United Energy Group Profit Rises as Oil Prices Offset Output Decline

United Energy Group's first-half profit rose nearly 30% as higher oil prices offset output decline.

The company, listed in Hong Kong, reported a profit attributable to shareholders of HK$953 million (approximately $121.6 million) for the six months ended June 2026, up 28.7% from the same period last year.

Revenue grew 33.7% to HK$10.94 billion (approximately $1.4 billion), driven by expansion of trading operations and a significant increase in average realized prices for crude oil and condensate.

The average realized price for oil and gas from exploration and production was approximately $65.70 per barrel of oil equivalent, up 12.2% from last year's figure.

However, production performance was relatively weak, with the group's average net daily output declining by 8.7% to 102,099 barrels of oil equivalent.