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Petrochina 1H profit down 6 pct on refinery losses

Associated Press Published: August 23, 2012

HONG KONG (AP) — China's biggest oil and gas company PetroChina says first-half profit slid 6 percent on lower crude oil prices and continuing losses at its refining and chemicals operations.

The world's biggest publicly traded energy producer said Thursday that profit for the first six months of the year totaled 62 billion yuan ($9.7 billion), or 0.34 yuan (5.3 US cents) per share.

That's down from 66 billion yuan, or 0.36 yuan a share, in the same period last year.

The majority state-owned company pumped 667.9 million barrels of oil and natural gas, up 3.8 percent over the year before. Some 62.5 million barrels came from overseas.

PetroChina pumped 2.4 million barrels a day last year, overtaking Exxon Mobil as the biggest publicly traded oil producer. Almost all output is for domestic use.