China’s Oil Giant Says Profits Rose Nearly 5-Fold Last Year
- PetroChina said preliminary net income increased 374% to 395%
- Oil prices rallied in 2021 as movement restrictions ended
Vehicles refuel at a PetroChina Co. gas station in Shanghai, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
PetroChina Co. said preliminary net income for 2021 rose by 374% to 395% from the previous year as oil and gas prices surged.
Net profit attributable to shareholders will increase by 71 billion to 75 billion yuan ($11.2 billion to $11.8 billion) over the 2020 level of 19 billion yuan, the company said in an exchange filing. Profits are up by as much as 48.3 billion yuan from 2019.