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17

PetroChina Ahead of Schedule

Analysts surprised by companys' output announcement....

Oil and gas giant PetroChina has announced that output rose 2.2 per cent to 889.7 million barrels of oil last year, ahead of analysts' expectations.

Crude oil output was up 0.6 per cent to 774.4 million barrels, while natural gas production rose 14.3 per cent to 691.5 billion cubic feet.

Estimated upstream revenue increased 22 per cent to 174 billion yuan (HK$ 160.46 billion).

Interestingly, the market shrugged off the PetroChina news and the stock closed down 1.25 per cent, to close at HK$ 3.95.