PetroChina ( NYSE: PTR ) reported its best-ever H1 earnings on Thursday, as soaring global energy prices outweighed weaker demand for fuel as pandemic lockdowns in China sapped industrial activity.
The listed firm of Asia's top oil and gas producer reported an interim profit of 82.39B yuan (~$12B), up 55% Y/Y, while revenues rose 35% to 1.61T yuan.
PetroChina ( PTR ) also disclosed a 3.1% increase in oil and gas production to 845M boe, in response to the government's order to enhance domestic energy supply.
The company said its H1 capital spending jumped 25% to 92.31B yuan as it expanded oil and gas exploration.
PetroChina's smaller state-owned peer Cnooc ( OTCPK:CEOHF ) said its H1 profit more than doubled from the year-earlier period to 71.9B yuan (~$10.5B).
Cnooc's ( OTCPK:CEOHF ) H1 production rose 10% Y/Y to 304.8M boe while capital spending jumped 15% to 41.6B yuan, compared to its target of 90B-100B yuan for the full year.
PetroChina ( PTR ) recently said it plans to delist its ADS from the NYSE .
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PetroChina, Cnooc post surging first-half profits