July 30, 2018 / 10:44 AM / 4 months ago

PetroChina forecasts first half net profit to more than double; highest since 2015

PetroChina's logo is seen at its petrol station in Beijing, China, March 21, 2016. Picture taken March 21, 2016. REUTERS/Kim Kyung-Hoon/File Photo - S1BEUGCZSZAA

BEIJING (Reuters) - China’s largest oil and gas producer PetroChina (601857.SS) expects its profits to more than double in the first half of this year, the latest state oil major to benefit from the revival in crude oil prices.

Net profit in the first six months of 2018 will rise by between 13.5 billion yuan ($1.98 billion) to 15.5 billion yuan from the first half of 2017, up by 107 percent to 122 percent from the same period a year ago, PetroChina said in filing to the Shanghai Stock Exchange on Monday.

Based on net profit of 12.67 billion yuan in the first half of 2017, PetroChina’s net profit is forecast to be 26.17 billion yuan ($3.84 billion) to 28.17 billion yuan in the first six months of 2018. That would be the highest six-month profit for the company since 2015.

Based on the company’s net profit of 10.15 billion yuan reported in the first quarter, it would also be the best quarterly result since the second quarter of 2015.

“With rising crude prices, the company reported higher sales prices of crude oil, refined products and natural gas,” PetroChina said.

Global oil prices LCOc1 were up almost 20 percent in the first half of 2018 and topped $80 a barrel in May for the first time since 2014. An effort by the Organization of the Petroleum Exporting Countries to cut output, falling Venezuelan output as well as potential drop in Iranian exports has supported crude oil prices.

PetroChina will announce its first-half results on Aug. 31.

PetroChina’s domestic rival Sinopec (600028.SS) expects to deliver its best quarter since 2013.

Reporting by Meng Meng and Aizhu Chen; Editing by Christian Schmollinger

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