PetroChina Company Limited: Q3 2024 Financial Performance

PetroChina Company Class H ( (PCCYF) ) has released its Q3 earnings. Here is a breakdown of the information PetroChina Company Class H presented to its investors.

PetroChina Company Limited is a leading Chinese oil and gas enterprise engaged in a wide array of activities including exploration, production, refining, and marketing of oil and gas, as well as the development of new energy sources. The company operates primarily within the energy sector, with a significant presence in both domestic and international markets.

PetroChina’s third-quarter 2024 financial report reveals a slight decline in revenue compared to the same period last year, with the company registering RMB 702.410 billion in revenue for the quarter and RMB 2,256.279 billion for the first nine months. Despite the decrease in revenue, the company managed to achieve a marginal increase in profit attributable to owners, which reached RMB 132.522 billion for the nine-month period.

Among the key financial metrics, PetroChina’s basic earnings per share remained relatively stable at RMB 0.724, showing a slight increase from the previous year. The company also reported a healthy financial position with total assets slightly rising to RMB 2,776.702 billion. PetroChina’s strategic focus on cost control and efficiency improvements is reflected in its steady cash flows from operating activities, which stood at RMB 338.928 billion.

PetroChina’s performance in the oil, gas, and new energy sectors highlights its adaptability to market changes, with increased outputs and strategic advancements in new energy projects. The company has shown resilience by maintaining stable operations amidst fluctuating oil prices and growing demands in the natural gas sector.

Looking ahead, PetroChina plans to continue optimizing its business operations and expanding its new energy initiatives. The company’s management remains committed to enhancing profitability and sustaining growth amid evolving market dynamics.