Asia’s largest oil and gas producer PetroChina Co Ltd 0857.HK reported 21% year-on-year growth in third-quarter net profit, as higher production offset lower realised oil and gas prices.

Net profit reached 46.38 billion yuan ($6.34 billion), the company said in a stock filing on Monday.

Its crude oil output between January and September rose 4.3% versus a year earlier to 706 million barrels, while gas output was up 6.1% to 3,656.6 billion cubic feet.

The company reported a realised oil price of $75.30 a barrel during the nine-month period, down 21% on last year, as global oil prices fell following a spike prompted by Russia’s invasion of Ukraine.

Domestic gas prices fell 4.8% at $8.81 per thousand cubic feet.
Source: Reuters (Reporting by Andrew Hayley in Beijing and Chen Aizhu in Singapore; editing by Jason Neely)