PetroChina Swung to Profit in First Half Amid High Oil Prices

By Yongchang Chin

PetroChina Co. swung to a profit in the first half amid rallying oil and natural gas prices.

The energy major said Thursday that net profit came in at 53.04 billion yuan ($8.19 billion), compared with a year-ago loss of CNY29.99 billion on the back of revenue growing 29% to CNY1.196 trillion.

The energy major noted that benchmark Brent crude spot prices during the period rose 63% on year to $64.98 a barrel, while spot WTI gained 70% to $62.22 a barrel.

The company said its results were lifted by China's economic recovery, the more-than-expected crude output cut from Saudi Arabia, as well as effective oil supply management by OPEC+ producers.

Natural gas was another bright spot, PetroChina said, noting the healthy demand on the domestic front, as well as in European and northeast Asian markets.

PetroChina expects international crude oil prices to remain volatile and believes China's domestic refined oil-product consumption is set to keep rising.

Write to Yongchang Chin at [e-mail]

(END) Dow Jones Newswires

08-26-21 0527ET