PetroChina H1 net profit jumps 22%, boosted by fuel sales, oil price spike

According to Business Recorder, PetroChina lifted first-half net profit by 22%, helped by higher oil prices and firmer fuel sales. The Hong Kong filing put profit attributable to shareholders at 103.94 billion yuan ($14.65 billion), against 84 billion yuan a year earlier. Revenue climbed 5.3% to 1.5 trillion yuan over the same stretch. The Hong Kong-listed shares closed 1.2% lower at HK$10.12 on Friday, but have gained 28.5% this year against a 3.4% rise in the Hang Seng Index.

Volumes moved higher across the business: crude processing reached 693 million barrels, up 3%, or 3.83 million barrels per day. Sales of the three fuels combined reached 81.38 million metric tons, a 2.1% increase, with aviation fuel up 8.9% to 10.12 million tons. Gas sales reached 157.19 billion cubic metres, up 6.8%, while crude output inched up 0.8%.

For the second half, the company expects global economic growth to stay complex and crude prices to swing on geopolitical risk and shifting supply and demand. It sees refined fuel demand under pressure from new energy alternatives, while refining margins face a squeeze from overcapacity and a shift toward chemicals and new materials. Full-year crude and gas production targets and the 279.4 billion yuan capital expenditure budget were left unchanged.