PetroChina’s internet revenue rose 8.3% final 12 months off file ranges in 2022, as robust development in pure gasoline gross sales and its advertising section offset decrease realised oil costs.
PetroChina’s internet revenue amounted to 161.1 billion yuan(USD 22.34 billion) in 2023, versus 148.7 billion in 2022, whereas income fell 7.0% to three,239 billion yuan, the agency stated in a submitting to the Hong Kong Inventory Change on Monday.
Working revenue for the pure gasoline section greater than tripled to 43.0 billion yuan from round 13.0 billion yuan, whereas working revenue within the advertising section rose 66.7% on the earlier 12 months.
The typical realised worth for crude oil fell by 16.8% in comparison with 2022 ranges.
The nationwide vitality big produced 937.1 million barrels of crude oil final 12 months, or 2.57 million barrels per day, up 3.4% over the earlier 12 months (906.2 mln bbl). Pure gasoline output was up 5.5% at 4,932.4 billion cubic ft (bcf).
Refinery crude throughput rose 15.3% to 1,398.8 million barrels, or 3.83 million barrels per day, reversing the earlier 12 months’s 1% decline attributable to a robust restoration in gasoline and aviation gas demand as China dropped pandemic curbs.
PetroChina recorded a 17.3% improve in home gross sales of gasoline, diesel and kerosene mixed, with home kerosene gross sales surging by 82.1% on 2022.
The group’s chemical new supplies output elevated 60.0% on final 12 months.
The refining section “seized the beneficial alternative of market restoration” and “improved the proportion of featured refined merchandise and high-end chemical merchandise,” the assertion stated.
PetroChina forecasts this 12 months’s crude oil output to fall by 3% to 909.2 million barrels. Pure gasoline output is anticipated to extend by 4% to five,142.6 bcf.
It additionally aimed for a 0.3% development in refinery output this 12 months.
An annual outlook launched final month by a analysis arm of mother or father firm CNPC confirmed China’s aviation gas consumption is more likely to broaden 13.1% this 12 months on a surge in passenger journey, whereas diesel use might drop 1.8% amid broader financial headwinds.
Capital spending is deliberate at 258 billion yuan (USD 35.78 billion) for 2024, which might be 6.3% decrease than the 275.3 billion spent final 12 months.
Whereas capital expenditure on the upstream section is anticipated to fall, capex within the refining and advertising segments is forecast to extend considerably, by 177% and 49.8% respectively.
The group will “promote the refining and chemical enterprise in the direction of the center and high-end of the commercial chain,” with further spending ear-marked to for the group’s petrochemical subsidiaries in Jilin and Guangxi.
Larger spending within the advertising section shall be used to assist the event of “built-in vitality stations” providing EV charging and hydrogen gas providers, it added.
 in 2023, versus 148.7 billion in 2022, while revenue fell 7.0% to 3,239 billion yuan, the firm said in a filing to the Hong Kong Stock Exchange on Monday.){kind=link}