PetroChina Co. reported its best-ever quarterly profit, with Q1 net income
rising to 48.33 billion yuan ($7 billion) from 46.8 billion yuan a year earlier,
driven by higher energy prices amid Middle East conflict and Strait of Hormuz
disruption. Upstream profit fell 12% despite a 0.7% output increase due to
crude prices are weaker, while gas profit rose to 18.87 billion yuan. Marketing and
refining segments saw strong gains, up 28% and 54% respectively. Elevated global
prices supported chemicals and exports, offsetting refining pressure.