Chinese oil giant PetroChina said it has enjoyed a 60% year-on-year rise in its profits in the first nine months of the year.
Asia’s largest gas and oil producer reported profits of $16.66 billion from the January to September period, despite weaker domestic fuel demand, 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 tough Covid restrictions that crimped mobility and economic activities, forcing refiners to cut operations.
- Reuters, with additional editing from Alfie Habershon