China Oil Giants See Profits Surge on Higher Fuel Prices

Signage at the PetroChina headquarters building in Beijing on Aug. 19. Photo: Bloomberg

(Bloomberg) — China’s oil giants said preliminary net income for last year surged due to rising overseas fuel prices and Beijing’s emphasis on energy security.

PetroChina Co. Ltd., China’s top oil and natural gas driller, said preliminary net income for 2022 rose as much as 68% from the previous year. State-owned CNOOC said preliminary net income roughly doubled.

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