The Chinese oil and gas company PetroChina has released its 2022 results, in which the group posted a net profit of CNY149.4bn (US$21.7bn), a 62.1% increase compared to 2021. The company’s total revenue rose by 24% to CNY3,239bn (US$471bn) in 2022.
PetroChina’s oil and gas production increased by 3.7% in 2022 to reach 1,685 Mboe. Crude oil output stood at 906 Mbbl (+2.1%), while natural gas output grew by 5.8% to 4,680 bcf (132.5 bcm). In China, PetroChina’s oil and gas production reached 1,513 Mboe (+3.8%), with crude oil production standing at 767 Mbbl (+1.9%) and natural gas output at 4,470 bcf or 126.5 bcm (+5.9%). PetroChina’s installed capacity of wind and solar power projects exceeded 1,400 MW in 2022 and the company’s oil, gas and new energies business generated an operating profit of CNY165.7bn (US$24bn).
In 2022, the Group sold 260.3 bcm of natural gas, a decrease of 5% compared to 2021, among which 207.1 bcm were sold on the domestic market, representing an increase of 6.4% year-on-year. Sales volume of crude oil fell by nearly 21% to 125.6 Mt.
The group’s refinery throughput dipped 1% in 2022 to reach 1,213 Mbbl (3.32 Mbbl/d). Total sales of gasoline, diesel and kerosene combined declined by 7.8% to 150.6 Mt in 2022. In addition, PetroChina recorded a 6.5% drop in domestic sales of gasoline, diesel and kerosene (to reach 105.2 Mt), due to the fact that Chinese consumption of gasoline and aviation fuel decreased because of the country’s COVID-19 measures.