Singapore — Asia’s largest oil and gas producer PetroChina Co Ltd reported a 60% year-on-year rise in nine-month net profit to record highs, lifted by stronger global energy prices, even as weaker domestic fuel consumption continued to drag on earnings.
Net profit for the January to September period reached 120.3 billion yuan ($16.66 billion), the company said in a statement.
The group’s domestic crude oil output increased 2.7% during the first nine months versus a year earlier to 577 million barrels, while domestic gas output was up 5.1% to 3,296 billion cubic feet.
PetroChina, which is also China’s second-largest oil refiner, processed 1.8% less crude oil than a year earlier at 896 million barrels in the first nine months of the year, or 3.28 million barrels per day.
Domestic fuel consumption has been weighed down by Beijing’s lengthy COVID restrictions that crimped mobility and economic activities, forcing refiners to cut operations. ($1 = 7.2220 Chinese yuan renminbi) (Reporting by Chen Aizhu; Editing by Jan Harvey) – Reuters
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