PetroChina, the listed unit of China's biggest oil and gas producer, said Wednesday it saw its net profit surge 30 percent in the third quarter of this year, thanks to higher prices for both crude oil and processed oil products.
The 39.9 billion yuan ($5.8 billion) net profit for July-September _ a figure that surpassed analysts forecasts _ compared with a 30.7 billion yuan net profit for the same period a year earlier, the company said in a statement to the Hong Kong Stock Exchange.
PetroChina's oil sold for an average of $97.24 per barrel in January-September, up nearly 60 percent from the $60.93 per barrel that it earned a year earlier.
Its crude oil output rose 2.8 percent to 652.6 million barrels.
Both PetroChina and major refiner Sinopec were pinched by losses in the refining sector stemming from controls on prices for gasoline and other oil products that lag below the prices the refiners pay for imported crude oil.
PetroChina said its refineries processed 643 million barrels of crude oil in the first nine months of the year, up 5.1 percent from a year earlier.
"Key technological and economic indicators improved continuously and the allocation of resources and product mix were further optimized," the statement said.
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