PetroChina Posts Record Half‑year Profit as Energy Transition Accelerates

PetroChina Company Limited released its 2026 semi‑annual report on 30 August. The group recorded operating revenue of RMB 1.53 trillion in the first half of the year, marking a year‑on‑year rise of 5.3 per cent. Net profit attributable to parent‑company shareholders reached RMB 103.936 billion, up 22.0 per cent compared with the prior‑year period. This represents the first time its half‑year attributable net profit has exceeded RMB 100 billion, setting a new high for operational performance.

Breakdown by business segment shows the Oil, Gas and New‑Energy division generated revenue of RMB 440.002 billion, compared with RMB 425.115 billion in the same period of 2025, an increase of 3.5 per cent. The change reflects combined effects from higher crude‑oil prices alongside lower sales volumes, and rising natural‑gas prices paired with expanded gas offtake. The average realised crude‑oil price stood at USD 76.53 per barrel, 15.6 per cent higher than the USD 66.21 per barrel recorded twelve months earlier.

The Refining, Chemicals and New‑Materials division achieved turnover of RMB 572.243 billion, a 3.3 per cent year‑on‑year advance from RMB 554.170 billion, driven by price increases for refined oil products and most chemical outputs. Revenue within the Marketing division totalled RMB 1.26 trillion, rising 7.8 per cent from RMB 1.17 trillion, supported by higher refined‑product selling prices and expanded trading income.

Natural‑gas‑segment revenue came to RMB 319.486 billion, up 2.7 per cent year‑on‑year from RMB 310.943 billion. Total natural‑gas sales including LNG hit 161.22 billion cubic metres, a 3.9 per cent increase, of which domestic sales contributed 124.89 billion cubic metres, growing by 1.1 per cent.

Total oil‑and‑gas‑equivalent output amounted to 921 million barrels over the six‑month window. Domestic crude‑oil production reached 393 million barrels, while marketable domestic gas output hit 2.66 trillion cubic feet. Both domestic gas production and overall oil‑and‑gas‑equivalent output set new half‑year records. New‑energy operations maintained rapid expansion. Wind and solar power generation totalled 5.07 billion kWh, rising 37.3 per cent year‑on‑year. Newly signed geothermal‑heating contracts covered more than 60 million square metres of floor area. Work progressed on zero‑carbon demonstration plants and carbon‑capture, utilisation and storage facilities, with 1.373 million tonnes of carbon‑dioxide injected during the half‑year, a 14.2 per cent year‑on‑year uplift.

Within refining and new‑materials operations, 655 million barrels of crude oil were processed. Output of refined oil products stood at 54.346 million tonnes, and commercial chemical‑product volumes reached 21.318 million tonnes, up 6.7 per cent. Production volumes for ethylene and para‑xylene both hit half‑year highs. New‑materials output totalled 2.688 million tonnes, climbing 61.4 per cent, maintaining annual growth close to 50 per cent for five consecutive years.

Group officials told *Securities Daily* that the business will closely monitor domestic and international macroeconomic conditions and energy‑market trends across the remainder of 2026. Guided by market signals and profitability targets, the company will uphold five development strategies: innovation, resource development, market expansion, internationalisation and green low‑carbon transition. It will sustain safe and stable operations across oil and gas value chains, accelerate new‑energy, new‑materials and environmental‑protection initiatives, advance efficiency‑driven reforms, and strengthen risk mitigation to deliver steady profit growth and sustained value creation for shareholders.