A significant slide in crude oil prices has hit earnings at PetroChina (0857), which said yesterday that net profit in the third quarter tumbled 23.5 percent year on year.But refiner Sinopec Shanghai Petrochemical (0338) said it returned to the black, thanks to lower oil prices.
PetroChina's net profit in the three months to September, was 30.8 billion yuan (HK$34.94 billion), versus 40.3 billion yuan a year ago.
The average selling price of crude oil plunged 49.5 percent to US$49.06 per barrel in the first three quarters.
For the first nine months of the year, PetroChina's net earnings fell 14.1 percent to 81.3 billion yuan from a year ago.
"Taking advantage of low oil prices, we are actively seeking opportunities for overseas oil and gas cooperation and expect increased contribution from the international business," the mainland's biggest oil producer said.
Sinopec Shanghai Petrochemical recorded a net profit of 550.6 million yuan in the third quarter, compared with a loss of 2.3 billion yuan a year ago, based on mainland accounting standards.
The firm had a net profit of 1.54 billion yuan in the first three quarters, compared to a loss of 2.68 billion yuan the previous year.
Anticipating that oil prices will rise amid intensified market competition, the company said its production and operations in the fourth quarter will continue to experience many difficulties and challenges.
The firm expects to remain profitable for the whole year.
