Petrochina achieved good operational results in q1 2003
[2008-4-3]
PetroChina Company Limited ("PetroChina" or the "Company", SEHK stock code 0857; NYSE Symbol PTR) today announced that all of its production and operational targets were well accomplished for the first quarter ended 31 March 2003. With economic efficiency, the Company achieved better results in Q1 2003 as compared to the same period last year.
Mr. Chen Geng, President of PetroChina, said, "The Company achieved encouraging results in the first quarter of 2003 despite the challenging market environment at home and abroad. Upstream operating efficiency was enhanced by increasing oil and gas production and controlling the lifting cost; higher margin for the refining and marketing business was achieved due to effective control of processing volume of crude oil based on market demand and expansion of terminal marketing; and the higher sales volume and prices of natural gas increased the operating income of our natural gas business."
All business segments of the Company achieved good results in 1Q 2003.
The Company's total output of oil and gas in Q1 2003 amounted to 221.8 million barrels, an increase of 1.51% yoy. The amount included 191.1 million barrels of crude oil and 184.5 billion cubic feet of marketable natural gas.
The Company processed 147.4 million barrels of crude oil and produced approximately 4.408 million tons of gasoline, 7.641 million tons of diesel and 490,000 tons of kerosene in Q1 2003.
As of end of March 2003, there were 13,582 service stations either owned, controlled or franchised by the Company or owned by China National Petroleum Corporation but to which the Company provides supervisory and technical support, representing an addition of 422 stations as compared to last year.
The Company saw growth in the production of its major chemical products in the period. It produced 454,000 tons of ethylene, 574,000 tons of synthetic resin and 61,000 tons of synthetic rubber, an increase of 11.55%, 11.03% and 12.96% yoy respectively.
Affected by the war and the low inventory level of oil, prices of crude oil and oil products increased significantly yoy. In the first quarter, the Company's realized price for crude oil was US$29.26 per barrel, up 66.8% yoy, realized price for natural gas was US$1.95 per thousand cubic feet, flat yoy. The realized prices for gasoline, kerosene and diesel were US$310.78 per ton (up 52.5% yoy), US$305.65 per ton (up 48.5% yoy) and US$305.83 per ton (up 48.5% yoy) respectively.
Looking forward, the Company will continue its effort in consolidating its leading position in the oil and gas upstream business, achieve rapid growth in its natural gas business, further the structural adjustment of its refining and petrochemical business, actively participate in the international market, accelerate the development of its overseas business, strengthen its growth and enhance its value.
"The Company will adopt various measures to enhance its competitiveness in an effort to maintain its sound operational results for the rest of the year. The Company is fully confident that this goal will be achieved," Mr. Chen said.
Mr. Chen Geng, President of PetroChina, said, "The Company achieved encouraging results in the first quarter of 2003 despite the challenging market environment at home and abroad. Upstream operating efficiency was enhanced by increasing oil and gas production and controlling the lifting cost; higher margin for the refining and marketing business was achieved due to effective control of processing volume of crude oil based on market demand and expansion of terminal marketing; and the higher sales volume and prices of natural gas increased the operating income of our natural gas business."
All business segments of the Company achieved good results in 1Q 2003.
The Company's total output of oil and gas in Q1 2003 amounted to 221.8 million barrels, an increase of 1.51% yoy. The amount included 191.1 million barrels of crude oil and 184.5 billion cubic feet of marketable natural gas.
The Company processed 147.4 million barrels of crude oil and produced approximately 4.408 million tons of gasoline, 7.641 million tons of diesel and 490,000 tons of kerosene in Q1 2003.
As of end of March 2003, there were 13,582 service stations either owned, controlled or franchised by the Company or owned by China National Petroleum Corporation but to which the Company provides supervisory and technical support, representing an addition of 422 stations as compared to last year.
The Company saw growth in the production of its major chemical products in the period. It produced 454,000 tons of ethylene, 574,000 tons of synthetic resin and 61,000 tons of synthetic rubber, an increase of 11.55%, 11.03% and 12.96% yoy respectively.
Affected by the war and the low inventory level of oil, prices of crude oil and oil products increased significantly yoy. In the first quarter, the Company's realized price for crude oil was US$29.26 per barrel, up 66.8% yoy, realized price for natural gas was US$1.95 per thousand cubic feet, flat yoy. The realized prices for gasoline, kerosene and diesel were US$310.78 per ton (up 52.5% yoy), US$305.65 per ton (up 48.5% yoy) and US$305.83 per ton (up 48.5% yoy) respectively.
Looking forward, the Company will continue its effort in consolidating its leading position in the oil and gas upstream business, achieve rapid growth in its natural gas business, further the structural adjustment of its refining and petrochemical business, actively participate in the international market, accelerate the development of its overseas business, strengthen its growth and enhance its value.
"The Company will adopt various measures to enhance its competitiveness in an effort to maintain its sound operational results for the rest of the year. The Company is fully confident that this goal will be achieved," Mr. Chen said.
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