Regal Group International: Oil and gas giant PetroChina posts solid third-quarter gains.

Oct. 27, 2010 - PRLog -- Increased oil and gas output combined with higher crude prices has allowed Asia’s largest company by market value, PetroChina Co. to post a 13% gain in the third quarter, Regal Group International has learned.

Net income for the firm rose from last year’s $4.61 billion (30.8 billion yuan) to $5.2 billion (34.7 billion yuan) this year according to a statement to the Shanghai stock exchange. Most analysts were expecting around $5.03 billion (33.6 billion yuan).

China’s largest oil and gas producer this year increased output through its overseas acquisitions, including an Australian coal-seam gas producer and stakes in two Canadian oil-sands projects in order to meet growing demand in the globes fastest-growing major economy, Regal Group International sources report.

PetroChina’s revenue increased by 36% in the third quarter as U.S. crude gained 12% from the previous year to average $76.21 per barrel.

“We are bullish on PetroChina as we can see crude oil prices averaging $80 next year with increased demand,” an analyst based in Hong Kong informed Regal Group International. “The main driver of PetroChina’s performance has been higher crude oil prices and its strong output.”
According to the firms statement they increased crude and gas production by 4% in the first nine months to 921 million barrels of oil equivalent, while oil processing rose by 8.3% to 657 million barrels for the same period.

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