PetroChina Scores Best Profit in 7 Years on Rising Oil Prices
China’s biggest oil company posted its best profit since 2014 as it benefited from rising energy prices.
PetroChina Co.’s net income rose to 92 billion yuan ($14.5 billion) in 2021, more than quadrupling the level from the previous year, according to its annual earnings release. Oil and gas production rose 3.4%.
Capital expenditure will be 242 billion yuan in 2022, compared to 251 billion yuan for 2021. PetroChina and other state-owned energy firms are under pressure from the government to boost output to secure energy supplies and reduce reliance on expensive imports.
The oil giant faces headwinds this year as the outlook for domestic demand is clouded by the pandemic’s resurgence in China. Government-ordered lockdowns in mega-cities like Shenzhen and Shanghai have already impacted oil and gas consumption.
PetroChina is also trying to navigate a path that allows it to ensure the country’s fuel needs are met in the present while also remaining relevant in a decarbonized future. So far it has announced plans to target breakthroughs in biomass and geothermal energy, while adding renewable energy and electric charging polls to gas stations.
Published: 31-03-2022
