PetroChina, Sinopec post record liabilities for 2012
Author:Network sources Source:Network sources Date:2013-04-26

Although China's top oil and gas companies reported record-high liabilities in 2012, their debt levels are still controllable and justified considering their accelerated steps in energy acquisition and exploration, analysts said Thursday.

Of all the mainland-listed companies that have released their annual reports, PetroChina Co, China's largest oil and gas producer by output, posted the highest liabilities for 2012 excluding listed banks and other financial companies, statistics from financial data provider Wind showed.

PetroChina's total liabilities amounted to 988.15 billion yuan ($160.16 billion) by the end of 2012, up 18.3 percent from one year ago, according to its annual report.

Due to an increase in long-term borrowing, its non-current liabilities reached 413.4 billion yuan, surging 50.3 percent year-on-year, while current liabilities climbed only 2.6 percent year-on-year to 574.75 billion yuan.

"The firm issued bonds to fund its accelerated investment in overseas expansion and construction of new projects last year, which is the main reason behind the sharp jump in long-term debts," Cheng Ruifeng, an analyst at industry information provider oilgas.com.cn, told the Global Times Thursday.

PetroChina said in its report that its capital spending for exploration and production totaled 227.21 billion yuan in 2012, which mainly went to the acquisition of mineral interests in Canada, oil and gas projects in Iraq, exploration projects in domestic fields and construction of expansion projects.

The country's other oil and gas giant, China Petroleum & Chemical Corporation, recorded total liabilities of 718.7 billion yuan last year, up 12.79 percent year-on-year.

Despite the stunning liabilities, analysts still appear confident in the two energy firms.

The industry giants are in the process of restocking oil and gas resources globally, which can be regarded as a long-term investment, Chen noted.

"It is impossible to get instant gains from overseas energy projects, but it is worthwhile for Chinese companies to make investments as they can learn advanced exploration and refining technologies," Zhu Chunkai, an analyst with industry portal chem99.com, told the Global Times Thursday.

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