PetroChina records all-time high first-quarter profit despite revenue decline

China’s largest oil and gas company, PetroChina, recorded a 1.9% rise in net profit in the first quarter of 2026, reaching 48.333 billion yuan ($7 billion), compared with 47.452 billion yuan a year earlier, according to company financial statements.

The result marks a record first-quarter profit in the company’s history, Caliber.Az reports per Russian media.

Despite the profit increase, revenue fell by 2.2% to 736.38 billion yuan ($107.6 billion) over the same period.

In January–March, PetroChina increased hydrocarbon production by 0.7% to 470.2 million barrels of oil equivalent. However, the average selling price of oil declined by 8.5% to $64.08 per barrel, while natural gas prices decreased by 0.8% to $8.96 per 1,000 cubic feet.

The company also expanded its renewable energy output, with generation from wind and solar power plants rising by 38.5% to 2.33 billion kWh.

Over the past three months, PetroChina’s market capitalisation has increased by nearly 30%, while Hong Kong’s Hang Seng Index has fallen by 6%.

By Sabina Mammadli