PetroChina banks Q1 profit as markets rebound from pandemic

London (Quantum Commodity Intelligence) – PetroChina Co. swung into profit for the first quarter of 2021, the latest oil major to resume profitability this year as crude prices gradually recovered from the pandemic's impact, while China's domestic transportation demand continued to pick up, reported Dow Jones Newswires Thursday.

Primarily in oil production but also with major refining and trading operations, PetroChina's net profit was 27.72 billion yuan ($4.28 billion), compared with a loss of CNY16.23 billion a year earlier. PetroChina was one of the worst-hit companies in Asia amid the peak of the global pandemic last year.

Revenue rose 8.4% to CNY551.92 billion, as oil and gas prices made a strong recovery in the first quarter of 2021.