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PetroChina net profit nearly triples as oil prices rise

Oil and gas group PetroChina Co. Ltd. saw its net profit almost triple in full fiscal 2017 from the prior-year period amid an oil price rally.

Net profit attributable to owners of the company soared 190.2% year over year to 22.80 billion yuan. This nearly three-fold increase came as prices of crude oil, natural gas and refined products rose, China Daily reported.

The Chinese oil giant's domestic exploration and production segment saw its operating profit rise to 15.48 billion yuan. Crude oil output reached 887 million barrels in 2017, while oil and natural gas equivalent output hit 1,457.8 million barrels.

Profit from operations at the company's refining and chemicals unit edged up 2.4% year over year to 39.96 billion yuan.

For full 2017, revenue grew 24.7% year over year.

As of March 26, US$1 was equivalent to 6.27 yuan.