PetroChina record record third-quarter net profit. (Photo by Paul Yeung/Bloomberg via Getty Images)

PetroChina, Asia’s largest oil and gas producer, has reported a record-high third-quarter net profit, reflecting 21% year-on-year (YoY) growth. Increased production and improving domestic fuel demand has offset lower realised oil and gas prices.

In a stock filing on Monday, the company said net profit rose to 46.38bn yuan but revenue fell 4.6% to 802bn yuan.

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Between January and September, crude oil output rose 4.3% to 706 million barrels, including 22% growth in overseas production to 122 million barrels. PetroChina did not specify which countries contributed to this growth.

Natural gas production was also up 6.1% to 3.66trn cubic feet.

PetroChina said: “The company seized the opportune timing of recovery in China’s macro economy and rebounds in oil and gas markets.”

The Chinese economy expanded 4.9% YoY in the third quarter despite a high comparative base in the corresponding quarter last year. According to data released by the National Bureau of Statistics earlier in October, the Chinese economy grew by 5.2% in the first three quarters of 2023. Such growth has fuelled domestic demand for PetroChina’s oil.

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The Chinese company reported a realised oil price of $75.30 a barrel between January and September, down by 21% from the last year as global oil prices fell following the spike prompted by Russia’s invasion of Ukraine in February 2022.

PetroChina is also China’s second-largest refiner after Sinopec. Crude oil processing at the company rose 16.5% in the first nine months to 1.04 billion barrels, acting to meet recovering domestic fuel demand and exploiting a lucrative export business.