PetroChina reports impressive earnings for the first half of the year.
- Despite weak fuel demand in China, PetroChina recorded record-high operating profits in the first half of the year due to strong drilling output and higher oil prices.
Despite weak fuel demand in China, PetroChina Co. recorded record operating profits in the first half of the year due to strong drilling output and higher oil prices.
China's largest oil and gas company reported a net income of 88.61 billion yuan ($12.44 billion) for the six months ending in June, representing a 3.9% increase from the same period the previous year. Additionally, the company's total revenue increased by 5% to 1.554 trillion yuan during the reporting period.
PetroChina's increase in the sales price of crude oil and gasoline, as well as the sales volume and price of natural gas, kerosene, polyethylene, and other products, primarily contributed to its revenue growth, the company stated in its Monday filing.
The domestic natural gas market experienced rapid growth, while the company's directors observed the strength of international crude oil prices.
PetroChina's oil and natural gas equivalent output increased to 905.5 million barrels from 893.8 million barrels the previous year.
The company actively promoted the development of new projects and focused on exploring and developing oil and gas reserves, resulting in multiple major breakthroughs and discoveries in several basins, including the Tarim, Sichuan, and Junggar basins.
PetroChina's Hong Kong listed shares are up 35% year-to-date.
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