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Aug. 24, 2017, 6:16 a.m. EDT

PetroChina profit surges on higher oil prices

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By Joanne Chiu

Chinese oil major PetroChina Co. (0857.HK) said Thursday net profit in the first half surged on higher oil prices and stringent cost control.

Net profit was 12.68 billion yuan ($1.90 billion), sharply higher from CNY531 million a year ago. The results exceeded its forecast from late July of a net profit in a range from CNY9.0 billion to CNY11.0 billion

PetroChina's revenue rose 32% to CNY975.91 billion from CNY739.07 billion, on higher prices of crude oil, natural gas and other products as well as an increase in sales volume, it said.

PetroChina said it expected competition in the oil-and-gas market to intensify in the second half, with global oil prices fluctuating "at a medium-low level with greater uncertainty" and certain countries that have oil resources facing more geopolitical risks.

The company's capital expenditures rose 22.6% to CNY62.34 billion in the first half on rising investment in oil-and-gas exploration and the construction of storage and transportation facilities.

It declared a special interim dividend of CNY0.03809 a share on top of an interim dividend of CNY0.03117.

Write to Joanne Chiu at joanne.chiu@wsj.com

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