PetroChina H1 Net Profit Up 22% to RMB103.9 Billion, Output Hits Record

PetroChina Company Limited released its 2026 interim results on the evening of August 30, 2026. The company reported first-half operating revenue of RMB1,527.49 billion, up 5.3% year on year, and net profit attributable to shareholders of the parent company of RMB103.94 billion, up 22.0%, marking the first time half-year net profit exceeded RMB100 billion. Basic earnings per share stood at RMB0.57. The company said it actively responded to changes in the international situation and oil and gas market fluctuations during the period, maintaining safe, stable, and efficient operations across its oil and gas industrial chains, accelerating its green and low-carbon transition, and sustaining a healthy financial position.

In exploration and development, the company achieved six new discoveries and 19 new progress milestones in the first half. It cultivated two trillion-cubic-meter-scale reserve areas in the Sichuan Basin's northwestern Cambrian and the southern margin of the Junggar Basin's Cretaceous, as well as a 100-million-tonne-scale conventional oil reserve area in the Tarim Fuman deep layers. Construction accelerated at shale oil and gas projects including Daqing Gulong, Xinjiang Mabei Fengcheng, and Southwest Yuxi, while deep coalbed methane projects such as the Daji gas field achieved scaled production. First-half oil and gas equivalent output reached 921 million barrels, with domestic crude oil output of 393 million barrels and marketable natural gas output of 2.66 trillion cubic feet. Both domestic natural gas output and oil and gas equivalent output set record highs for the same period. In new energy, wind and solar power generation reached 5.07 billion kWh, up 37.3% year on year; newly signed geothermal heating contracts covered over 60 million square meters; and carbon dioxide injection totaled 1.373 million tonnes, up 14.2%. The oil, gas, and new energy segment posted operating profit of RMB100.45 billion.

In refining, chemicals, and new materials, the Dushanzi Petrochemical Tarim 1.2 million tonnes per year phase-two ethylene and supporting green low-carbon demonstration project was completed and put into operation, becoming the first fully green low-carbon ethylene project in China. Construction began on the Jilin Petrochemical thousand-tonne high-performance carbon fiber project, while polyolefin elastomer projects at Guangxi Petrochemical and Daqing Petrochemical advanced, and construction started on the Daqing Refining biological polyacrylamide project and the North China Petrochemical bio-jet fuel project. In the first half, the company processed 655 million barrels of crude oil and produced 54.346 million tonnes of refined products. Chemical product sales volume reached 21.318 million tonnes, up 6.7% year on year, with ethylene and paraxylene output hitting record highs for the period. New materials output reached 2.688 million tonnes, up 61.4%. The refining, chemicals, and new materials segment posted operating profit of RMB14.53 billion.

In refined product sales, the company added 592 integrated energy stations, launched 208 new LNG refueling stations, and installed 18,500 new charging points in the first half. Domestic market share for refined products rose 0.2 percentage points year on year, while vehicle LNG retail sales grew 78.7% compared with the same period in 2025, and charging volume increased 1.5 times. In natural gas sales, the company sold 161.22 billion cubic meters of natural gas (including LNG), up 3.9% year on year, of which domestic sales reached 124.89 billion cubic meters, up 1.1%, with domestic market share increasing 1 percentage point from the same period in 2025. The sales segment posted operating profit of RMB11.36 billion, while the natural gas sales segment posted operating profit of RMB24.09 billion.

In technology and innovation, the company established the PetroChina Basic Research Institute, took the lead in building a national-level continental shale oil demonstration zone, and won a second-class prize in the 2025 National Natural Science Award for research on the early formation and evolution of petroleum. Newly granted invention patents increased 174% year on year, and the company led the release of four international standards and seven national standards.