• 4 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 7 minutes Could Tesla Buy GM?
  • 13 minutes Global Economy-Bad Days Are coming
  • 16 minutes Venezuela continues to sink in misery
  • 11 hours Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 20 hours End of EV Subsidies?
  • 1 hour What will the future hold for nations dependent on high oil prices.
  • 14 mins OPEC Cuts Deep to Save Cartel
  • 14 mins Congrats: 4 journalists and a newspaper are Time’s Person of the Year
  • 19 mins How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 5 hours Price Decline in Chinese Solar Panels
  • 10 hours Permian Suicide
  • 15 hours GOODBYE FOREIGN OIL DEPENDENCE!!
  • 15 hours Asian stocks down
  • 19 hours Maersk's COO statment.
  • 18 hours Trump accuses Google Of Hiding 'Fair Media' Coverage of him
Oil Prices Crash As OPEC+ Scrambles At 11th Hour

Oil Prices Crash As OPEC+ Scrambles At 11th Hour

Oil prices headed lower on…

OPEC+ Deal To Be Forged In March

OPEC+ Deal To Be Forged In March

OPEC and its Non-OPEC partners…

State Firm PetroChina Pays Entire H1 $1.9B Profit As Dividends

China

China’s biggest oil and gas producer, state-held PetroChina, said on Thursday that it would be paying its entire first-half net profit in interim dividends to shareholders, in a move seen as a one-time event that sparked speculation over upcoming ownership changes.

Another state-held company, China National Petroleum Corporation (CNPC), holds 86 percent in PetroChina, and in view of the 100-percent dividend payout, it would get the bulk of the interim dividends, which are a total of US$1.9 billion (12.68 billion Chinese yuan)—the net profit that PetroChina reported for H1 2017.

According to Nikkei Asian Review, the 100-percent dividend payment ratio comes as the Chinese government is studying “mixed-ownership” reforms designed to attract private investors in state firms.

In its press statement, PetroChina said that the dividend payout was aimed at improving returns for the shareholders “in overall consideration of the good fundamentals of development, financial condition and cash flow.”

The large dividend distribution was only the result of “improving business operations and cash positions”, the company’s vice chairman and executive director Wang Dongjin told reporters in Hong Kong, as quoted by Nikkei.

In the future, PetroChina will have a more “flexible” approach to distributing cash to shareholders, according to the manager.

PetroChina’s key financial data under IFRS standards showed that profit attributable to owners of the company soared to US$1.9 billion (12.68 billion Chinese yuan) in the first half of 2017 from US$80 million (531 million Chinese yuan) in the same period last year. The H1 2017 results were boosted by the higher average oil prices compared to the first half of 2016, growing demand for natural gas, and optimizations of operations. 

Related: Are Investors Bailing On U.S. Shale?

The first-half profit this year was PetroChina’s strongest first-half profit since 2015. The figure easily beat the analyst range of expectations of between US$1.35 billion and US$1.65 billion (9 billion-11 billion Chinese yuan).

PetroChina’s total revenues in H1 2017 jumped by 32 percent on the year, while net cash flows from operating activities increased by 29.5 percent.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Naomi on August 25 2017 said:
    PEMEX, PetroChina, PDVSA, ARAMCO are all government run losers.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
-->