October 30, 2019 / 9:42 AM / a month ago

PetroChina quarterly profit falls 58% on lower oil prices, slowing gas demand

* Third-quarter net profit -58% on yr

* Jan-Sept net income -23% yoy

* Jan-Sept crude oil output up 2.9%; gas up 8.7%

SINGAPORE, Oct 30(Reuters) - PetroChina Co, Asia’s largest oil and gas producer, reported a sharp fall in third-quarter profit on Wednesday, dragged down by weaker global oil prices and slowing growth in its domestic gas market.

Net profit for the July to September quarter was 8.83 billion yuan ($1.25 billion), down 58.4% compared with the same period a year ago, according to a company filing with Hong Kong stock exchange.

For the first three quarters of 2019, net income fell 23.4% from a year earlier to 37.25 billion yuan, the state firm said.

“Amid an increasingly complex and rigid global economic and trade environment...international oil prices have fallen over last year,” the company said.

“Domestically, China’s refined fuel supply capacity is in severe overcapacity...(and) growth in the natural gas market is slowing.”

Revenue for the quarter edged up 1.8% from a year ago to 618.14 billion yuan. For the first three quarters, revenue rose 5.1% to 1.81 trillion yuan.

The group’s crude oil output increased 2.9% during the first nine months versus a year earlier to 682.7 million barrels, while gas output rose 8.7% to 289.3 billion cubic feet (bcf).

PetroChina, which is also China’s second-largest oil refiner, processed 906 million barrels of crude in the first nine months of the year, up 4.3% versus a year earlier.

$1 = 7.0565 Chinese yuan renminbi Reporting by Chen Aizhul Editing by Kim Coghill

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