HONG KONG (AP) — State-owned PetroChina's half-year profit rose to nearly $11 billion as Asia's biggest oil producer increased output of crude and natural gas.
The company said Thursday its results were also helped by smaller losses at its refining and chemicals business after China reformed price controls to allow domestic fuel prices to more closely follow international prices.
PetroChina said January-June profit rose 5.6 percent from a year earlier to 65.5 billion yuan ($10.7 billion). Revenue rose 5.2 percent to 1.1 trillion yuan.
Crude output grew 2.6 percent to 464.2 million barrels while natural gas production rose 8.1 percent to 1.4 trillion cubic feet.
The Beijing-based company has grown into one of the world's biggest crude producers by outspending Western rivals to acquire reserves in places such as Canada, Iraq and Qatar. It's also pumped as much as possible from reserves in China, estimated to contain more than 6.5 billion barrels. Almost all of the majority state-owned company's output is for domestic use.
If you owe under $729k you may qualify for 3.05% APR Govt Refi Plans.