29 August 2014, News Wires – China’s leading oil and gas producer PetroChina posted a 15% rise in its second-quarter profit, matching estimates, partly due to higher upstream earnings and improved refining margins.
Net profit rose to 33.9 billion yuan ($5.5 billion) in the period from 29.5 billion yuan a year earlier, according to Reuters calculations based on PetroChina’s first-half results released on Thursday.
That compares with an average forecast of 33.2 billion yuan by six analysts polled by Thomson Reuters.
PetroChina said in March that it would cut capital spending for the second consecutive year in 2014 as it sought to boost shareholder returns in the midst of a massive corruption probe.
It has been selling down its pipeline assets to focus more on exploration and production.