The Strategist

PetroChina's net profit jumps by 60 percent for first nine months 2022

10/28/2022 - 09:46

For the first nine months of the year, PetroChina Co Ltd, the largest oil and gas corporation in Asia, recorded a 60 percent increase in net profit. Revenues reached record highs as a result of increased energy prices worldwide, despite the fact that decreasing fuel use in the Chinese market continued to drag on profits.

CEphoto, Uwe Aranas
CEphoto, Uwe Aranas
PetroChina stated that its net income totaled 120.3 billion yuan ($16.66 billion) from January through September.

Local gas production grew by 5.1% to 3,296 cubic feet during the reporting period, while local oil production increased 2.7% year over year to 577 million barrels.

PetroChina, the second-largest refiner in China, processed 1.8% less crude oil in the first nine months of the year than in the same period in 2017.

China's fuel consumption is still under pressure due to Beijing's ongoing COVID restrictions, which have disrupted economic activity and freedom of travel in the nation and forced refiners to reduce operations.