PetroChina Company (857) Q1 2026 earnings summary

Executive summary

• Net profit attributable to owners/shareholders rose 1.9% year-over-year to RMB 48,333 million in Q1 2026, driven by higher sales volumes and improved margins in refined oil and chemical products.

• Revenue decreased by 2.2% year-over-year to RMB 736,383 million.

• Basic EPS increased 1.9% year-over-year to RMB 0.264.

• Net cash flows from operating activities dropped 39.4% year-over-year to RMB 84.47 billion.

• Total assets increased 6.1% from the end of 2025 to RMB 3,038,310 million.

Financial highlights

• Company average realized crude oil price fell 8.5% year-over-year to $64.08/bbl.

• Profit from operations increased 0.9% year-over-year to RMB 66,601 million.

• Net profit after deducting non-recurring items rose 5.0% year-over-year to RMB 49.6 billion.

• Return on net assets remained stable at 3.0%.

• Non-recurring losses totaled RMB 1.25 billion, mainly from financial asset losses and other non-operating expenses.

Outlook and guidance

• Q1 2026 oil & gas output reached 25.4% of the annual target, with 470.2 MM boe produced.

• Domestic crude oil and natural gas outputs also achieved over 25% of annual targets.

• The company expects continued growth in China's economy and stable domestic demand for refined oil and natural gas, despite international crude oil price volatility.

• New energy businesses, including wind and solar, are expected to expand rapidly.