(Yicai Global) Aug. 26 -- PetroChina and China National Offshore Oil Corporation have reported their most impressive performance ever in the first half, with the two oil giants’ combined net profit almost reaching last year’s total, thanks to higher oil prices and strong demand.

PetroChina posted a 55.3 percent leap in net profit in the six months ended June 30 from the same period last year to CNY82.4 billion (USD12 billion). Revenue jumped 34.9 percent to CNY1.6 trillion (USD233 billion).

While CNOOC saw its net profit more than double over the period to a new high of CNY71.9 billion (USD10.5 billion). Revenue soared 75.6 percent to CNY176.7 billion (USD25.7 billion).

Much of this was on the back of surging international oil prices, as geopolitical tensions greatly affected supply and demand in the first half, Beijing-based PetroChina said. The spot price of Brent crude soared 66.1 percent in the first half year on year to an average of USD107.94 per barrel while that of West Texas Intermediate jumped 63.7 percent to an average of USD101.85 per barrel.

Both oil giants have made the most of the opportunities offered by increased oil prices and greater demand as the country’s economy picks up to expand their oil and gas production.

PetroChina’s output of crude oil and natural gas climbed 3.9 percent in the first half year on year to 103.3 million tons. Of this, crude oil production advanced 3.4 percent to 52.5 million tons, while natural gas production hit a new high, jumping 4.4 percent to 63.8 billion cubic meters.

CNOOC’s production of oil and gas surged 9.6 percent to a new high at 304.8 million barrels of oil equivalents.

As payback to investors, CNOOC said it will issue a record interim dividend of HKD0.70 (USD0.09) a share, it said. PetroChina’s will distribute an interim dividend of CNY37.1 billion (USD5.4 billion) at CNY0.20258 (USD0.03) per share, it said.

No indication of future performance was given.

The good results were not reflected in the stock price. PetroChina’s share price [SHA:601857] closed down 0.9 percent at CNY5.45. Its Hong Kong-traded stock [HKG:0857] was trading up 3 percent at HKD3.76 (USD0.50) as of 3.30 p.m. China time. CNOOC’s stock price [SHA: 600938] closed down 5.4 percent at CNY16.71 (USD2.44). Its Hong Kong stock [HKG:0883] dipped 1.4 percent to trade at HKD10.66 (USD1.36).

Editor: Kim Taylor