PetroChina Co.’s revenue fell from a file within the first half as crude costs dropped and home oil demand flatlined.
China’s greatest oil and gasoline producer reported 84 billion yuan ($12 billion) in internet revenue for the primary six months of the 12 months, in comparison with 89 billion yuan in the identical interval in 2024, it stated in an trade submitting on Tuesday. The corporate posted file half and full-year income final 12 months.
Nonetheless, the agency was upbeat about its outcomes, because the drop in income was narrower than the decline in worldwide oil costs. Brent oil averaged about $71 a barrel from January to June, in comparison with greater than $83 in the identical interval in 2024.
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“The working profitability of the corporate within the first half of the 12 months was higher than anticipated,” it stated. “All working segments remained worthwhile.”
The state-owned agency is in search of to spice up annual oil and gasoline manufacturing for an eighth straight 12 months in 2025 as Beijing tries to restrict dependency on international vitality amid rising geopolitical tensions. The agency’s capital bills had been 64 billion yuan the primary half of the 12 months, with output at 924 million barrels of oil equal, 2% greater than the earlier 12 months, it stated.
PetroChina has benefited from China’s rising demand for pure gasoline, a cleaner gas to assist bridge China’s vitality transition. Its gasoline division introduced in 18.6 billion yuan in revenue within the interval, in comparison with 16.8 billion yuan final 12 months, a uncommon brilliant spot in opposition to the weaker efficiency of the downstream oil sector.
The refining, chemical substances and new supplies section earned 11.1 billion yuan in revenue by June, down from 13.6 billion yuan a 12 months earlier. Nonetheless, the corporate is positioned to learn from authorities crackdowns on tax evasion and overcapacity focusing on smaller personal refineries.
The upstream sector, which incorporates new vitality, recorded 85.7 billion yuan in revenue, decrease than 91.7 billion yuan final 12 months, after the worldwide drop in costs. However its cheaper onshore output has helped decrease feedstock price at its refineries, a price benefit in comparison with friends relying extra on imports.
Its refining-focused peer Sinopec reported a drop in first-half revenue final week, whereas offshore driller Cnooc Ltd. is to launch outcomes Wednesday.
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