China’s oil giant reports higher revenue, lower profits in 2019

BEIJING (XINHUA) – PetroChina, China’s largest oil and gas producer, reported expansion in revenue in 2019, while its net profit saw a remarkable drop due to the slowing global economic growth and unrest in the international oil market.

Revenue rose six per cent year on year to CNY2.52 trillion (USD355.22 billion), according to the company’s annual financial report. The sector of exploration and production, the brightest spot, generated a 30.7 per cent increase in profit.

Net profits attributable to equity holders came in at CNY45.68 billion, slipping by 13.9 per cent from the previous year, the report showed.

PetroChina said the performance met profit forecasts, with major production indicators growing steadily despite the complex and grim situation of the global oil market affected by the gloomy economic outlook and sharp decline in oil prices.

Facing challenges arising from intensifying downward economic pressure and the further shrink in oil prices, the company vowed to uphold innovation strategies and promote high-quality development.

A gas station of PetroChina, China’s largest oil and gas producer. PHOTO: XINHUA