China’s PetroChina Co. oil and gas company, Asia’s largest, posted a 3.9 per cent year-on-year decline in net profit to 42.29 billion yuan ($5.96 billion) in the third quarter, according to reports.
Revenue rose 2.3 per cent to 719.16 billion yuan.
In January-September, PetroChina produced 714.3 million barrels of oil (up 0.8% y/y) and 3.98 trillion cubic metres of natural gas (up 4.6%). Total hydrocarbon production rose by 2.6% to 1.377bn barrels of oil equivalent.
The average spot price of Brent crude oil for the nine months decreased to $70.93 from $82.79 per barrel a year earlier.
PetroChina’s stock price fell 0.4 per cent at the end of trading in Hong Kong on Thursday. The report was published after the market closed.