase in oil and gas output. In the first quarter of 2014, the Company’s crude oil output amounted to 231.7 million barrels, representing an increase of 0.3% as compared with the same period last year. The Company’s marketable natural gas output amounted to 789.7 billion cubic feet, representing an increase of 6.0% as compared with the same period last year. The Company’s oil and gas equivalent output was 363.4 million barrels, representing an increase of 2.3% as compared with the same period last year. In the first quarter of 2014, as a result of the decrease in average crude oil price, an increase in exchange losses from overseas operations, depreciation and depletion and other factors, profit from operations of the exploration and production segment amounted to RMB52,710 million, maintaining stable corporate earnings continuously.

In respect of refining and chemicals, the Company adhered to the principles of market-orientation and profitability, actively optimized its product structure and sought to reduce losses and enhance profitability. The Company strengthened the management of production and ensured the stable and effective operation of its facilities. In the first quarter of 2014, the Company processed 254.4 million barrels of crude oil, which was generally in line with the same period last year. The Company produced 23.433 million tons of gasoline, diesel and kerosene, representing an increase of 3.0% over the same period last year. The refining and chemicals segment incurred a loss from operations of RMB2,217 million in the first quarter of 2014, representing a decrease in loss from operations of RMB2,526 million as compared with the same period last year. The refining operations realized profit from operations of RMB1,959 million, representing a decrease in loss from operations of RMB3,519 million as compared with the same period last year.

In respect of marketing, facing the challenges of weak domestic demand for refined products and a downward trend in prices, the Company continued to optimize the structure of its marketing operations and endeavored to raise the end-market selling capability. The Company sold 34.155 million tons of gasoline, diesel and kerosene. In the first quarter of 2014, profit from the Company’s marketing operations amounted to RMB3,324 million, representing an increase of 56.6% as compared with the same period last year.

In respect of natural gas and pipelines, the Company coordinated and balanced the utilization of various sources such as domestic gas, overseas gas and coal gas; continued to strengthen management of the demand side; and pushed forward the development of newly constructed pipelines and high-profitability markets in a well-organized manner, thus ensuring profitability in sales. In the first quarter of 2014, profit from operations of the natural gas and pipeline segment amounted to RMB1,392 million, representing an increase of 26.5% as compared with the same period last year. The loss incurred from sales of imported gas and LNG amounted to RMB12.1 billion, representing a decrease of RMB2.345 billion as compared with the same period last year.

In the second quarter of 2014, the Company will continue to strengthen the coordination and management of production operations and improve the operational efficiency and profitability in order to meet its full-year targets.

Source: Petrochina, April 24, 2014

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