PetroChina

Performance indicators

2023: Profit growth in the 1st half due to discounts on Russian oil

PetroChina made record profits for the first half of 2023 despite a slowdown in China. PetroChina Co.'s net profit for the 6 months through June rose 4.5% to 85.3 billion yuan ($11.7 billion). US) compared to a year earlier. In the first half of 2022, the company made a profit of 82.39 billion yuan.

Sales of petroleum products and natural gas offset the drop in the chemical industry. The company is a "key beneficiary" of discounts on Russian oil: Citi.

2022: 62.1% profit increase to RMB149.38 billion

In 2022, China's leading oil and gas company PetroChina made a net profit of 149.38 billion yuan (approximately $21.72 billion at the exchange rate as of April 4, 2023). This is 62.1% more than the result for the previous year. The corresponding data are reflected in the financial report published on March 29, 2023.

PetroChina's revenue in 2022 rose 23.9%, reaching 3.24 trillion yuan ($0.47 trillion). The company increased its hydrocarbon production by 3.7% to 1.69 billion barrels in oil equivalent, which was a historic high. Oil production rose 2.1% to 906 million barrels. Natural gas production showed an increase of about 5.8% - up to 132.52 billion cubic meters. Exclusively in China, hydrocarbon production in 2022 amounted to 1.51 billion barrels in oil equivalent, which is 3.8% more than in the previous year.

The company increased hydrocarbon production by 3.7%

As of the end of 2022, the PetroChina network consisted of approximately 22.59 thousand automobile gas stations. In addition, the company operates 416 service points for charging and replacing batteries of electrified vehicles.

It is noted that higher world oil and gas prices in 2022 helped PetroChina compensate for the decline in oil refining, which suffered due to restrictions in the context of the ongoing COVID-19 pandemic. The company responded to Beijing's call to increase domestic hydrocarbon production to avoid another energy crisis. PetroChina aims to achieve the clean energy goal so that by 2050 it accounts for half of total production. The company intends to implement a number of projects in areas such as geothermal energy and hydrogen. At the same time, an increase in gasoline and diesel fuel consumption is also predicted.^[1]

History

2024: Plan to increase LNG tankers from 6 to 25 by 2030 to boost overseas sales

In April 2024, it became known that PetroChina will increase its LNG fleet and expand global trade. Plans to increase the number of available LNG tankers (6 units) to 25 by 2030.

A rare drop in domestic consumption in the midst of the COVID-19 pandemic in 2022 forced companies to look abroad.

While demand in China is recovering, supply pressure is easing. Domestic production is at a record level, while supplies from Russia, especially through onshore pipelines, are also growing rapidly.

Notes