PetroChina (PetroChina) announced in its recent report that the company's net profit in the third quarter of 2023 reached 51.84 billion yuan (equivalent to $7.78 billion), reflecting a 21.6% increase compared to last year. This profit increase is mainly due to rising oil and gas prices caused by regional tensions.
Decrease in Production and Sales
Despite the profit increase, PetroChina experienced a decline in crude oil production, refining volume, and domestic gas sales in the first nine months of 2023. The company's crude oil production in the first nine months of the year reached 698.6 million barrels, equivalent to 2.56 million barrels per day. This amount represents a 2.2% decrease compared to the same period last year, with 590.4 million barrels sourced from domestic fields in China.
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The refining volume also decreased by 3.7% to 3.67 million barrels per day. The combined sales of gasoline, diesel, and jet fuel fell by 5.1% to 114.66 million tons, while domestic diesel sales dropped by 8.2% to 84.52 million tons. Additionally, gasoline sales decreased by 4.3%.
Growth in Gas and Petrochemical Sector
Despite the challenges in the oil and gas sector, PetroChina has achieved growth in its gas and petrochemical sectors. The company's marketable gas production in the third quarter reached 4,069.4 billion cubic feet, indicating a 2.3% increase compared to last year. Domestic gas sales also rose by 1% to 178.7 billion cubic meters. Meanwhile, ethylene production increased by 26.4% to 8.46 million tons.
In addition, PetroChina reduced its capital expenditures in the first nine months of 2023 to 159.4 billion yuan, down from 177.5 billion yuan in the same period last year. This reduction in capital expenditures allows the company to focus on key and innovative projects.
Furthermore, forecasts indicate that PetroChina's commercial sector will record significant profits this year due to fluctuations and arbitrage opportunities created in the oil and gas market. It is expected that with this trend continuing, PetroChina, as one of the largest oil and gas producers in Asia, will effectively tackle the challenges ahead.
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