PetroChina Posts Record Q1 Performance in 2026, Driven by Steady Operations and New Energy Growth

On April 29, PetroChina Company Limited announced that it achieved a record-high performance in the first quarter of 2026, with steady growth in operating results and a sound financial situation. Amid changing international oil and gas market conditions, the company effectively coordinated production and operation management, achieving positive progress in various business sectors.

In accordance with International Financial Reporting Standards, PetroChina recorded an operating income of 736.383 billion yuan and a net profit attributable to shareholders of the parent company of 48.333 billion yuan, a year-on-year increase of 1.9%. This robust performance reflects the company’s strong operational resilience in the face of global energy market volatility caused by Middle East tensions and supply chain disruptions.

IEA reported that the Middle East crisis has disrupted international natural gas markets and delayed the global LNG supply wave, which has brought uncertainties to the global energy sector. Orextrade.com noted that tensions in the Middle East led to the blockage of the Strait of Hormuz in early 2026, a critical energy pathway handling 25-30% of global oil supply. Despite these challenges, PetroChina maintained stable operations.

Oil and gas production continued to grow, while new energy business developed rapidly. The company adhered to efficient exploration and development, promoting reserve and production growth. Domestically, it strengthened the exploration and development of conventional and unconventional oil and gas resources; overseas, it actively acquired high-quality exploration projects. In Q1 2026, PetroChina achieved an oil and gas equivalent output of 470.2 million barrels, a year-on-year increase of 0.7%. Wind and solar power generation reached 2.33 billion kilowatt-hours, surging 38.5% year-on-year.

PetroChina proactively responded to market changes and steadily advanced the transformation and upgrading of its refining and chemical sector. It strengthened resource allocation to ensure safe, stable and high-load operation of refining plants, optimized product structure based on market demand, and promoted integrated production, supply and marketing. In Q1, it processed 343 million barrels of crude oil, a year-on-year increase of 1.7%, and produced 28.546 million tons of refined oil.

Chemical product sales volume reached 10.779 million tons, up 8.2% year-on-year; ethylene output rose 21.4% to 2.755 million tons; new material output surged 53.5% to 1.228 million tons. The company is also advancing transformation projects, including the second phase of Dushanzi Petrochemical’s Tarim ethane-to-ethylene project.

Marketing terminal construction was continuously improved, with market share steadily increasing. PetroChina strengthened refined oil resource allocation and refined marketing, driving domestic refined oil sales up 4.8% year-on-year to 38.533 million tons. It also actively deployed LNG refueling, charging and non-oil businesses.

Leveraging the synergy of the industrial chain and supply chain, natural gas sales achieved both volume and efficiency growth, with sales volume rising 6.9% year-on-year to 93.891 billion cubic meters. Looking ahead, PetroChina will continue to optimize its business layout, accelerate new energy development, and maintain steady growth to contribute to global energy security and green development.