PetroChina Co Ltd, the countrys largest oil producer, posted rising revenue and profits, as economic reforms in the worlds second-top economy proved beneficial for the state-owned giant.
Operating income was reported at 1.15 trillion yuan (~$187.87bn) for the six months through June 30, up 4.8% on an annual basis, while net profit was up 4.0% at 68 billion yuan, or 0.37 yuan per share.
Results were boosted by aggressive reforms by the Chinese government, seeking to better integrate the Chinese economy into the global market. Improving the pricing of natural gas was among the top contributions, allowing the blue fuel for domestic use to more closely follow global prices.
The “natural gas price hike shows the central governments determination in energy reform,” according to a Maybank Kim Eng research note earlier this month, cited by The Wall Street Journal. It noted that PetroChina, the largest gas supplier in China, will be the main beneficiary of the increase.
PetroChina, 86% of which is owned by the China National Petroleum Corporation, itself a government-owned entity, is Chinas leading crude oil producing company, and is the fifth-biggest oil producing company in the world, according to Forbes.
PetroChina Co Ltd closed at 7.93 yuan per share in Shanghai today, up 0.25% and valuing the company at 1.47tn yuan (~$239.32bn). According to a Financial Times survey, 7 analysts offering 12 month price targets for PetroChina Company Limited have a median target of 9.40 yuan, with a high estimate of 11.10 yuan and a low estimate of 7.80 yuan. The median estimate represents a 18.84% increase from the last price of 7.91.
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