PetroChina’s Strong Drilling Leads to Record First Half

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Signage at a PetroChina Co. gas station in Shanghai. Photo: Bloomberg

(Bloomberg) — PetroChina Co. posted record earnings for the first half of the year as high drilling output and strong oil prices helped it weather weakening fuel demand in China.

China’s largest oil and gas driller said output rose to 905.5 million barrels of oil equivalent in the period. Beijing has pushed its state-owned oil giants to invest heavily in production to help the nation meet energy security goals.

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PetroChina achieved record earnings in the first half of the year, with net income reaching 88.61 billion yuan.
High drilling output and stronger oil prices led to increased production of 905.5 million barrels of oil equivalent.
The company is advancing its clean energy transition, acquiring CNPC Electric Energy and planning 30 gigawatts of renewable generation by 2024.

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Who’s Who

PetroChina Co.: PetroChina Co. reported record earnings for the first half of the year, driven by high drilling output and strong oil prices. The firm produced 905.5 million barrels of oil equivalent and earned a net income of 88.61 billion yuan. PetroChina also acquired CNPC Electric Energy to enhance its green energy strategy, planning to add 30 gigawatts of renewable generation by 2024 and fully power operations with clean energy by 2033.

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What Happened When

Earlier this year (Before June 2024)：: PetroChina planned to add 30 gigawatts of renewable generation to its portfolio in 2024.

First half of 2024：: PetroChina Co. posted record earnings due to high drilling output and strong oil prices.

First half of 2024：: Output rose to 905.5 million barrels of oil equivalent.

First half of 2024：: Global benchmark Brent averaged more than $83 a barrel compared with about $80 over the same period in 2023.

First half of 2024：: PetroChina's net income was 88.61 billion yuan compared with 85.27 billion yuan in the same period last year.

First half of 2024：: Losses in China's crude refining industry accumulated to 16 billion yuan.

Earlier this month (Before August 2024)：: Morgan Stanley upgraded PetroChina to overweight.

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