PetroChina Q3 Profit Jumps to $7.78 Billion
PetroChina’s third-quarter profit rose 21.6% on Iran war-inflated oil and gas prices, while the company’s nine-month crude output, refinery runs and domestic diesel sales all fell. Net profit for the July-September period reached 51.84…
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PetroChina’s third-quarter profit rose 21.6% on Iran war-inflated oil and gas prices, while the company’s nine-month crude output, refinery runs and domestic diesel sales all fell. Net profit for the July-September period reached 51.84 billion yuan ($7.78 billion), up from 42.29 billion yuan a year earlier, Asia’s largest oil and gas producer said in a stock filing on Wednesday.
Net profit for the first nine months rose 21.9% to 155.78 billion yuan, and revenue rose 7% to 2.32 trillion yuan. PetroChina posted a record first-half profit of 103.94 billion yuan in August, the first time its half-year profit topped 100 billion yuan. Trade sources expect its trading arm to book a record trading profit this year, as the Hormuz disruption created volatility and arbitrage opportunities in crude and LNG.
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