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Bloomberg
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%, while the refining business recovered from a loss in 2020 to make a 38 billion yuan operating profit last year.
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 company plans to increase output 2.8% in 2022, including a 4.6% boost in natural gas. It wants gas to account for 55% of its output by 2025, up from 52% last year.