PetroChina Company (857) Q2 2026 earnings summary

Executive summary

• Achieved record-high operating results for the first half of 2026, with revenue up 5.3% to RMB 1,527,491 million and net profit attributable to owners up 22.0% to RMB 103,936 million; basic EPS at RMB 0.57.

• All operating segments remained profitable, with significant growth in new energy output and improved ESG ratings.

• Maintained a sound financial position with increased total and net assets, stable debt-to-capital ratio, and robust cash flow.

• Delivered strong returns to shareholders with a record interim dividend of RMB 0.26 per share (totaling RMB 47.59 billion), and a high payout ratio.

Financial highlights

• Revenue rose 5.3% year-over-year to RMB 1,527,491 million in 1H 2026.

• Net profit attributable to owners increased 22.0% year-over-year to RMB 103,936 million.

• Basic EPS grew 22.0% year-over-year to RMB 0.57.

• Free cash flow increased 23.6% year-over-year to RMB 138.82 billion.

• Net cash flows from operating activities increased 10.6% year-over-year to RMB 251,281 million.

Outlook and guidance

• Continued focus on disciplined, targeted, and cost-effective investment, with the majority of capex allocated to oil, gas, and new energies.

• Ongoing transformation towards green and low-carbon energy, with significant increases in wind and solar power generation and capacity; new energy output from wind and photovoltaic plants increased 37.3% year-over-year.

• The company expects continued low-speed global economic growth and oil price volatility in the second half of 2026.

• Capital expenditures for 2026 are estimated at RMB 279,400 million, focusing on oil, gas, new energy, and refining projects.