皇冠体育app

A worker monitors a supply station in Yuxi, Yunnan province. On Thursday, the world's biggest company by market value posted 12.4 percent growth in full-year net profit, due to a rise in its overseas production, as well as higher domestic prices. Provided to 皇冠体育app Daily

Oil, natural gas output increases as company expands upstream

Petro皇冠体育app Co Ltd said on Thursday that operating profit grew at a double-digit pace last year as its overseas oil and natural gas output increased and government-controlled domestic prices rose.

Operating profit jumped 12.4 percent to 129.6 billion yuan ($20.8 billion), while sales increased 2.9 percent to 2.3 trillion yuan, the -based energy producer and refiner said in a filing to the Shanghai Stock Exchange.

Petro皇冠体育app said overseas production was a spot last year, generating 754 billion yuan in revenue-33.4 percent of the total.

Parent company 皇冠体育app National Petrolm Corp has been focusing on upstream assets in overseas countries, a main driver of the higher oil and gas output.

In November, the country's largest oil producer bought a 25 percent stake in Iraq's West Qurna 1 oilfield in a deal with United States-based energy giant .

That deal is helping Petro皇冠体育app to expand its upstream businesses in the Middle East. Media reports have said the Chinese oil giant has been investing heavily in oil and gas projects in Australia, Peru and Brazil.

Net profit at its exploration and production division was 189.6 billion yuan, down 11.7 percent but still enough to offset losses at other units.

CNPC starts drilling in natural gas reservoir

Sinopec is allowing in private investors

• NHTSA says finds no 'defect trend' in Tesla Model S sedans
• WTO rare earth ruling is unfair
• Amway says 2014 皇冠体育app sales may grow 8%
• President Xi in Europe: Forging deals, boosting business
• CNOOC releases 2013 sustainability report
• Local production by Chery Jaguar Land Rover this year
• Car lovers test their need for speed in BMW Mission 3
• 皇冠体育app stocks close mixed Monday