HONG KONG -- China's three state-owned oil majors logged record revenues and profits for the first half of the year thanks to surging oil prices, and will share the fruits of their windfall with shareholders in the form of higher dividends and share buybacks.
The aggregate revenue of Sinopec, PetroChina and CNOOC -- the core listed units of conglomerates China Petroleum and Chemical, China National Petroleum Corp. and China National Offshore Oil Corp. respectively -- was 3.42 trillion yuan ($500 billion), up 34% on the year, while total net profit was 198.72 billion yuan, up 57% from a year ago.
