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PetroChina Flags $1.5 Billion Writedown While Profit Doubles

Net income may have surged to as much as 52.8b yuan in 2018
Producer disposed of oil, gas assets that had to be scrapped

Video player cover image — Bloomberg’s Aibing Guo reports on PetroChina’s results.(Source: Bloomberg)

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January 21, 2019, 8:54 AM UTCUpdated onJanuary 22, 2019, 3:09 AM UTC

PetroChina Co. warned of a $1.5 billion writedown from the disposal of some assets as it estimated full-year net income more than doubled last year. Shares fell.

China’s biggest oil and gas producer lost as much as 2.3 percent in Hong Kong Tuesday. Huatai Financial Holdings (Hong Kong) Ltd. cut its rating on the stock to hold and slashed its price target by 40 percent, cautioning that PetroChina faced a weak fourth quarter due to write-offs and large inventory losses.