When compared to the first quarter of 2008, both net earnings and net profits dropped 35.2% in the first quarter of 2009. Refining output fell 14.6% from a year earlier, and the company produced 5.7% less crude oil. PetroChina’s reduced both its production and refining outputs in response to declining domestic consumption.
PetroChina management announced that the company has plans to open 300 new gas stations in China by 2015. According to analysts at PetroChina, the government is likely to raise domestic natural gas prices in the near future in order to catch up with higher international prices.
PetroChina announced yearly profits that were 22% lower when compared to 2007 profits.
PTR cut its 2009 production targets by 10% to 20% due to weak demand for crude oil.
Continued concerns about the credit market are causing worry among investors, especially in relation to the possibility of a weakening dollar and decreased American imports.
PTR falls over worries that the weather will continue to disrupt the economy by preventing laborers from doing their jobs, damaging equipment, and (worst for PetroChina) decreasing industrial energy demand.
PetroChina completed its home-coming A-Shares IPO in Shanghai Stock Exchange. The overpriced IPO shares put PetroChina's market capitalization near $1 trillion, a size twice as Exxon-Mobile.
PetroChina stock price increased as global oil prices increased after US inventories declined, thereby raising supply concerns ahead of the winter-season. Further, Citi announced that PetroChina’s proven reserves could be 7.3-11.7 billion barrels at its Jidong field, significantly higher than government estimates of 3.26 billion.
Will rise after the JULY option expiration.
