PetroChina Co., the country’s biggest oil and gas producer, said profits rose 2% last year as increased production offset lower energy prices and a weaker performance from its refining operations.
Net income climbed to 164.7 billion yuan ($22.7 billion), from 161.4 billion yuan in 2023, according to a filing on Sunday. Revenue slipped to 2.94 trillion yuan from 3.01 trillion yuan.
PetroChina is the last of the nation’s state-owned oil giants to report annual earnings. The company’s asset portfolio is the most balanced of the big three, straddling upstream drilling, refining and retail. The energy firm also dominates China’s market for natural gas.
The company’s crude oil output was 942 million barrels, while global oil prices dropped by an average of about 3% in 2024 from the previous year. China’s biggest offshore driller, Cnooc Ltd., on Thursday reported an increase in earnings after expanding production.
Downstream operations have been weighed down by weaker demand. Top refiner Sinopec last week reported a tumble in profits as the electric-vehicle boom damped consumption of transport fuels and as China’s economy slowed.
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