PetroChina’s Profits Hit Fresh Peak, Driven by Boosted Output
SEATTLE (Oil Monster): The biggest producer of gas and oil in Asia, PetroChina, announced a 2% increase in yearly profits in 2024. In the previous year, the company's net earnings set a new record. Additionally, decreased oil prices were somewhat countered by increased output.
The company said in a filing to the Shanghai Stock Exchange that its 2024 net profit was 164.7 billion yuan, up from 161.1 billion yuan in 2023. Annual revenues, meanwhile, decreased by 2.5 percent to 2,938.0 billion yuan.
In 2024, 941.8 million barrels of crude oil were produced by PetroChina. With a daily production of 2.57 million barrels, it was slightly higher than in 2023 by 0.5%. On an annual basis, the average realized price of crude oil decreased by 3.8%. With 5,133.8 billion cubic feet (bcf) of natural gas produced last year, it was 4.1% higher than in 2023.
Compared to 2023, the refinery's output decreased by 1.5% to 1.38 billion barrels, or 3.77 million barrels per day. It should be mentioned that in 2023, refinery output showed a strong 15.3% growth.
PetroChina anticipates that the natural gas industry would increase rapidly by 2025. Nonetheless, there will probably be more competition in the domestic refined oil market. It predicted that 936.2 million barrels of crude oil and 5,341 barrels of natural gas would be produced in 2025. It is anticipated that the refineries will produce 1.3 billion barrels this year, or 3.65 million barrels per day.
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