PetroChina Ltd. (NYSE: PTR) reported Thursday that its net profit fell 9.7 percent in 2009, citing sluggish demand, according to Associated Press.
Profit for the full year was 103.4 billion yuan ($15.1 billion) or 0.56 yuan (8 cents) a share, compared with 114.5 billion yuan the year before.
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PetroChina, with shares traded in New York, Hong Kong and Shanghai, is the world's most valuable company by market capitalization after Exxon Mobil Corp. (NYSE: XOM).
Total revenue fell 5 percent to 1.02 trillion yuan ($149 billion) on slack demand and a 38.4 percent drop for the year in average oil prices to $53.90 per barrel, down from $87.55 per barrel in 2008.
The company said it produced 843.5 million barrels of crude oil in 2009, down 3 percent from the 870 million barrels it pumped in 2008.
The company's refining operations returned to profit, earning 17.3 billion yuan ($2.5 billion) in 2009, compared with a loss of 93.8 billion yuan the year before.
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