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PetroChina's First-Quarter Net Profit Rose on Higher Sales Volume

Provided by Dow Jones

Apr 28, 2023 9:29am

By Yi Wei Wong

PetroChina Co. said its net profit rose in the first quarter, primarily due to a rise in domestic sales volume for major oil and gas products.

The Chinese oil and gas company reported Friday that its net profit rose to 43.62 billion yuan ($6.30 billion) from CNY38.90 billion a year earlier.

PetroChina said that its revenue was CNY732.47 billion, down from CNY779.37 billion a year ago.

Despite higher domestic sales volume, global oil prices fell during the quarter, it said.

The group's average realized price for crude oil fell 12% to $75.98 a barrel in the period, the company said.

Write to Yi Wei Wong at yiwei.wong@wsj.com

(END) Dow Jones Newswires

April 28, 2023 05:29 ET (09:29 GMT)

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