PetroChina profits fell in 2012

PetroChina reported Thursday that revenue rose in 2012 on gains in oil and gas production while profits fell on refining and natural gas losses, missing analyst expectations, The Wall Street Journal reported. Revenue increased 9.6% in 2012 to US$354 billion (RMB2.2 trillion). Net profits dropped 13% to US$18.6 billion, missing analyst expectations of US$20.1 billion, according to a Thompson Reuters poll. The company is in the midst of a rapid expansion of production capacity to 220 million tons of oil and gas by 2015, with overseas production accounting for half of that figure.