PetroChina Shares Fall; Earnings Plunge 23%
Stock quotes in this article:PTR
BEIJING (TheStreet) -- Shares of PetroChina(PTR), Asia's biggest oil company, were trading about 4% lower in Hong Kong after reporting a 23.4% third-quarter earnings decline.
Earnings were 30.8 billion yuan ($4.5 billion), down from 40.1 billion yuan a year earlier, as revenue fell 12% to 267.7 billion yuan on weak demand and lower crude oil prices. PetroChina said its production unit suffered from sharply lower crude prices, earning an average $49 a barrel over the first nine months of the year, compared with $97.24 for the same period of 2008. It didn't give figures for the third quarter. Oil production for the first nine months of the year fell 3.7% to 631 million barrels, the company said. In terms of market capitalization, PetroChina is the world's most valuable company after Exxon Mobil(XOM). -- Reported by Joseph Woelfel in New York . Follow TheStreet.com on Twitter and become a fan on Facebook.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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