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PetroChina forecasts between 50% to 60% on year gain in net profit for 1H 2022

19 Jul 2022

China’s major oil and gas player PetroChina Company Limited on Friday (15 July) estimated its net profit for the first half of 2022 will increase between RMB 26.5 billion and RMB 32 billion, representing a year-on-year increase of between 50% to 60%.

The estimated growth in profit of the firm is primarily due to its increasing efforts in exploration and development of oil and gas, growth in reserves and production, commitment to quality improvement, and low-cost development.

It is also attributable to rising international oil prices and a gain in both volume of production and sales of crude oil and natural gas, as compared with the corresponding period of the previous year.

As a result, the company’s net profit is forecast to increase by between RMB 42 billion to RMB 48 billion in 1H 2022, compared to the same period in 2021. 

Moving forward, PetroChina said it will develop new energy and materials to promote green and low-carbon energy transformation and development. 

 

Photo credit: Dimitry Anikin on Unsplash
Published: 19 July, 2022

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