PetroChina posts 9.7% drop in profits

PetroChina Co., China’s largest-listed oil company by output, said its net profit fell 9.7% in 2009 as lower oil prices hit revenues, though its 2010 results could benefit from increased production and higher energy prices. PetroChina said its net profit for the 12 months ended December 31, 2009 was 103.39 billion yuan (US$15.14 billion), down from 114.45 billion yuan (US$16.76 billion) in 2008, because of smaller contributions from its upstream business. PetroChina expects to raise its crude oil output by 1.2% to 853.7 million barrels this year and refinery output by 8.8% to 122 million barrels, in response to recovering domestic demand. (March 26, 2010)