Asian oil giant PetroChina delivers lavish dividend
Hong Kong — PetroChina took a page from the playbook of global peers known for generous dividends by deciding to pay shareholders its entire half-year net income. China’s biggest oil producer passed on to investors the benefits of higher global prices with almost 12.7-billion yuan ($1.9bn) in dividends, the Beijing-based company said on Thursday. While seen as a one-time payout, and small relative to international majors, the move raised expectations of more investor rewards in 2017 from China’s state-owned giants. Earnings by the biggest explorers including Royal Dutch Shell, Exxon Mobil and Chevron improved as oil prices in the first half averaged about 30% higher than a year ago, near $53 a barrel. That has helped them generate enough cash to meet investors’ expectations of taming debt while sustaining dividends. Similar surprise payouts by state-owned enterprises such as China Mobile and coal miner China Shenhua Energy signal a new-found interest in luring investors and a possib...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.