From: China Daily

Increased output and cost saving have pushed the half-year profit of China’s largest oil and gas producer up 37per cent between January and June.
State-owned China National Petroleum Corp (CNPC),the parent company of both Hong Kong and New York-listed PetroChina, increased profits by 19.2 billion yuan (US$2.3 billion) in the first six months year-on year, the oil giant said in a statement.
Its half-year revenue also climbed 39.6per cent to top 335 billion yuan (US$40.5)over the same period.
“The driving growth of CNPC in the first half is backed by our focused efforts to boost the core businesses, as well as to save production and operation costs,” the Beijing-based oil company said.
Due to enhanced management and technology, in the first six months the company achieved 60per cent of the year’s target for new oil and gas reserves.
In upstream production, the company turned over65.45 million tons of crude oil in the first half of the year, up 3.9per cent year-on-year, while its gad output soared 20.1per cent to 18.4 billion cubic metres.
The aggressive expansion of the company’s oil and gas pipeline net work across the country , such as the increased transportation capacity of the gigantic West-East Gas Pipeline Project, has greatly enhanced the oil firm ‘s supply chain to secure surging market demand.
In the first half, CNPC processed 10.4per cent more crude-59.3 million tons-and sold 11.2 per cent more refined oil such as gasoline and diesel in the domestic market, although skyrocketing crude prices have heavily squeezed the refining business of China’s oil majors.
Amid the nation’s urgent need for energy consumption, CNPC has also attached much value to improving the efficiency and management of operations, it said.
Through enhanced facilities. The oil company conserved energy equivalent to 350,000 tons of coal and saved 28 million cubic metres of water during the six-month period, according to company sources.