CNPC pre-tax profit down 27.8% during Jan-Sep
China National Petroleum Corp (CNPC), parent of the country’s largest oil maker PetroChina<601857><857>, realized pre-tax profit of RMB 98.98 billion during the first nine months of this year, down 27.8% from a year earlier, sources reported, citing an executive with CNPC.
The company attributed the smaller-than-expected pre-tax profit decrease mainly to a narrower special oil gain levy due to the sharp decline of global crude oil prices.
CNPC paid RMB 76.33 billion in special oil gain levy during the first three quarters, up 277% year-on-year, according to the unidentified executive. However, the growth rate was lower than that of the Jan.-Jun. period this year.
The company produced 104.56 million tons of crude oil in the nine months, up 0.94% compared with the corresponding period of last year. Natural gas output increased 17% from a year earlier to 49.2 billion cubic meters.
CNPC announced late last month, it would put a 10-million-ton oil refinery into production in Guangxi Zhuang Autonomous region in December this year. Meanwhile, the parent company bought back 60 million shares in PetroChina, accounting for 0.03% of the unit’s entire equity.
Tags: CNPC, PetroChina