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 Kunlun profits from higher prices
CreateTime:2011-08-27     Source:upstreamonline Editor:lile
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The company posted an after tax profit of HK$2.2 billion (US$282.2 million) for the first six months of the year, up about 27% on the HK$1.7 billion reported during the same period last year.

Revenues for the first half of the year totaled nearly HK$6.8 billion, a rise of 60% on the HK$4.2 billion it booked a year ago.

The company’s exploration and production division accounted for almost 44% of Kunlun’s revenue with a turnover of HK$2.9 billion, compared to HK$2.2 billion during the first half of 2010.

E&P revenues were driven up by higher oil prices which averaged US$99.81 per barrel compared to an average of US$70.38 during the first half of last year.

Output from the segment remained steady in comparison to last year’s total of 8.3 million barrels, with output during the first half of 2011 totaling 8.4 million barrels of oil.

Natural gas sales made up the remainder of Kunlun’s overall revenue with the segment generating HK$3.8 billion during the first half of the year, compared to nearly HK$2 billion a year ago.

Driving up revenues for the segment was an increase in gas sales which totaled 1.6 billion cubic metres during the first half of the year compared to 1.1 Bcf during the first half of 2010.

Kunlun’s holding company PetroChina reported a first half profit of 66 billion Chinese yuan (US$10.3 billion) this week which was on par with the previous year despite soaring revenue.

Published: 26 August 2011 04:16 GMT  | Last updated: 26 August 2011 04:16 GMT

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