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PetroChina Q1 profit up 41% on higher oil prices, but refining sector softens

PetroChina Q1 profit up 41% on higher oil prices, but refining sector softens

reuters.com · 04/29/2022 05:15
PetroChina Q1 profit up 41% on higher oil prices, but refining sector softens

- PetroChina 0857.HK 601857.SS on Friday reported a 41% rise in first-quarter net income to 39.1 billion yuan ($5.94 billion), the most since September 2020, thanks to stronger oil and gas prices but weakening refining business started to weigh.

Asia's biggest oil and gas producer said in a filing to the Hong Kong Stock Exchange that its oil and gas output grew 3.3% to 431 million barrels of oil equivalent.

Its refinery throughput, China's second-largest after Sinopec Corp, gained 1.5% to 302.5 million barrels, or 3.36 million barrels per day (bpd), slowing from the 7.8% growth recorded in the corresponding period of 2021.

Total domestic fuel sales gained 3% year on year, but sales of gasoline slipped 2.4% and aviation fuel was down 22%.

This is because China's fuel demand has started to weaken significantly since March as global crude oil prices that touched 14-year highs pinched margins and COVID-19 control measures hurt oil consumption.





($1 = 6.5835 Chinese yuan renminbi)


(Reporting by Chen Aizhu)

((aizhu.chen@thomsonreuters.com; +65 6870 3284; Reuters Messaging: aizhu.chen.reuters.com@reuters.net))