PetroChina's Profits Soar 22% on Higher Oil Prices and Fuel Sales

PetroChina, China's largest oil and gas company, reported a significant jump in its first-half net profit. The company's net profit attributable to shareholders came in at 103.94 billion yuan (US$14.65 billion), a 22 percent increase from the same period last year.

The higher earnings were driven by stronger fuel sales and higher oil prices. PetroChina processed 693 million barrels of crude oil during the first half, up 3 percent from a year earlier. Total sales of gasoline, kerosene, and diesel rose 2.1 percent to 81.38 million metric tons.

The company's natural gas sales also increased, rising 6.8 percent to 157.19 billion cubic meters. Crude oil output rose 0.8 percent year on year to 478.4 million barrels, while domestic natural gas output rose 4.3 percent to 2,382.7 billion cubic feet.

PetroChina 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. The company maintained its full-year crude oil and natural gas production targets at 941.3 million barrels and 5,470.5 billion cubic feet, respectively.