PetroChina Posts Record H1 Profit Exceeding 100 Billion Yuan, Raises Interim Dividend 18%
AM730 · 2 SOURCESabout 2 hours ago1 MIN
Summary
PetroChina (0857.HK) reported first-half net profit of 103.94 billion yuan, the first time the company's semi-annual earnings have surpassed the 100 billion yuan mark, surging 22% year-on-year. Revenue rose 5.3% to 15.27 trillion yuan amid higher global oil prices driven by Middle East tensions. The board approved an interim dividend of 0.26 yuan per share, representing an 18% increase from the prior year .
Key Points
- PetroChina achieved basic earnings per share of 0.57 yuan for the six months ending June 30, 2024
- Crude oil production totalled 463 million barrels, declining 2.8% year-on-year, with domestic output at 393 million barrels
- Marketable natural gas production reached 2.75 trillion cubic feet, up 2.3% year-on-year, setting a record for the period
- China's GDP expanded 4.7% year-on-year in H1, supporting domestic energy demand despite headwinds
- Wind and solar power generation jumped 37.3% to 50.7 billion kilowatt-hours, with new geothermal contracts exceeding 60 million square metres
Why It Matters
The record profit result underscores PetroChina's ability to capitalise on elevated global energy prices while navigating domestic market pressures from alternative fuels and electric vehicle adoption. The strong dividend payout signals confidence in sustained cash generation, offering investors exposure to China's energy transition alongside traditional hydrocarbon growth .
The record profit result underscores PetroChina's ability to capitalise on elevated global energy prices while navigating domestic market pressures from alternative fuels and electric vehicle adoption. The strong dividend payout signals confidence in sustained cash generation, offering investors exposure to China's energy transition alongside traditional hydrocarbon growth .