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PetroChina Surpasses Global Rivals in Oil Production

  • Published in Energy

Bloomberg.com | PetroChina Co. surpassed global rivals Exxon Mobil Corp. (XOM) and OAO Rosneft to become the biggest oil producer among publicly traded companies last year.

The CHART OF THE DAY shows crude output by PetroChina compared with production of the world’s largest listed energy companies, in million barrels a day, based on Bloomberg calculations from company statements. The lower panel tracks Beijing-based PetroChina’s quarterly net income in million yuan, including the final three months of 2011 reported on March 29.

PetroChina plans “large scale” acquisitions to secure more oil and natural gas to help fuel the world’s second-biggest economy, Chairman Jiang Jiemin told reporters after the earnings report. The Hong Kong-listed company aims to spend at least $60 billion on global assets this decade to boost the share of overseas output to half of total production.

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