PetroChina H1 profit up 55% on strong crude; chemical earnings shrink
SINGAPORE (ICIS)–State-owned energy and petrochemical firm PetroChina posted a 55% year-on-year increase in its first-half 2022 net profit, thanks to spikes in crude oil prices.
|CNY million||H1 2022||H1 2021||change|
|Profit from operations||119,015||88,463||34.5%|
|Profit attributable to owners||82,391||53,037||55.3%|
– H1 domestic chemical demand slowed down, while chemical firms experienced margin squeeze and lowered operating rates amid significant rise on feedstock cost.
– Profit from its chemical segment for the period slumped 99% to CNY88m ($13m).
– Ethylene production in January-June 2022 expanded 23.7% year on year to 3.8m tonnes.
– Oil and gas production increased 3.1% over the period to 845m barrels of oil equivalent (boe).
– Global economy faces downward pressure due to factors such as high inflation, interests rates hikes and geopolitical tensions.
– China economy expected to continue rebound; growth expected to be reasonable.
– PetroChina to run ethane cracker, fertilizer, acrylonitrile butadiene styrene (ABS) and other chemical facilities at full capacity. It plans to increase proportion of high-end special materials and increase production of high value-added chemical products, to improve profitability of its chemical business.
($1 = CNY6.85)
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