PetroChina announces record annual profit for 2022

PetroChina, China's largest oil producer, posted a record annual profit thanks to a global spike in energy prices and rising output of oil and gas, the company said in a statement published on Wednesday.

The company reported net income of 149.4 billion yuan ($21.6 billion) for 2022, up 62.1 percent year-on-year. Revenue of the company rose 23.9 percent year-on-year to 3.2 trillion yuan.

The company's oil and gas production equivalent hit a record high last year to 1.69 billion barrels, up 3.7 percent year-on-year.

New breakthroughs were also made in the strategic layout of new energy last year, with a number of key projects completed and put into operation. The installed capacity of wind and solar power generation exceeded 1.4 million kilowatts.

In 2023, the company said it would further step up oil and gas exploration while actively laying out new energy business.

Crude production in 2022 rose to 906.2 million barrels, up 2.1 percent year-on-year, while gas climbed to 4.68 trillion cubic feet, up 5.8 percent year-on-year, as the company kept boosting domestic output to ensure domestic energy security.