PetroChina posts interim profit of $8.2b, flips from net loss yr earlier

PetroChina reported an interim profit of 53.04 billion yuan ($8.18 billion) on Thursday, thanks to rising oil and gas prices and a recovery in Chinese fuel demand from the coronavirus pandemic slump.

The figure compared to a net loss of 29.98 billion yuan in the same period a year earlier. PetroChina’s first-half revenue was up 29 per cent at 1.197 trillion yuan, it said in a filing to the Hong Kong Stock Exchange.

Oil and gas output dipped 1.7 per cent on-year to 819.6 million barrels of oil equivalent, with crude oil production down 6.8 per cent but gas output up 5.1 per cent.