PetroChina posted its best-ever first-half profit as the country’s biggest oil and gas driller benefited from rising global energy prices.
The company reported 82.39 billion yuan ($12 billion) in net profit for the first half of the year, up 55 percent from the same period in 2021, while revenue rose 35 percent to 1.61 trillion yuan. yuan.
Global crude prices averaged $105 a barrel in the first half, up 62% from a year earlier, giving producers a windfall after years of depressed prices.
PetroChina has invested heavily in keeping oil production stable while increasing gas production to keep up with the country’s goals for cleaner fuels.
Improved drilling earnings are helping the company weather increased import costs, as well as weaker demand for fuel as pandemic restrictions hit industrial activity.
China’s leaders have recently tempered expectations of meeting annual economic growth targets, creating problems for domestic energy suppliers.