PetroChina Profit Jumps to Record on Surging Prices and Output

PetroChina posted a record annual profit following a global spike in energy prices and rising output of oil and gas.

(Bloomberg) — PetroChina posted a record annual profit following a global spike in energy prices and rising output of oil and gas.

China’s largest oil producer reported net income of 149 billion yuan ($21.6 billion) for 2022, according to international financial reporting standards, up from 92 billion yuan a year earlier, the company said in a Wednesday stock exchange filing.

Parent company China National Petroleum Corp.’s research arm expects consumption of gasoline and diesel to rise this year at the fastest rate since 2012, supporting the outlook for 2023, while rivals including Sinopec also forecast a rebound in demand as the nation’s economy recovers from Covid curbs.

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