PetroChina Company Limited reported solid interim results for the six months ended 30 June 2026, driven by higher crude prices, resilient natural gas sales and improved downstream margins.
Financial Highlights • Revenue rose 5.3% year-on-year to RMB 1,527.49 billion. • Profit attributable to equity holders grew 22.0% to RMB 103.94 billion, lifting annualised ROE to 6.3% (up 0.9 ppt). • Operating cash flow increased 10.6% to RMB 251.28 billion; free cash flow stayed positive despite larger capex. • Net borrowings fell to RMB 6.18 billion, cutting net gearing to 11.2%. • The Board declared an interim dividend of RMB 0.26 per share (total payout: RMB 47.59 billion), payable on 16 September (A-shares) and 26 October (H-shares).
Segment Performance • Oil, Gas & New Energy: Operating profit advanced 15.3% to RMB 100.45 billion, underpinned by a 15.6% rise in realised crude price to USD 76.53/bbl; domestic oil output dipped 0.5% while marketable gas rose 2.4%. • Refining, Chemicals & New Materials: Operating profit improved to RMB 14.53 billion (1H25: RMB 11.06 billion) as higher product prices offset a 5.6% decline in crude throughput. Ethylene output jumped 20.8%; new-materials volume surged 61.4%. • Marketing: Operating profit expanded to RMB 11.36 billion, aided by stronger international trading margins and rapid growth in LNG refuelling, charging and non-fuel retail. Domestic refined-product sales slipped 7.3% amid weaker demand. • Natural Gas Sales: Operating profit climbed 29.3% to RMB 24.09 billion on a 3.9% increase in sales volume to 161.22 billion m³ and tighter cost control.
Balance Sheet & Investment • Total assets reached RMB 3,024.03 billion, up 5.6% since year-end 2025. • Capital expenditure totalled RMB 75.02 billion; full-year spending is budgeted at RMB 279.40 billion, 79% earmarked for upstream and new-energy projects. • Key expansion projects include Tarim Phase II ethylene, large wind/solar bases, LNG terminals and gas-storage construction.
Market & Operational Context Global crude prices averaged USD 87.60/bbl in 1H26, 23.7% higher year-on-year, buoying upstream earnings but pressuring domestic fuel demand. PetroChina processed 655.3 million barrels of crude (-5.6%) and produced 5.07 billion kWh of wind and solar power (+37.3%).
Outlook (2H26) Management expects continued oil-price volatility and muted domestic oil-product demand, but anticipates steady gas consumption recovery. Strategic focus remains on high-efficiency exploration, accelerating green-energy build-out, expanding high-value petrochemicals and integrated energy retail, and maintaining disciplined capital allocation to deliver “stable profit growth and steady value enhancement.”