PetroChina first-half profit reaches $15.4 billion as 22% rise recorded
China's PetroChina reported a 22% increase in net profit to $15.4 billion for the first half of the year, driven by rising oil prices despite supply disruptions in the Middle East.
PetroChina announced its first-half net profit jumped 22% to 103.9 billion yuan ($15.4 billion). Revenue grew 5.3% to 1.53 trillion yuan ($227.55 billion). The company's average realized crude oil price rose 15.6% year-on-year to $76.53 per barrel. Operating profit in the oil, gas and new-energy segment climbed 15.3% to 100.4 billion yuan. Total crude output fell 2.8% to 462.9 million barrels as overseas production declined 14.2% due to lower activity in Middle Eastern projects. Ren Lixin, the company's executive director and president, stated that output in the region had recovered to nearly 90% of pre-conflict levels during a results briefing. Higher oil prices boosted earnings from upstream operations while natural-gas operations offset weaker production from domestic demand for refined fuels.
