PetroChina booked a record-high operating profit for the first half of the year amid rising crude oil and natural gas production, which more than offset weak Chinese fuel demand. PetroChina, the country’s biggest oil and gas producer, saw its net profit rise by 3.9% year-on-year to $12.44 billion 88.61 billion Chinese yuan for the first half of 2024, the company said on Monday. Operating income jumped by 5% and stood at $224 billion 1.
Earlier this year, PetroChina reported its highest net profit for a first quarter as its revenues rose by 11% thanks to steady oil prices and higher domestic natural gas demand and production. The company and other Chinese state-held oil and gas giants have been boosting domestic exploration and production as the world’s top crude oil importer looks to bolster its energy security.
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