Chinese Oil Giant Says Profits Rose Nearly Fivefold Last Year

(Bloomberg) — PetroChina Co. said preliminary net income for 2021 rose by 374% to 395% from the previous year as oil and gas prices surged.

Net profit attributable to shareholders will increase by 71 billion to 75 billion yuan ($11.2 billion to $11.8 billion) over the 2020 level of 19 billion yuan, the company said in an exchange filing. Profits are up by as much as 48.3 billion yuan from 2019.