PetroChina’s third-quarter profit rises 21.6% to $7.78 billion — OilPrice

Chinese oil and gas company PetroChina posted net profit of 51.84 billion yuan, or $7.78 billion, in the third quarter. This is 21.6% higher than in the same period last year, when the figure stood at 42.29 billion yuan, OilPrice reports, citing the company’s stock exchange filing.

Financial results

Over nine months, PetroChina’s net profit rose by 21.9% to 155.78 billion yuan. The company’s revenue for the period increased by 7% to 2.32 trillion yuan. The publication attributes the growth in quarterly profit to higher oil and gas prices amid the war with Iran.

In the first half of the year, PetroChina had already posted a record profit of 103.94 billion yuan. This was the first time its half-year profit exceeded 100 billion yuan.

Oil production and fuel sales declined

At the same time, the company’s operating indicators for nine months worsened in several segments. Oil production declined by 2.2% to 698.6 million barrels, or 2.56 million barrels per day. Of this volume, 590.4 million barrels were produced at fields in China.

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Oil refining fell by 3.7% to 3.67 million barrels per day. Total sales of gasoline, diesel and aviation fuel dropped by 5.1% to 114.66 million tonnes, while domestic sales fell by 5.7% to 84.52 million tonnes. Diesel fuel sales in China decreased by 8.2%, gasoline sales by 4.3%, while aviation fuel sales increased by 1.1%.

Growth in gas and chemicals segments

PetroChina’s marketable gas production increased by 2.3% to 4,069.4 billion cubic feet. Domestic gas sales rose by 1% to 178.7 billion cubic meters. Ethylene production grew by 26.4% and reached 8.46 million tonnes.

PetroChina’s capital expenditures over nine months declined to 159.4 billion yuan, compared with 177.5 billion yuan a year earlier.