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PetroChina's first-half operating profit hit a record high on strong drilling output and rising oil prices, offsetting weak fuel demand in China.
China's largest oil and gas company had a net profit of 88.61 billion yuan ($12.44 billion) in the six months ended June, up 3.9% from the same period last year. During the reporting period, the company's total revenue increased by 5% to 1.554 billion yuan.
“This was mainly due to increases in the group's crude oil and gasoline sales prices, natural gas sales volume, and sales and prices of kerosene, polyethylene and other products,” CNPC said in a document released late Monday night.
The company's directors noted the strength of international crude oil prices and the “continued rapid growth” of demand in the domestic natural gas market.
PetroChina's oil and natural gas equivalent production climbed to 905.5 million barrels, compared with 893.8 million barrels last year.
The company said it “actively promotes” the development of new projects, focusing on the exploration and development of oil and gas reserves, and has made “multiple major breakthroughs” and discoveries in multiple basins such as the Tarim Basin, Sichuan Basin, and Junggar Basin.
PetroChina's Hong Kong-listed shares are up 35% so far this year.