PetroChina Expects 2017 Net Profit to Surge

By FeaturesDow Jones Newswires

Chinese oil giant PetroChina Co. (0857.HK) said Tuesday it expects its 2017 net profit to rise 165%-203% from 7.9 billion yuan ($1.25 billion) a year earlier, according to Chinese accounting standards.

The Chinese oil company said the expected jump in net profit for the year ended December is partly due to the significant rise in average realized prices of crude oil, natural gas, refined oil and other products. Cost-cutting measures and improved efficiency also helped the bottom line, PetroChina said.

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Recent gains in oil prices have been supporting the company's shares, with its stock price advancing 23% in the past three months in Hong Kong.

Write to Chester Yung at chester.yung@wsj.com

(END) Dow Jones Newswires

January 30, 2018 04:43 ET (09:43 GMT)

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