PetroChina net profit 65.2 billion yuan in the first half

Profit crude oil prices rise, oil refining profits drop drag performance in the first half of the report yesterday, benefited from oil and gas prices and production in the first half of the year, according to Chinese accounting standards, the company achieved net profit of 65.211 billion yuan in the first half of the year, an increase of 29.6%. The performance was slightly lower than previous brokerage expectations.　　PetroChina is still routinely distributing interim dividends of 45% of its medium-term net profit, with a dividend of 0.16063 yuan per share. Oil refining profits fell nearly 70% PetroChina said the first half of the company's profit growth benefited mainly from the rise in crude oil prices, the upstream exploration plate continued to maintain the company's profitability pillar position. PetroChina said the first half of the company achieved average crude oil price of 72.4 U.S. dollars/barrel, up 70.6% year-on-year. The exploration and production sector realized operating profits of 73.37 billion yuan, up 94.9% from a year earlier.　　But the rise in crude oil prices also make refining profit space narrowed, refining and chemical industry sector to achieve operating profit of 5.46 billion yuan, down 68.3% year-on-year. PetroChina said the gas and pipeline sector realized operating profit of 11.22 billion yuan, an increase of 13.7% from a year earlier, and a growing contribution to the company's profits.　　PetroChina yesterday also disclosed that its Qinghai oil field would supply liquefied natural gas to Lhasa, Tibet, from October 2011 onwards. expressed satisfaction with the oil aspect of the performance, and said that the company effectively responded to the complex economic situation and achieved substantial growth in performance.　　For the second half of the operating situation, PetroChina chairman Jiemin in the announcement that the second half of the domestic petroleum and petrochemical products market demand will be correspondingly increased, the second half of the international oil price will be "high-frequency wide" concussion.　　However, PetroChina's profit growth is lower than some previous brokerage expectations, the market analysts believe that the main reason for the low performance gains is the first half of the domestic product prices (cracking oil prices) rose by 4% to 4.5%, but international oil prices rose to 70%, the company's refining costs increased.　　The gap between the increase and the international oil giants is very large in the first half of the year, the profit growth rate was higher than Sinopec's profit growth of 6.7%, but less than CNOOC, the first half of CNOOC's profit rose by 109.6% per cent year-on-year, to 25.99 billion yuan.　　In terms of refinement, net profit rose only 4% in the second quarter, with the international oil giants-the United States Exxon Mobil and Chevron two quarter net profit rose 85% and 200% respectively, far apart. Citigroup reported that the second half of the year was subject to the introduction of resource tax in a number of provinces and cities, PetroChina's second half will be inferior to the first half. PetroChina A shares rose 0.1%, reported 10.24 yuan/share yesterday.