PetroChina Sees 3.9 P.c Improve in H1 Revenue regardless of Weaker Demand

PetroChina Co. Ltd.’s internet earnings for the primary half (H1) of 2024 rose 3.9 p.c year-on-year to RMB 88.61 billion ($12.4 billion) as working outcomes broke firm information for the interval for the third consecutive 12 months regardless of an general weakening of demand within the oil and fuel trade, the state-backed firm reported.

The oil and fuel exploration and manufacturing firm posted 123 million tons in oil equal upstream manufacturing in January–June 2024, up 1.3 p.c in comparison with the identical six-month interval final 12 months. Crude oil output stood at 64.45 million tons. Marketable pure fuel manufacturing was 73.18 billion cubic meters (2.6 trillion cubic ft).

PetroChina produced 60.12 million tons of refined petroleum merchandise, up 2.1 p.c as throughput elevated three p.c to 690 million barrels. Refinery gross sales totaled 79.05 million tons, of which 58.45 million tons ended up within the home market.

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In the meantime pure fuel gross sales totaled 147.22 billion cubic meters (5.2 trillion cubic ft), up 12.9 p.c towards the primary half of 2023. PetroChina offered 114.94 billion cubic meters (4.1 trillion cubic ft) in China.

Within the energy sector, it generated 2.17 billion kilowatt hours from wind and photo voltaic crops, of which 950 million kilowatt hours have been equipped to exterior customers. The figures have been up 2.5 occasions and 4.5 occasions respectively.

PetroChina “newly acquired 3 7.25 million kilowatts of wind and photovoltaic energy era approval and signed contracts for geothermal heating companies overlaying an space of 46.15 million sq. meters [496.8 million square feet]”, it stated within the report on its web site.

Moreover, PetroChina “additional superior the event of CCUS (carbon seize, utilization, and storage) enterprise, and injected 0.84 million tons of CO2”.

PetroChina, a subsidiary of China Nationwide Petroleum Corp., logged RMB 1.6 trillion ($224.5 billion) in working revenue for the primary half of 2024, up 5 p.c year-over-year. The annualized return on fairness landed at 10.4 p.c.

It declared RMB 40.26 billion ($5.6 billion) in interim dividends, or RMB 0.22 ($0.03) per share. The corporate is paying a record-high interim dividend for the third consecutive 12 months.

“With an emphasis on cost-effective growth, the Firm strengthened funding and value administration, optimized growth methods, and prioritized capability constructing based mostly on profitability metrics”, PetroChina stated.

“Appreciable efforts have been dedicated to controlling the decline charges of mature oil and fuel fields and enhancing their restoration charges”, whereas a number of “large-scale” hydrocarbon discoveries have been made, it stated.

Downstream, PetroChina “enhanced integration of wholesale and retail operations, gas and non-fuel merchandise, and on-line and offline channels”.

“Regardless of a decline in general market demand, the Firm strived to keep up steady gross sales of refined merchandise and enhance its market share”, it stated.

Nonetheless, PetroChina noticed “constantly rising pure fuel demand” and thus “relentlessly developed fuel energy era”.

For its advertising technique, it stated it has opted to make liquefied pure fuel offers through trade platforms and “enhanced on-line buying and selling and redoubled efforts to move on prices”, thereby enhancing profitability whereas growing gross sales volumes.

Trying ahead it stated, “Within the second half of 2024, the worldwide economic system is anticipated to keep up reasonable progress and the Chinese language economic system will stay on an upward development”.

To contact the writer, electronic mail jov.onsat@rigzone.com