PetroChina Q3 Net Profit Jumps 21.9% on Higher Oil Prices

PetroChina’s net profit attributable to shareholders surged 21.9% year-on-year for the first nine months of 2026, reaching RMB155.776 billion. This increase was coupled with a 7.0% rise in revenue to RMB2,321.064 billion, according to the company’s latest quarterly report filed with the Hong Kong Stock Exchange.

The improved financial performance reflects a favorable macroeconomic environment, with international crude oil prices averaging significantly higher than the same period last year. Brent crude averaged US$88.86 per barrel, a 27.1% increase, while West Texas Intermediate averaged US$83.76, up 25.7%. PetroChina benefited from these elevated prices, realizing an average crude oil price of US$77.65 per barrel, an 18.5% increase. Domestic natural gas prices also saw a modest 1.7% increase to US$9.40 per thousand cubic feet.

Operationally, the company increased crude oil output to 698.6 million barrels, with domestic production accounting for 590.4 million barrels. Marketable natural gas output rose to 4,069.4 billion cubic feet, with domestic production increasing by 2.3%. The group also saw a 35.5% increase in energy output from its wind and photovoltaic power plants. Despite increased demand for chemicals, refined oil product demand decreased due to the accelerated substitution by new energy sources.

The refining, chemicals, and new materials segment reported revenue of RMB903.328 billion, a 9.4% increase year-on-year, with profit from operations rising to RMB23.132 billion. The marketing segment recorded revenue of RMB1,938.766 billion, up 9.3% year-on-year, and profit from operations increased by 24.7% to RMB14.500 billion, primarily driven by international trading.

PetroChina’s results come amidst a broader context of strong growth within the Indian Nifty 50, particularly in the oil sector. However, rising input costs and inflationary pressures present challenges to margin compression across various sectors. The company has demonstrably navigated these conditions, achieving significant revenue and profit increases, and maintaining a healthy financial position as of September 30, 2026.