PetroVietnam Posts Heftier-than-Expected Profit in H1

Minh Anh

18:14 12/07/2017

BizLIVE - Both revenue and profit surpassed the first-half targets by 15% thanks to higher-than-planned crude oil prices.

PetroVietnam Posts Heftier-than-Expected Profit in H1

PetroVietnam's headquarters in downtown Hanoi. Photo: Internet

State-run energy giant PetroVietnam said it earned a net profit of 13.1 trillion dong ($577 million) in the first half of this year, rising 24.7% from a year earlier, VnExpress cited the company’s financial statement as saying.
Its revenue increased 14.6% year-on-year to 247.1 trillion dong ($10.88 billion). It also paid 44.2 trillion dong ($1.95 billion) to state coffers, meeting 59% of the year’s plan.
Both revenue and profit beat the first-half targets by 15% as selling prices of crude oil averaged $54.4 a barrel, $4.4 USD above the planned $50 a barrel, a company official explained.
During the six-month period, PetroVietnam exploited 13.15 million tons of oil equivalent, including 7.9 million tons of crude oil with 88% tapped at Vietnamese fields.
In addition, the group produced 11.11 billion kWh of electricity, 2.29 million tons of gasoline and 909,000 tons of urea fertilizers.
PetroVietnam has lowered its crude price forecast to $46-$50 a barrel in the final months of this year. The production cost at Vietnamese field hovers around $40 a barrel.
The firm has been asked to pump an additional one million tons of crude oil on one billion cubic meters of gas to bolster economic growth. It will strive to produce 13.28 million tons of crude at home and 10.63 billion cubic meters of gas this year.

MINH ANH

Emagazine