China Petroleum & Chemical (386) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue reached RMB 2,206,296 million, up 4.4% YoY; EBIT rose 25.7% and IFRS profit attributable to shareholders rose 25.3%.

• 9M CASS net profit attributable to shareholders increased 30.0% to RMB 38.988 billion; Q3 increased 57.2% to RMB 13.361 billion.

• Higher crude prices and improved refining margins contrasted with lower refined-oil and chemical demand and weaker results in chemicals..

Financial highlights

• 9M operating income was RMB 2,206.296 billion, up 4.4% YoY; Q3 operating income was RMB 769.735 billion, up 9.3%.

• 9M CASS profit before taxation was RMB 57.222 billion, up 39.4%; Q3 was RMB 20.578 billion, up 67.6%.

• 9M IFRS profit attributable to shareholders rose 25.3% to RMB 40.167 billion; Q3 rose 63.6% to RMB 13.600 billion. Financial statements were unaudited.

• 9M net profit attributable to shareholders excluding extraordinary gains and losses was RMB 38.357 billion, up 25.5%; Q3 was RMB 13.084 billion, up 40.1%.

• 9M IFRS operating profit was RMB 58.484 billion, up 25.3%; basic EPS was RMB 0.332, up 25.8%.

Segment performance

• Upstream oil and gas production rose 0.6% to 396.93 mmboe; crude output was 210.99 mmbbls, down 0.1%, and natural gas output was 1,115.21 bcf, up 1.4%. EBIT declined to RMB 38.085 billion from RMB 42.612 billion.

• Upstream realized crude price rose to $81.9/bbl from $66.4/bbl; lifting cost increased to RMB 738.5/tonne from RMB 727.3/tonne.

• Refinery throughput fell 10.2% to 167.37 million tonnes; refining margin increased to $9.9/bbl from $6.1/bbl and EBIT rose to RMB 30.099 billion from RMB 7.000 billion.

• Refined-oil sales volume fell 11.4% to 151.91 million tonnes; marketing EBIT was RMB 11.163 billion versus RMB 12.784 billion. Automotive LNG sales rose 28.7% to 6.86 million tonnes, with charging and hydrogen refueling volumes also growing YoY.

• Chemicals EBIT loss widened to RMB 8.223 billion from RMB 1.690 billion; ethylene production fell 19.0% to 9,391 thousand tonnes and synthetic resin production fell 19.9% to 13,382 thousand tonnes.