Summary Box: PetroChina says 1H profit rises as higher prices offset weaker refining margins

Summary Box: PetroChina 1H profit up 29 percent

GROWTH: PetroChina Ltd., China’s biggest oil and gas producer, said its first-half profit rose 29 percent as higher oil prices helped to offset weaker margins in its refining business.

RESULTS: Profit for the January-June period rose to 65.3 billion yuan ($9.6 billion) from 50.5 billion yuan a year earlier. Revenue surged 65 percent to 684.8 billion yuan ($100.6 billion).

BACKDROP: PetroChina is the world’s most valuable company by market capitalization after Exxon Mobil Corp. The company’s profitability has rebounded from 2009, when profit fell on sluggish demand and price controls.