PetroChina Q3 Profit Rises 21.6% as Nine-Month Oil Output, Processing and Fuel Sales Fall

PetroChina’s July-September profit attributable to owners totaled 51.84 billion yuan, up 21.6% from the retrospectively adjusted year-earlier result, as the company’s first-nine-month results paired higher segment profits with lower oil output, refinery processing and fuel sales.

Quarterly revenue rose 10.4% to 793.573 billion yuan. The profit comparison uses 42.648 billion yuan for the third quarter of 2025. PetroChina began consolidating three gas-storage entities in January 2026 and adjusted earlier figures; the unadjusted year-earlier profit was 42.287 billion yuan.

For January through September, companywide profit attributable to owners climbed 21.9% to 155.776 billion yuan, while revenue rose 7% to 2.321 trillion yuan. Crude production fell 2.2% to 698.6 million barrels, and refineries processed 3.7% less crude, or 1,002.2 million barrels. Combined sales of gasoline, kerosene and diesel declined 5.1% to 114.656 million tons. Domestic diesel sales dropped 8.2% to 40.732 million tons. The nine-month processing decline did not describe Q3 alone: crude processing totaled 346.9 million barrels in the quarter, up 11.1% from Q2.

Price measures for the first nine months also rose. PetroChina’s average realized crude price was $77.65 per barrel, up 18.5%. The average Brent futures price was $88.86 per barrel, up 27.1%, while WTI averaged $83.76 per barrel, up 25.7%.

For the first nine months of 2026, operating profit in oil, gas and new energy increased 19.7% to 152.023 billion yuan. Higher crude prices, increased gas production and cost controls supported the segment. Marketing operating profit rose 24.7% to 14.5 billion yuan, primarily as international trading profit increased. These are segment operating-profit figures, a separate measure from companywide profit attributable to owners.

Marketable natural gas output grew 2.3% to 4,069.4 billion cubic feet, and ethylene output rose 26.4% to 8.455 million tons over the same nine-month period. PetroChina said, “substitution by new energy sources accelerated in China and the market demand for refined oil products decreased.”