PetroChina's net profit up 71% in Q3
China’s biggest energy company PetroChina reported a 71% year/year increase in net profit in the third quarter of 2022 on the back of higher oil and gas prices, it said on October 27.
The company’s net profit in Q3 came in at 37.88bn yuan ($5.3bn) compared with 22.08bn yuan in the same period last year. During the first nine months of the year, net profit was 120.3bn yuan, up 60% yr/yr.
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In the first three quarters of 2022, the average realised price for crude oil was $95.19/barrel, representing an increase of 51.9% compared with the same period of last year, of which the domestic realised price was $95.58/barrel, up 52.6% yr/yr.
The domestic average realised price for natural gas was $7.78/’000 ft3, representing an increase of 31.2% compared with the same period of last year.
PetroChina produced 577mn barrels of oil during the January-September period domestically, up 2.7% yr/yr. The natural gas output stood at 3,295.9bn ft3, representing an increase of 5.1% as compared with the same period of last year. The oil and gas equivalent output amounted to 1,126.4mn barrels, up 3.9% yr/yr.