PetroChina, the world’s second-most valuable oil and gas producer after Exxon Mobil, posted a 23.5 percent drop in quarterly net profit on Wednesday as the steep global slide in crude oil prices hurt earnings.

July-September net profit was 30.8 billion yuan ($4.5 billion) versus a
restated 40.3 billion yuan a year earlier, according to a statement to
the Shanghai Stock Exchange. It compared with a consensus forecast of
34.1 billion yuan from seven analysts polled by Reuters.

Like top Asian refiner Sinopec Corp, PetroChina, ranked China’s No.2
refiner, benefited after Beijing raised gasoline and diesel prices by
4-5 percent in September, the fourth increase this year.

At the same time, PetroChina and global peers such as Exxon Mobil and
Royal Dutch Shell Plc have been hit by a steep drop in oil prices from
their 2008 peak.

PetroChina’s Hong Kong-listed shares gained 1.9 percent in
July-September, underperforming Sinopec’s 11.5 percent rise and a 14
percent increase on the benchmark Hang Seng Index.

Source: Reuters

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