PetroChina Posts 22% Jump in Net Profit on Higher Oil Prices and Fuel Sales

PetroChina, China's largest oil and gas company, reported a 22% jump in first-half net profit, driven by higher oil prices and stronger fuel sales. The company's net profit attributable to shareholders came in at 103.94 billion yuan ($14.65 billion), compared with 84 billion yuan a year earlier.

PetroChina processed 693 million barrels of crude oil during the first half, up 3% from a year earlier and equivalent to 3.83 million barrels per day. Total sales of gasoline, kerosene, and diesel rose 2.1% to 81.38 million metric tons.

The company expects global economic growth to remain complex in the second half, with international crude oil prices fluctuating significantly due to geopolitical risk and shifting supply-demand dynamics.