2023-03-29 11:58:06 ET
PetroChina ( OTCPK:PCCYF ), China's largest oil producer, said Wednesday it tallied a record annual profit for 2022, while top Chinese offshore oil and gas driller Cnooc ( NYSE: CEO ) ( OTCPK:CEOHF ) also reported record full-year earnings.
PetroChina ( OTCPK:PCCYF ) said FY 2022 net income rose to a record 149B yuan (~$21.6B), according to international financial reporting standards, from 92B yuan a year earlier, while crude oil production climbed to 906.2M barrels and natural gas output rose to 4.68T cf.
The company forecast 2023 capital spending of 243.5B yuan, down from 274.3B yuan in 2022, with total production rising to 1.7B boe this year.
Cnooc ( CEO ) ( OTCPK:CEOHF ) said its FY 2022 net income doubled to a record 141.7B yuan (~$20.6B) from 70.3B yuan a year earlier, with combined oil and gas output rising 8.9% to a record.
The company previously guided for 2023 capital spending of 100B-110B yuan and production of 650M-660M boe.
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PetroChina, Cnooc full-year earnings jump to record