PetroChina quadruples profits in 2021
PetroChina, the listed arm of Chinese state-run CNPC, on March 31 said its net profit in 2021 more than quadrupled due to a sharp increase in oil and gas prices.
The company’s net profit came in at 92bn yuan ($14.5bn) in 2021, compared with 19bn yuan the year before. Its domestic crude oil output last year was 753.4mn barrels, representing an increase of 1.3% as compared with the previous year. The marketable natural gas output was 4.22 trillion ft3, up 5.7% year/year.
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PetroChina said its capital expenditure in 2022 will be 242bn yuan compared with 251bn yuan for 2021. The capital expenditures for the exploration and production segment for 2022 will be 181.2bn yuan, which will be primarily for the exploration of unconventional resources such as shale gas and shale oil and promoting new energy projects including clean electricity and CCUS.
PetroChina will spend 8bn yuan for the construction of LNG receiving stations, natural gas branch lines, market development projects for urban gas terminals, and the integration project of natural gas power generation and new energy.