PetroChina First-Half Profit Climbs 22% Despite Lower Crude Output

PetroChina Co. Ltd. reported a 22% year-on-year increase in first-half net profit, as gains across its core business segments helped offset lower crude output.

Net profit for the six months ended June rose to 103.9 billion yuan ($15.5 billion), while revenue increased 5.3% to 1.53 trillion yuan, according to an exchange filing released late Sunday.

The results suggest China’s largest oil and gas producer is becoming less dependent on swings in global crude prices and more reliant on the breadth of its integrated operations, including chemicals and new materials, according to president Ren Lixin.