HONG KONG, Aug 23 (Reuters) - PetroChina Co Ltd (0857.HK: Quote, Profile, Research) (PTR.N: Quote, Profile, Research), the world's No.2 oil producer by market value, posted a mere 1.4 percent rise in first-half earnings due to lower crude oil prices and climbing costs.
The largest of China's energy triumvirate, which includes top Asian oil refiner Sinopec Corp (0386.HK: Quote, Profile, Research) (SNP.N: Quote, Profile, Research) (600028.SS: Quote, Profile, Research) and offshore specialist CNOOC Ltd (0883.HK: Quote, Profile, Research) (CEO.N: Quote, Profile, Research), said its January-June net profit was 81.83 billion yuan ($10.79 billion) versus 80.68 billion yuan a year earlier.
The result beat a mean forecast of 76.7 billion yuan, according to six analysts polled by Reuters.
Analysts say a rebound in crude prices (CLc1: Quote, Profile, Research), which peaked at a record $78.77 early this month, could fuel earnings growth for the country's largest oil producer in the second half.
Shares in PetroChina, whose shareholders include Warren Buffett, rose 4.5 percent in January-June, lagging Sinopec and CNOOC's 20 percent gain, and a 16 percent rise in the index of mainland Chinese stocks listed in Hong Kong (.HSCE: Quote, Profile, Research).
PetroChina trades at above 12 times forecast earnings, in line with Exxon Mobil's (XOM.N: Quote, Profile, Research) 12 and BP's (BP.L: Quote, Profile, Research) 10. ($1=7.583 Yuan)
