(news.flanders-china) -- PetroChina has overtaken Exxon
Mobil as the world’s biggest publicly traded producer of oil. The company
announced it pumped 2.4 million barrels a day last year, surpassing Exxon by
100,000 barrels.
PetroChina’s production increased 3.3% in 2011 while
Exxon’s fell 5%. Exxon’s oil output also fell behind Rosneft, the Russian energy
company. However, PetroChina posted a disappointing 26% drop in fourth-quarter
net earnings as rising refining losses offset gains in the lucrative upstream
business.
China’s largest oil producer earned CNY29.55 billion in the
final quarter of last year, down from CNY39.9 billion a year earlier. For the
full year, net profit fell 5% to CNY133 billion. PetroChina’s refining business
posted an operating loss of CNY60.1 billion last year. Government control on
fuel prices means refiners cannot freely pass on increasing crude rates to
customers. |
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