PetroChina Posts Higher Profit In 2013 - Update

(RTTNews) - Chinese oil and gas company PetroChina Co. Ltd. (PTR) Thursday reported a higher profit for full year 2013, as turnover increased about 3 percent, driven by rise in selling prices of natural gas and increased volumes.

For the full year, profit attributable to owners of the company increased 12.4 percent to 129.60 billion yuan from 115.33 billion yuan in the previous year. Earnings per share were 0.71 yuan, up from 0.63 yuan a year ago.

PetroChina, owned by China National Petroleum Corp., said its annual turnover rose 2.9 percent to 2.26 trillion yuan from 2.20 trillion yuan last year.

The company attributed the increase in turnover mainly to the rising selling prices of natural gas coupled with increase in sales volume of natural gas, gasoline and other products.

In 2013, the Group's total crude oil output reached 932.9 million barrels, an increase of 1.8 percent from last year. Marketable natural gas output increased 9.5 percent to 2,801.9 billion cubic feet.

Oil and natural gas equivalent output was 1,400 million barrels, up 4.2 percent from a year ago.

Sales volume of crude oil declined 0.9 percent to 75,482 thousand tons. Average realized price was 4,533 yuan per ton, down 3.1 percent from a year ago.

Natural gas sales volumes increased 15.4 percent to 985.41 hundred million cubic metre. Average realized price rose 9 percent to 1,226 yuan per thousand cubic metre.

The company said it will spend 296.5 billion yuan on capital expenditure in 2014, down from 318.70 billion yuan last year.

In addition, the board has recommended a final dividend of 0.15755 yuan per share for 2013. The final dividend, to shareholders of record on June 4, will be paid on July 17, 2014.

The proposed final dividend is subject to shareholders' review and approval at the forthcoming annual general meeting to be held on May 22, 2014.

PTR is currently trading at $98.58, down 0.20 percent on the NYSE.