China's flagship oil company PetroChina recorded Better-than-expected operating results in the First Quarter of 2015 through cost reductions and efficiency improvement amid low oil price environment. In the first quarter of 2015, the company realized net profit of RMB6,150 million attributable to the company's shareholders, based on the China Accounting Standards ("CAS"). Despite the plunges in global oil prices and sluggish domestic oil and gas demand, PetroChina Company Limited focused its development guidelines of "quality, profitability and sustainability". Under the latter, PetroChina has put in significant efforts to improve resources allocation and to manage production and operations. It has further reduced costs while increasing efficiency, promoted reform and innovation as driving forces for growth, actively adapted to the "new normal" condition under low oil price environment, and achieved its objective of low cost development.
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