PetroChina plans to pump the largest capital spending in four years
PetroChina, Asia's largest oil and gas producer, said in a disclosure sent to the Hong Kong Stock Exchange that it plans to increase capital spending to 300 billion yuan ($ 45 billion) in 2019, a 17 percent increase from last year.
The spending increase comes close to a record high with the company's pledge to boost oil and gas production and reserves, in response to Beijing's call to improve energy security in the country.
The company expected crude production this year to reach 905.9 million barrels, and production of gas to 3811.0 billion cubic feet with a total equivalent of 1541.2 million barrels of oil, in the statement, which announced the results.
Reuters reckons PetroChina's fourth-quarter net profit fell 18 percent from the same period last year to 4.46 billion yuan, its worst quarterly performance since the third quarter of 2016.
But the company's fourth-quarter revenue rose to 644 billion yuan from 558 billion yuan a year ago.
The company's full-year net profit for the year 2018 more than doubled to 52.6 billion yuan, the best increase since 2014. Revenue rose to 2.35 trillion yuan, up 17 percent from 2017.