PetroChina reported on Thursday a 55% jump in profit during the first half of 2022, boosted by an increase of its oil and gas output and higher energy prices, as Western sanctions on Russia intensified tight supply worries, Trend reports with reference to Reuters.
China National Petroleum Corp (CNPC), the listed firm of Asia's top oil and gas producer, reported an interim profit of 82.39 billion yuan ($12 billion), compared with 53.04 billion yuan a year ago, according to a statement filed to the Shanghai Stock Exchange.
That was slightly below analysts' forecast of 84.91 billion yuan. Revenue during the first half of this year was up 35% at 1.614 trillion yuan.
PetroChina also disclosed a 3.1% increase in oil and gas output to 845 million barrels of oil equivalent, in response to Beijing's order to enhance domestic energy supply amid an increasingly complex geopolitical environment.
PetroChina recorded a 3.4% growth in domestic oil output and 4.4% rise in domestic gas production.
Its refinery throughput dipped 1.4% to 597.5 million barrels, or 80.86 million tonnes, while sales of gasoline, diesel and kerosene combined dropped 11.1% to 71.43 million tonnes.
China's fuel demand was dented by months-long lockdowns across cities in the second quarter, forcing refiners to cut operations.
PetroChina's capital expenditure was at 92.31 billion yuan in the first half of 2022, up 25% from a year ago, as the firm expanded oil and gas exploration. That represented 38% of the annual budget this year.