Asia’s largest oil and gas producer PetroChina 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, reports Reuters.
Net profit for the January to September period reached RMB 120.3 billion ($16.66 billion), the company said in a statement. Domestic crude oil output increased 2.7% during the first nine months versus a year earlier to 577 million barrels, while 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, or 3.28 million barrels per day.
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