PetroChina, Asia’s largest oil and natural gas producer, reported a 21.6% year-on-year increase in net profit for the third quarter of 2026, reaching 51.84 Bn yuan ($7.78 Bn), Reuters said on October 28.

Net profit for the first nine months of 2026 rose 21.9% year on year to 155.78 Bn yuan, while revenue increased 7% to 2.32 Tn yuan.F

The company produced 698.6 million barrels of crude oil during the January-September period, equivalent to 2.56 million barrels per day (bbl/d), down 2.2% from a year earlier. Domestic production accounted for 590.4 million barrels.

Refinery throughput fell 3.7% year on year to 1,002.2 million barrels, or 3.67 million bbl/d. Meanwhile, ethylene production increased 26.4% to 8.46 million tons.

Marketable natural gas output rose 2.3% to 4,069.4 Bn cubic feet, including 3,947.2 Bn cubic feet produced in China. Domestic natural gas sales edged up 1% to 178.7 Bn cubic meters.

Combined sales of gasoline, diesel and jet fuel declined 5.1% year on year to 114.66 million tons. Domestic sales fell 5.7% to 84.52 million tons, with diesel sales down 8.2% and gasoline sales down 4.3%. Aviation fuel sales increased 1.1%.

PetroChina’s capital expenditure totalled 159.4 Bn yuan in the first nine months, down from 177.5 Bn yuan in the same period of 2025.

PetroChina is the listed arm of state-owned China National Petroleum Corporation (CNPC), with operations spanning oil and natural gas exploration, production, refining and sales. Its integrated business exposes earnings to shifts in commodity prices and domestic fuel demand.