PetroChina posts record first-nine-month results

According to China National Petroleum Corporation, PetroChina Company Limited announced on 28 October that it had achieved its strongest operating performance for the January–September period on record.

The company recorded operating revenue of 2,321.064 billion renminbi for the first nine months, a 7 per cent rise year on year. Net profit attributable to parent shareholders reached 155.776 billion renminbi, up 21.9 per cent compared with the same period a year earlier.

PetroChina adjusted its operational strategies amid shifting energy and chemical market conditions, maintaining stable and efficient operation across its oil and gas industrial chains.

Oil and gas production remained steady while new energy activities expanded at an accelerated pace. The firm carried out targeted exploration and economically viable development, raised domestic hydrocarbon reserves and output, refined the asset structure of its overseas portfolio, and integrated renewable energy developments with its core oil and gas operations. Its oil and gas equivalent output stood at 456.2 million barrels in the third quarter, a 1.3 per cent increase quarter on quarter. For the first nine months, total oil and gas equivalent output hit 1,376.8 million barrels, of which domestic output amounted to 1,248.3 million barrels, rising 1.1 per cent year on year. Onshore wind and solar power generation totalled 7.84 billion kilowatt-hours over the same period, an increase of 35.5 per cent.

Refining transformation delivered tangible outcomes as the company adjusted its product mix to reduce fuel output while expanding chemical and specialty product lines. It pushed forward refining upgrades and developed fine chemicals, advanced new materials and biomanufacturing. Crude throughput reached 346.9 million barrels in the third quarter. Over the first nine months, the firm processed 1,002.2 million barrels of crude oil and produced 83.368 million tonnes of refined oil products. Sales volume of chemical products came to 32.892 million tonnes, up 11.2 per cent year on year. Ethylene output rose by 26.4 per cent, and production of new materials climbed by 58.5 per cent.

Marketing operations were refined to secure a stable and expanding market share. PetroChina grew its liquefied natural gas refuelling, battery swapping and non-fuel retail businesses, and boosted earnings from international commodity trading. Domestic sales of petrol, kerosene and diesel totalled 30.178 million tonnes in the third quarter, a 14.6 per cent rise quarter on quarter. Cumulative sales of the three fuel products reached 114.656 million tonnes across the first nine months.

Synergy across industrial and supply chains supported higher sales and improved returns for natural gas. The business optimised its portfolio of gas supplies and controlled overall procurement costs, while scaling up marketing activity. Natural gas sales reached 231.302 billion cubic metres in the first nine months, a 3.0 per cent increase year on year. Domestic natural gas sales stood at 178.735 billion cubic metres, up 1 per cent.