Reuters reported that PetroChina Co Ltd the world second-most valuable oil and gas producer after Exxon Mobil Corp posted a 7.9% rise in the third-quarter earnings beating forecasts.

PetroChina said the company posted a net profit of CNY 37.4 billion for the third quarter.

According to Reuter survey five analysts on average had forecast a profit of CNY 34.1 billion.

Oil and gas production contributed more to the company earnings as crude oil prices in the third quarter were higher than in the same period last year.

(Sourced from Reuters)