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(Bloomberg) — PetroChina Co. posted its best ever quarterly profit as China’s largest oil and gas producer benefited from rising energy prices due to the war in the Middle East.
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Net income rose to 48.33 billion yuan ($7 billion) in the first quarter, from 46.8 billion yuan a year earlier, the company said in a Hong Kong exchange filing on Wednesday.
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The results come as global oil and gas prices remain elevated due to the effective closure of the Strait of Hormuz. That’s supporting PetroChina’s upstream expansion and improving the profitability of chemicals, helping to offset pressure on its refining business.
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China’s massive oil reserves have so far shielded it from the worst impacts of the conflict. Beijing has stepped up efforts to safeguard energy security, asking major suppliers to maintain refining runs and halting fuel exports.
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PetroChina’s upstream operating profit fell 12% through March even as output rose 0.7% during the period. The firm attributed the drop to lower crude oil sales and prices, which lagged movements in the international market, it said in the filing.
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Domestic consumption of refined oil products saw a marginal increase in the first quarter, while natural gas demand remained stable, it said. The company has pledged to boost spending and output this year even after its profits were pressured last year by structural oversupply. Its gas sector reported a higher profit at 18.87 billion yuan, compared with 13.5 billion yuan a year ago.
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The marketing business recorded a 28% increase in operating profit, driven by higher sales volumes and margins in its international trading business. The firm showed greater resilience by sourcing most feedstock from its own upstream operations. The refining, chemicals and new material sector reported a 54% profit jump.
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PetroChina’s peers, Sinopec and Cnooc Ltd. both reported better-than-expected profits in the first quarter, as they also benefited from rising global oil prices.
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