PetroChina's First-Quarter Net Profit Rose on Higher Sales

By Kimberley Kao

Chinese state-controlled oil company PetroChina said its net profit and revenue rose in the first quarter, primarily due to a rise in sales volume for its oil and gas products.

PetroChina, the listed arm of state-owned China National Petroleum Corp., said Monday that its net profit rose 4.7% from a year earlier to 45.68 billion yuan ($6.30 billion). Revenue rose 10.9% on year to CNY812.18 billion.

The Chinese oil major attributed the revenue increase primarily to higher sales volume of refined oil, natural gas and chemical products.

The group's average realized price for crude oil fell 0.8% on year to US$75.41 a barrel in the first quarter, the company said.

The demand for domestic refined oil continued to increase, it said, while natural gas also maintained "rapid growth momentum."

Another major Chinese oil producer, Cnooc, reported higher net profit and revenue in the first quarter amid higher realized prices of oil and gas products and increased sales volume.

Write to Kimberley Kao at kimberley.kao@wsj.com

(END) Dow Jones Newswires

April 29, 2024 05:27 ET (09:27 GMT)

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