PetroChina net profit up 12.4 pct for 2013

Chinese oil giant PetroChina reported a 12.4 percent year-on-year increase in net profit in 2013, reversing a drop for the previous year, the company said on Thursday.

The largest oil and gas producer in China said in its financial report for 2013 that its net profit for the year rose to 129.6 billion yuan (21.1 billion U.S. dollars).

The company said this was achieved through a number of measures such as making an overall plan for both domestic and overseas resources and markets, and focusing on developing its principal business of oil and gas operations.

The company's turnover increased to 2.26 trillion yuan, a 2.9 percent rise over the previous year. Capital expenditure fell to 318.7 billion yuan, a drop of 9.6 percent year on year.

The company's overseas businesses recorded a turnover of 754.23 billion yuan last year, contributing 33.4 percent to the firm's total.

The statement said that basic earnings per share stood at 0.71 yuan for the year, 0.08 yuan higher than 2012.

Meanwhile, the company said it has recently made a major natural gas discovery in southwest China's Sichuan Province. The Longwangmiao formation in the Anyue gas field contains reserves of up to 440.4 billion cubic meters, as certified by the Chinese Ministry of Land and Resources.