China’s oil giants post record profits on surging fuel prices

PetroChina Co., Sinopec and Cnooc Ltd. each said they made historic amounts of money in the January-to-June period.

PetroChina’s chairman said government stimulus packages are bolstering oil demand, while top refiner Sinopec expects domestic fuel sales to jump 11% in the second half over the first.

All three firms boosted capital expenditure over the first six months, and PetroChina and Sinopec are expecting a sharp acceleration in spending in the second half as they seek to keep growing oil and gas output to help meet China’s energy security needs.