Chinese oil giants report mixed first half results

China's two major oil companies, PetroChina Company Limited and China National Offshore Oil Company Limited today reported mixed first-half results, citing high petroleum prices and windfall taxes.       

PetroChina reported that its first-half net profit slid 34.5 per cent year-on-year, reduced by below-cost fuel prices and windfall taxes.     

Net profit totalled 53.62 billion yuan in the first half, while earnings per share fell by 0.17 yuan per share to 0.29 yuan, the company said in a statement to the Shanghai Stock Exchange.     

PetroChina is the Hong Kong and Shanghai-listed subsidiary of China National Petroleum Corporation, country's largest oil producer.     

Meanwhile, China National Offshore Oil Company Limited (CNOOC Ltd) said its first-half net profit rose sharply by 89.3 per cent year-on-year amid high oil price and solid operational performance.     

Net profit recorded 27.54 billion yuan or 0.62 yuan per share, the oil giant said in its interim report.     

CNOOC Ltd is the major listed subsidiary of China National Offshore Oil Corporation (CNOOC), the communist nation's largest offshore oil producer.