China's three oil giants have embraced remarkable performances as shown in their recently disclosed third-quarter financial reports.
PetroChina, the listed arm of China National Petroleum Corp, China's largest oil and gas producer and supplier, posted in its third-quarter financial report late Monday that its net profit surged partly due to higher crude oil prices and cost control.
The company said its net profit surged to 4.69 billion yuan ($706 million) during the three months before September 30, up 292 percent year-on-year, as the company cut debt and interest expenses.
Meanwhile, its third-quarter revenues rose to 481.8 billion yuan, up 17 percent year-on-year, PetroChina said in a filing sent to the Hong Kong Stock Exchange.
For the first nine months of this year, PetroChina's net profit jumped to 17.36 billion yuan, up over 9 times from the year earlier.
Crude production fell to 660 million barrels in the first three quarters of the year, down 5 percent year-on-year. Natural gas sales were up 4.5 percent year-on-year in the January-September period.
China's other oil giant, China Petroleum and Chemical Corp (Sinopec), also disclosed its third-quarter report late Monday, saying its profit advanced by 13 percent as earnings from refining offset upstream and impairment losses during the period, while its net income increased to 11.5 billion yuan.
On Wednesday, China National Offshore Oil Corp (CNOOC), China's biggest offshore explorer, released its third-quarter report, showing that it achieved a 17 percent year-on-year increase in oil and gas sales during the period, as higher crude prices countered sliding output.
