PetroChina posts file earnings for first half of the 12 months

PetroChina Co. posted file working income for the primary half of the 12 months on the again of robust drilling output and better oil costs, which allowed it to offset weak gas demand in China.

China’s largest oil and fuel firm posted a web revenue of 88.61 billion yuan ($12.44 billion) for the six months by way of June, climbing 3.9% in comparison with the identical interval final 12 months. The corporate’s complete income climbed 5% to 1.554 trillion yuan for the reporting interval.

“This was primarily because of the Group’s improve within the gross sales worth of crude oil and gasoline, the gross sales quantity of pure fuel and gross sales quantity and worth of kerosene, polyethylene and different merchandise,” PetroChina stated in its submitting launched late Monday.

The corporate’s administrators famous the energy of worldwide crude oil costs, and that demand within the home pure fuel market “continued to develop quickly.”

PetroChina’s oil and pure fuel equal output climbed to 905.5 million barrels, in comparison with 893.8 million barrels final 12 months.

The corporate stated it “actively promoted” the event of latest initiatives and targeted on its exploration and improvement of oil and fuel reserves, permitting it to realize “a number of main breakthroughs” and discoveries in a number of basins, together with the Tarim, Sichuan and Junggar basins.

PetroChina’s Hong Kong listed shares are up 35% year-to-date.