>>
Home / Knowledge / News / Textiles / PetroChina reports better than expected Q1 operating results

PetroChina reports better than expected Q1 operating results

28
Apr '09
PetroChina Company Limited reported that in the first quarter of 2009, the Company continued to focus on its development, despite a challenging and difficult environment including the spread and intensification of the global financial crisis, low international crude oil prices, declining domestic demand for oil and petrochemical products, and increasingly intense market competition.

The Company adhered to its principle of scientific development and continued to implement its core strategies in the areas of resources, market and internationalization. The Company planned in a scientific manner and responded actively with pragmatic measures that brought effective outcomes. PetroChina succeeded in reporting quarter-on-quarter growth and showing month-on-month improvement within the quarter in its operating performance indicators. The Company's production and operations remained stable and continued their development momentum.

In the first quarter of 2009, according to International Financial Reporting Standards, net profit attributable to equity holders of the Company was RMB18.956 billion, while basic earnings per share was RMB0.10. According to the China Accounting Standards, net profit attributable to equity holders of the Company was RMB18.774 billion and basic earnings per share was RMB0.10.

In the first quarter of 2009, the exploration and production operations were adversely affected as a result of a marked decline in crude oil prices.

To combat this, PetroChina continued to develop in a scientific manner and prioritized the principle of efficiency by proactively adjusting domestic production volumes. While ensuring the development in strategic areas such as Daqing and Changqing, the Company reduced ineffective and low-efficiency productions, which resulted in stable crude oil production and relatively rapid growth of its natural gas output.

During the period under review, the Company produced 206 million barrels of crude oil, representing a decrease of 5.7% from the same period of last year. 523.4 billion cubic feet of marketable natural gas was produced, representing an increase of 7.9% from the same period of last year.

In the first quarter of 2009, the refining and chemicals operations responded actively to changes in the domestic oil and petrochemical market. Leveraging on the advantage of integration, the Company focused on efficiency and strengthening production management, and achieved safe and steady operations as well as economies of scale.

During the period under review, PetroChina processed 185 million barrels of crude oil, representing a decrease of 14.6% from the same period of last year. The Company produced 16.366 million tonnes of gasoline, diesel and kerosene, representing a decrease of 13.5% from the same period of last year, while 0.663 million tonnes of ethylene were produced, representing a decrease of 6.5% from the same period of last year.

In the first quarter of 2009, the Company adopted a flexible and effective strategy towards changes in market trends. Production, transportation and marketing were optimized. Efforts were made to strengthen operating efficacy and the ability to adapt to changes in market conditions. During the period under review, PetroChina sold 21.25 million tonnes of gasoline, diesel and kerosene, representing a decrease of 2.8% from the same period of last year.


Must ReadView All

Pic: cf.kizlarsoruyor.com

Apparel/Garments | On 6th Dec 2021

All Turkish goods to be labelled ‘Made in Turkiye’

All goods produced in Turkey, including clothing for exports, will be ...

Pic: Jaroslaw Baczewski | Dreamstime.com

Textiles | On 6th Dec 2021

Global cargo demand up by 9.4% in Oct 2021 over Oct 2019: IATA

Global demand was up by 9.4 per cent in October 2021 compared to the...

Pic: Phanthit Malisuwan | Dreamstime.com

Textiles | On 6th Dec 2021

NCTO offers key policy recommendations to support US industry

In a written testimony before the US House Ways and Means Trade...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Always best to produce under own supervision

Textile Industry, Head honchos

Textile Industry
Head honchos

Delay in adopting water sustainability both financially & environmentally...

Textile Industry, Head honchos

Textile Industry
Head honchos

Quality & affordability to affect market acceptability of new fibres

Vikash & Vishal Pacheriwal,

Vikash & Vishal Pacheriwal

Launched in 2018, Raisin is a contemporary fusion fashion brand that aims...

Erwin Devloo,

Erwin Devloo

The Picanol Group is a diversified industrial group active worldwide in...

Andrea Pelissero,

Andrea Pelissero

Located near Milan, Italy, and with 50 years of experience in the textile...

Daniel Odermatt, Ventile

Daniel Odermatt
Ventile

Ventile is a registered trademark used to brand a special high-quality...

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll
Lenzing

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

Frank Heislitz, Freudenberg

Frank Heislitz
Freudenberg

Freudenberg Performance Materials is a leading global manufacturer of...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah & Sandeep is a luxury menswear label...

Raghavendra Rathore, Label Raghavendra Rathore Jodhpur

Raghavendra Rathore
Label Raghavendra Rathore Jodhpur

Being one of the first designers to use the "Brand India" positioning for...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

<b>Ruma Devi i</b>s a jet-setting promoter of artisans who has empowered...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


December 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search