PetroChina Company Limited (PTR)

PetroChina posted a record-high operating profit for the first half of the year on the back of strong drilling output and higher oil prices.

China's largest oil and gas company PetroChina's , first-half net income hit a new high, up 3.9% compared with a year ago, the company said on Monday, as higher oil and gas prices outweighed the impact of reduced refining profits.

PetroChina Posted Another Record High Operating Results for 1H 2024 BEIJING, CHINA / ACCESSWIRE / August 26, 2024 / PetroChina Company Limited ("PetroChina" or the "Company", HKSE:00857, SSE: 601857) announced its operating results for the first half of 2024. The Company strengthened market analysis and proactively responded to multiple challenges.

Senior Iraqi oil officials met with executives from ExxonMobil, PetroChina and Basra Oil Co on Monday at the West Qurna 1 field near Basra to mark Exxon's complete exit and the handover of its operations to PetroChina.

U.S. energy giant ExxonMobil Corp has formally exited the West Qurna 1 oilfield in southern Iraq and handed over its operations to PetroChina as a lead contractor, a deputy oil minister told Reuters on Monday.

Iraq has signed a settlement agreement with U.S. energy giant Exxon Mobil Corp to finalise its exit from the West Qurna 1 oilfield and allow PetroChina to become the field's lead contractor, a senior Iraqi oil executive said on Saturday.

PetroChina International and energy giant BP have won a tender that will allow each to handle 2 billion cubic metres of gas annually for 20 years at Rotterdam's Gate terminal, the Chinese state firm's first long-term access to a European gas terminal.

International energy equities have been rallying in the face of lower oil prices over the last two months. One China-based large-cap E&P name has focused its activities upstream, and solid earnings and dividends are expected.

PetroChina's (PTR) total production of oil and natural gas increased 3.1% year over year to 845 million barrels of oil equivalent.

PetroChina Company Limited (NYSE:PTR ) Q2 20222 Earnings Conference Call August 25, 2022 5:00 AM ET Company Participants Wang Hua - Chief Financial Officer Dai Houliang - Chairman Huang Yongzhang - Executive Director and President Ren Lixin - Executive Director and Senior Vice President Yang Jigang - Vice President and Chief Engineer Wan Jun - Vice President Conference Call Participants Wang Hua Ladies and gentlemen, good afternoon. I'm Wang Hua, PetroChina's CFO and Board Secretary.

PetroChina PTR, +1.81% , China Life Insurance LFC, +2.32% , Sinopec SHI, +0.50% and Aluminum Corp. of China ACH, +0.98% have separately announced their intention to delist from the New York Stock Exchange, a unit of the Intercontinental Exchange ICE, +0.55% . The dates vary but the last trading days are scheduled for late August and early September.

PetroChina may sell out from natural gas projects in Australia and oil sands in Canada to stem losses and divert funds to more lucrative sites in the Middle East, Africa and central Asia, two people with knowledge of the matter said.

KR, PTR, and EGLE made it to the Zacks Rank #1 (Strong Buy) momentum stocks list on June 24, 2022.

PetroChina (PTR) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

A severe sell-off hit the broader markets on Monday, June 13, as worries around inflation discouraged investors.  The S&P 500.

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