PetroChina Posts Best Quarterly Performance in 7 Years

PetroChina employees conduct daily inspections on equipment at a facility in Puyang, Henan province. [Photo by Tong Jiang/For China Daily]

PetroChina Company Limited announced on Thursday that the company's operating results has achieved the best quarterly performance in the past 7 years, amid the backdrop of macroeconomic recovery and demand rebound in the oil and gas market.

The company recorded net profit of 27.7 billion yuan ($4.28 billion) in the first three months of this year, achieving the best quarterly performance in the past 7 years. The revenue meanwhile reached 551,923 million yuan, representing an increase of 8.4 percent year-on-year, it said in a release.

Major products also registered growth in both production and sales. Domestic oil and gas equivalent output was 373 million barrels, representing an increase of 4.3 percent year-on-year. Marketable natural gas output was 1.12 trillion cubic feet, showing a rise of 9.6 percent year-on-year, it said.

Outputs of chemical commodity products reached 7.381 million tons, an increase of 10.8 percent year-on-year. A total of 24.195 million tons of refined oil was sold domestically, representing a rise of 20.9 percent year-on-year.

Looking ahead, the company said it would continue to adhere to market-oriented and efficiency-centric principles, emphasize structural adjustments, continue reform and innovation, as well as enhance quality and profitability.

The company will also consolidate its foundation by strengthening safety and environmental protection, and further advance the development of digitization, artificial intelligence, and green and low-carbon transformation, to drive continued superior performance, reward shareholders and give back to society through pragmatic actions, it said.