By Kimberley Kao and Megan Cheah
Chinese oil company PetroChina recorded a 24% rise in first-half net profit, rounding out earnings for China's big three energy companies as they flagged a focus on production amid the economic challenges posed by the Middle East conflict.
Six months into the U.S. war with Iran, uncertainty continues to underpin energy markets, with prices of crude oil whipsawing alongside repeated flare-ups in fighting. Diplomatic talks with Tehran have yet to show signs of progress, dimming hopes for the reopening of the Strait of Hormuz, a critical waterway through which one-fifth of the world's oil is transported.
Against that backdrop, the listed arm of state-owned China National Petroleum Corp. delivered net profit of 103.94 billion yuan, equivalent to $15.45 billion, up from 84.01 billion yuan in the same period a year earlier.
Revenue gained 5.3% to 1.53 trillion yuan. PetroChina said the group's average realized price for crude oil rose 16% to $76.53 a barrel in the first half.
