Chinese oil giants Sinopec, PetroChina and CNOOC posted big increases in net income in the first half, after energy prices took off triggered by Russia’s invasion of Ukraine.
State-owned Sinopec, Asia’s biggest refiner, yesterday reported net income of 43.53 billion yuan (6.37 billion euros) in the January-June period, up 10.4 percent year-on-year.
And this despite the company seeing sales of refined petroleum products shrink by 9.8% year-on-year in the period under review, due to the novel coronavirus pandemic and lockdowns in China, which shrunk demand.
For its part, PetroChina, owned by giant state-owned conglomerate CNPC, posted first-half net income of 82.39 billion yuan (12.05 billion euros), up 55.3 percent year-on-year.
According to the Bloomberg news agency, this is a historic six-month usage result for China’s largest crude company.
In the corresponding period last year, PetroChina had revenue of 53 billion yuan.
In the first half of the year, some “geopolitical factors such as the Ukrainian crisis led to a significant increase in the average price” of oil on a global scale, the company said in announcing its half-year results today.
Also, China National Offshore Oil Corp (CNOOC), the largest offshore oil and gas operator, doubled its net income in the first half of the year.
They reached 71.89 billion yuan (10.5 billion euros), compared with 33.3 billion yuan a year earlier.
The company, however, warned against the “external environment (which) will remain complex and changing” during the second half.
SOURCE: AMPE
Source: Capital
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