Net profit at China’s largest oil and gas company PetroChina (SS:601857) Co. rose 4.8 times to 92.17 billion yuan ($14.52 billion) in 2021 from 19.01 billion yuan a year earlier, the company said in a press release. The figure was a record since 2014. Its rise was largely fueled by a jump in oil prices last year.

Revenue jumped 35.2% to 2.614 trillion yuan.

At the same time, oil and gas production rose 3.4%. Among them, China’s oil production rose 1.3% to 753.4 million barrels. Natural gas production rose 5.7% to 4.222 trillion cubic feet.

PetroChina’s capex for 2022 is planned at 242 billion yuan, down from last year’s 251 billion yuan. PetroChina, as well as other state-owned oil producers in China, is under pressure from the government to increase production to ensure security of supply and reduce dependence on energy imports, Bloomberg writes.

PetroChina’s share price in Hong Kong has risen 45% over the past year, while ADRs in New York have risen 45.6% over the period.