State-owned oil giant PetroChina said a net profit of 82.39 billion yuan for the first half of the year, surging 55.3% from a year earlier. That was slightly below analysts’ forecast of 84.91 billion yuan.
Revenue reached 1.61 trillion yuan in the first half, rising 35% from 1.197 trillion yuan in the same period last year.
PetroChina also disclosed a 3.1% increase in oil and gas output to 845 million barrels of oil equivalent, in response to Beijing’s call to enhance domestic energy supply. It recorded a 3.4% growth in domestic oil output and 4.4% rise in domestic gas production.
Its refinery throughput dipped 1.4% to 597.5 million barrels, or 80.86 million tonnes, while sales of gasoline, diesel and kerosene combined dropped 11.1% to 71.43 million tonnes.
PetroChina’s capital expenditure was at 92.31 billion yuan in the first half, up 25% from a year ago, as the firm expanded oil and gas exploration.