PetroChina, one of China’s major hydrocarbon producers and distributors, reported RMB 1.53 trillion (around $214.5 billion) in revenue for the first half (H1) of 2026, up 5.3% year-on-year (YoY), according to the company’s interim results.

Profit attributable to owners of the company reached RMB 103.94 billion ($14.6 billion), rising 22% YoY and exceeding RMB 100 billion for the first time in six months.

The company said its results reached a record high for H1, supported by stronger oil and gas operations, improved efficiency and the development of new energy businesses.

PetroChina’s crude oil output declined 2.8% YoY to 462.9 million barrels (mmbbl) during the first half, while domestic natural gas production increased 2.4% and overseas natural gas production rose 1.1%. Natural gas sales climbed 3.9% to 161.22 billion cubic meters.

The company also processed about 655.3 million barrels of crude oil, declining by 5.6% YoY.

However, refined-product sales weakened amid softer domestic demand. Total gasoline, kerosene and diesel sales fell 8.8% to 54.3 million tons (mmt), with gasoline sales declining 8.6%, diesel 7.6%, and aviation fuel 12.5%.

The company also accelerated its low-carbon activities. Wind and solar power generation reached 5.07 billion kilowatt-hours, up 37.3% year-on-year, while PetroChina injected 1.373 mmt of carbon dioxide through its carbon capture, utilization and storage activities during the first half.

The strong profit growth comes against a backdrop of elevated oil prices following the conflict involving Iran, which disrupted global crude supplies and pushed energy prices higher.

Reuters reported that Brent crude was around $90 a barrel in August, about 25% above levels at the outbreak of the conflict, although prices remained below the wartime peak of $118 a barrel.