PetroChina Rides Oil's Rally as Gas Import Losses Held in Check

PetroChina Co.’s profit rose 78 percent in the first quarter as the country’s largest oil and gas producer benefited from a rally in crude prices while holding in check its losses from reselling imported gas. Like other major global producers, PetroChina, which accounts for more than half the nation’s crude and gas output, is reaping the rewards of a price rally mainly driven by OPEC-led production cuts. Operating profit in PetroChina’s exploration and production division surged more than fivefold to 9.7 billion yuan in the period, even as oil and gas output was flat, the explorer said in the statement.