Brent Lewin | Bloomberg |
PetroChina Co. reported record operating profit in the primary half of the yr, due to strong drilling results and better oil prices, which helped the corporate offset weak fuel demand in China.
China’s largest oil and gas company reported net profit of 88.61 billion yuan ($12.44 billion) for the six months to June, up 3.9 percent from the identical period last yr. The company’s total revenue rose 5 percent to 1.554 trillion yuan within the period.
“This is mainly due to the group’s increases in the selling prices of crude oil and gasoline, the sales volume of natural gas, and the sales volume and prices of kerosene, polyethylene and other products,” PetroChina said in an announcement released late Monday.
Company management pointed to the strength of international crude oil prices and the proven fact that demand within the domestic natural gas market “continues to grow rapidly.”
PetroChina’s oil and natural gas equivalent production rose to 905.5 million barrels, compared with 893.8 million barrels a yr earlier.
The company said it had “actively promoted” the event of recent projects and focused on the exploration and development of oil and gas reserves, which had enabled it to make “several major breakthroughs” and discoveries in several basins, including the Tarim, Sichuan and Junggar Basins.
PetroChina’s Hong Kong-listed shares have risen 35% for the reason that starting of the yr.
