1H Profit Rose by More more than 50% As Oil Increases, says PetroChina

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1H Profit Rose by More more than 50% As Oil Increases, says PetroChina

PetroChina is benefiting from oil’s rise, with Brent crude averaging about $105 a barrel from January to June, compared with about $65 in the same period in 2021. Still, the higher international prices likely mean losses for its gas import business, because it has to sell domestically at regulated rates.

Improving oil prices have helped resuscitate PetroChina’s shares from a record low in late 2020. Still, the company’s performance has lagged the sharp gains of comparable Western majors such as Exxon Mobil Corp. and Shell Plc, as shareholders are wary of PetroChina’s tendency to put the Chinese government’s needs before theirs.

Story Highlights

  • PetroChina Co.’s preliminary net income rose between 26.5 billion to 32 billion yuan ($3.9 billion to $4.7 billion) from last year, it said in an exchange filing. The company earned 53 billion yuan in the first half last year.

  • The company also said it increased oil and gas output while focusing on controlling costs.