PetroChina Q3 Net Profit Rises 21.6% to 51.84 Billion Yuan on War-Inflated Oil, Gas Prices

PetroChina's third-quarter net profit rose 21.6% to 51.84 billion yuan ($7.78 billion) from 42.29 billion yuan a year earlier, the company said in a stock filing on Wednesday, citing war-inflated oil and gas prices. The Beijing-based producer is Asia's largest oil and gas company. Nine-month net profit rose 21.9% to 155.78 billion yuan and revenue gained 7% to 2.32 trillion yuan. The results follow a record first-half profit of 103.94 billion yuan posted in August. Trade sources expect the company's trading arm to book a record trading profit this year as the Hormuz disruption created volatility and arbitrage opportunities in crude and LNG. Volumes declined. Crude output fell 2.2% to 698.6 million barrels, refinery throughput dropped 3.7% to 3.67 million barrels per day, and combined gasoline, diesel and jet fuel sales fell 5.1% to 114.66 million tons. Domestic diesel sales fell 8.2%. Marketable gas output rose 2.3% to 4,069.4 billion cubic feet and ethylene output climbed 26.4% to 8.46 million tons. Capital spending fell to 159.4 billion yuan from 177.5 billion yuan.