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The following article was published in our article directory on March 18, 2011.
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Petrochina 2010 1398.7 billion yuan

Article Category: Business

Author Name: xia zihui

Petrochina 2010 1398.7 billion yuan

China petroleum and natural gas joint stock limited companies disclose, annual report yesterday 2010 relegated to the shareholders of the net profit 1399.9 billion yuan, an increase of 35.4%, accord with previously brokers expected increases space limit. Last day in calculating the converted earn about oil 380 million yuan. This is also listed in the oil since the third on a high performance history, behind the 2007 1456 billion and $2006 1422 billion yuan. Among them, the main exploration plate is profit contributor.

Only refinery plate falling profits

Petrochina last year turnover increased 14654 billion yuan, up 43.8. The company said last company turnover and profit increase are higher than the oil price increase.

In upstream exploration mining, oil refining, natural gas and petroleum product sales in these four plates, the main exploration plate is profit contributor. Crude oil production last year 8.58 billion barrels, year-on-year growth of 1.7%, yield growth in recent years highest record; Exploration and production plate achieve operational profits 1537 billion yuan, an increase of 46.4 percent.

In four business sectors, refining sector was the only last year profit decline plates.

Petrochina said last year rose by oil prices and domestic product prices not fully in place, oil refining and chemical business impact profit space narrow plate, and achieve operational profits 78 million yuan, 54.7% year-on-year drop. This operation profit is accounted for only its net profit of 5.6%. In addition, natural gas and pipeline plate last year realization operation profit is 204 billion yuan, an increase of 7.2 per cent. Product sales sector also realize operation profit is 1.6 billion yuan, an increase of 20.3% respectively.

The high price of push the high earnings expectations

Petrochina yesterday because of international disclosure, high oil prices, the last group pay special oil gain (i.e., commonly known as a windfall tax) to increase in 2009, from the 200.20 billion yuan of increased to 521.72 billion yuan last year, a stronger-than-expected 1.6 times. In addition to increase sales, consumption tax for oil from 2009 824.29 billion yuan in the 896.7 billion yuan last year.

Although refinery margins narrow, tax increases, a day of oil still earn the history of 380 million third high performance.

Analysts believe the international oil prices, rising instead pushed higher its earnings expectations will be. HeHui into silver international analyst told reporters that if current international oil price of $100 to maintain by year-end, even level this year to losses in petroleum refining, its profits will also sharply increased. "International oil prices brought to the upstream exploitation profit, if domestic product prices also can adjust smoothly according to pricing mechanism, 2011 is expected to reach its profit 200 billion yuan."

HeHui says, petrochina's main profits have close relationship with the international oil prices, because its upstream plate occupied very big profits, even if the proportion of refining sector, this part will still losses by its upstream plate can be to compensate for the huge profits.

Petrochina's shares rose $11.64 10,305.77 Thursday 0.78%) were detected, H shares, hk $10.46 0.76% 10,305.77, fall.

Magnifying glass

Petrochina main profits is reinvested

Report from our correspondent (reporter ZhongJingJing) petrochina last year, the company disclosed yesterday to 3.5% growth capital expenditure 2762 million RMB, including for 18.3%and 58.3%, exploration and production, refining and chemicals used by 16% in natural gas and pipeline 19.4%. Group company expected 2011 group capital expenditure 3,200 million yuan.

The huge profits for petrochina is used, China petroleum corporation chief financial officer ZhouMingChun previously stated petrochina has confirmed that the implementation of resources, market, internationalization, these three strategic implementation of the strategy for all need the scientific use of funds, namely used for acquisitions overseas and domestic enlarged reproduction.

He says, 2009, China petroleum earned a 1033.9 billion yuan; But 2010 for the oil and gas exploration and development year oil refining structure adjustment, natural gas, such as introduction as well as overseas oil and gas main business mergers basic strategic investment nearly 3,000 million yuan.

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