PetroChina profit for the third quarter of 2026 rose 21.6% on the year to CNY51.84bn ($7.78bn), Asia’s largest oil and gas producer said in a stock filing on 28 October 2026. A year earlier, it earned CNY42.29bn ($6.34bn). Higher oil and gas prices drove the increase, according to Reuters. All conversions here use Reuters’ rate of $1 = CNY6.6666.
For the first nine months of 2026, net profit rose 21.9% to CNY155.78bn ($23.37bn), which PetroChina called the best same-period result in its history. Meanwhile, revenue grew 7.0% to CNY2.32tn ($348bn).
Upstream drives PetroChina profit
The oil, gas and new energy business earned an operating profit of CNY152.02bn ($22.80bn) in the nine months, up 19.7%. In the third quarter of 2026, PetroChina produced 456.2mn barrels of oil equivalent, or about 4.96 mmboe/d, up 1.3% from the second quarter.
However, crude output alone fell. Nine-month crude production dropped 2.2% to 698.6mn barrels, or 2.56 mmbbl/d. In contrast, wind and solar generation rose 35.5% to 7.84 TWh.
Refining recovers, but fuel demand weakens
Refining, chemicals and new materials made an operating profit of CNY23.13bn ($3.47bn), up CNY6.89bn ($1.03bn) on the year. In the third quarter of 2026, PetroChina processed 346.9mn barrels of crude, about 3.77 mmbbl/d, up 11.1% on the quarter. Still, nine-month throughput fell 3.7% to 3.67 mmbbl/d.
The company said it continues to cut fuel output while making more chemicals. As a result, ethylene output jumped 26.4% to 8.46mn tonnes, and new materials output rose 58.5%.
At the same time, China’s fuel demand keeps shrinking. Nine-month sales of gasoline, diesel and jet fuel fell 5.1% to 114.66mn tonnes. Domestic diesel sales dropped 8.2% and gasoline fell 4.3%, while jet fuel edged up 1.1%. PetroChina pointed to faster substitution by new energy and declining demand for refined products. Even so, marketing operating profit rose 24.7% to CNY14.5bn ($2.18bn). In addition, third-quarter 2026 domestic fuel sales rose 14.6% on the quarter to 30.18mn tonnes.
Gas sales keep growing
Natural gas remains a steadier earner. Nine-month gas sales rose 3.0% to 231.3 bcm, including 178.7 bcm in China, up 1.0%. Third-quarter 2026 domestic sales reached 53.85 bcm, up 5.4% on the quarter. Consequently, the gas marketing business earned CNY33.29bn ($4.99bn), up 6.4%.
Spending, by contrast, fell. Nine-month capital expenditure dropped to CNY159.4bn ($23.91bn), from CNY177.5bn ($26.63bn) a year earlier.
What the PetroChina profit means for fuel markets
Weak home demand gives Chinese refiners more fuel to sell abroad. On 28 October 2026, sources told Reuters that China had issued a rare fourth batch of 2026 export quotas for gasoline, diesel and jet fuel. That brings this year’s total in line with 2025. Therefore, more Chinese diesel and jet fuel could reach Asian markets just as Brent crude trades near $115. For the fourth quarter of 2026, PetroChina said it will closely track oil and gas market trends and focus on profitability.
