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    PetroChina reports 62% jump in profit in 2022


The state-owned company's oil and gas hit all-time high last year.

by: Shardul Sharma

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Complimentary, Natural Gas & LNG News, Asia/Oceania, Corporate, News By Country, China

PetroChina reports 62% jump in profit in 2022

PetroChina on March 29 reported a 62.1% year/year jump in net profit in 2022 owing to strong oil and gas prices.

The state-owned company booked a net profit of 149.4 billion yuan ($21.6bn) last year. The revenue of the company rose 23.9% yr/yr to 3.2 trillion yuan.


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S&P 2023

“The company achieved excellent performance of oil and gas business, expedited transformation of refining and chemicals business across the board, and registered rapid development of new energies and new materials business,” it said.

In 2022, the output of oil and gas in terms of oil equivalent hit a historical high at 1.685bn barrels, up 3.7% yr/yr. The crude oil output reached 906mn barrels, up by 2.1% yr/yr while marketable natural gas output was 4,680bn m3, up by 5.8% yr/yr.

PetroChina said this year, oil, gas and new energies business will “continue to enhance resources exploration and development to increase reserves and production and ensure sustainable development with well-balanced reserves and recovery.”