PetroChina First Quarter Up on Higher Oil Prices, No Change to our FVE
PetroChina’s first-quarter net profit of CNY 5.7 billion reflects a rebound from a net loss of CNY 13.8 billion a year ago on an 88% year-over-year recovery in its average selling oil price. However, the 10% drop in first-quarter crude output is well below the 2% cut that management targets for the full year and we’ve lowered our full-year assumption. The drop is due in part to a much smaller share of overseas production because of higher oil prices. While the bottom line tracks well below our r...
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