PetroChina posts higher Q1 profit

PetroChina Ltd., Asia’s largest oil and gas producer, reported a 2.3% year-on-year increase in first-quarter profit, supported by higher natural gas output despite weaker revenue and refining volumes. Net profit rose to 46.81 billion yuan ($6.44 billion), up from 45.77 billion yuan ($6.29 billion) in the same period last year, the company said in a filing to the Hong Kong Stock Exchange.

Revenue for the quarter declined by 7% to 753.1 billion yuan ($103.58 billion), reflecting lower product prices and reduced fuel sales.

Crude oil production edged up by 0.2% to 240.2 million barrels, while natural gas output increased by 1% to 1.361 trillion cubic feet. However, refinery throughput dropped by 5% year-on-year to 337.3 million barrels, or approximately 3.75 million barrels per day.

Sales volumes of refined oil products—including gasoline, kerosene, and diesel—fell by 6% to 36.78 million metric tons, the company said.