© Stocksak. FILE PHOTO – A 3D printed natural gaz pipeline is displayed in front of the PetroChina logo in this illustration, taken February 8, 2022. REUTERS/Dado Ruvic/Illustration
By Chen Aizhu
SINGAPORE (Stocksak). Asia’s largest oil-and-gas producer PetroChina Co Ltd reported a 60% increase in net profit over the previous year to record levels. This was due to higher global energy prices and lower domestic fuel consumption.
According to a statement, net profit for the January to September period was 120.3 billion yuan ($16.66 million).
Domestic output increased 2.7% in the first nine months, compared to a year ago to 577 million barrels. Gas output was up 5.1% at 3,296 billion cubic yards.
PetroChina, China’s second-largest oil refiner was also 1.8% more efficient than last year, processing 8.96 million barrels of crude oil in the first nine month. This is 3.28 million barrels a day.
Beijing’s COVID-restricted restrictions on domestic fuel consumption have had a negative impact on domestic fuel consumption. They have impacted mobility and economic activities and forced refiners to reduce their operations.
PetroChina’s gasoline output fell 12% during the period, and that of aviation fuel plummeted 33%, highlighting a weakening domestic fuel market.
However, the gas business of the firm saw 6.6% growth in domestic sales to 147 billion cubic metres, which resulted a 30% increase for operating income in the gas marketing segment.
“As a result, the demand in domestic market for refined oil has declined while the demand in domestic market for natural gas has been growing,” the firm stated to the Hong Kong Stock Exchange.
Its Hong Kong-listed shares have fallen 4.9% year to date, compared with a 34% drop in the.
($1 = 7.2220 renminbi)