Rochester, NY 8/20/2009 3:51:47 PM
PetroChina Company Limited, ADR - Price Hikes Delivers Profitable Second Quarter Earnings, PetroChina, Sinopec
PetroChina Company Limited
PetroChina, Sinopec, China's top oil refiners are set to reveal a surge in quarterly earnings on the back of fuel price increases and lower oil prices, reaping the benefits six months after Beijing shifted to more liberal fuel pricing.
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But the second-half outlook for offshore oil producer CNOOC Ltd and PetroChina which generate most of their earnings from exploration and production, remains dull, with oil prices seen remaining weak this year, said David Johnson, head of oil and gas research at Macquarie.
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