Company Reports

PetroChina is the listed arm of one of China's two integrated oil majors and the largest oil producer. With revenue and assets more heavily weighted toward upstream activities, PetroChina is more sensitive to swings in the oil price than its peer, Sinopec. In addition, the firm’s downstream operations lag Sinopec, which has better scale and efficiency in the sector. However, PetroChina will benefit more in a rising oil price environment.

PetroChina’s first-half net profit rose 22% year on year, supported by a 16% increase in average realized oil prices. Second-quarter net profit grew 15% sequentially, versus Sinopec's 50% decline.

PetroChina’s first‑quarter net profit rose 2% year on year despite an 8% decline in average realized crude oil price, supported by stronger downstream earnings and contributions from the natural gas sales business.

PetroChina is the listed arm of one of China's two integrated oil majors and the largest oil producer. With revenue and assets more heavily weighted toward the upstream activities, PetroChina is more sensitive to swings in the oil price than its peer, Sinopec. In addition, the firm’s downstream operations lag Sinopec, which has better scale and efficiency in the sector. However, PetroChina will benefit more in a rising oil price environment.

PetroChina's 2025 net profit fell 4% year on year, as a 2% increase in oil and gas output and improved performance in the downstream and natural gas segments partly offset a 14% decline in the average realized oil price.

On Feb. 28, the US and Israel launched strikes on Iran, sending Brent crude prices above USD 80 per barrel. H-shares of CNOOC and PetroChina have surged more than 9% since then, while Sinopec has shown muted performance.

The Brent crude price is up by a low teens percentage year to date, supported by geopolitical risks, though upside remains constrained by oversupply concerns and rising inventories.

PetroChina’s nine-month net profit declined by just 5% year on year, despite a 15% drop in the average realized oil price. Downstream earnings, including refining, chemicals, and marketing, proved resilient, falling only 1%.

PetroChina is the listed arm of one of China's two integrated oil majors and the largest oil producer. With revenue and assets more heavily weighted toward the upstream activities, PetroChina is more sensitive to swings in the oil price than its peer, Sinopec. In addition, the firm’s downstream operations lag Sinopec, which has better scale and efficiency in the sector. However, PetroChina will benefit more in a rising oil price environment.

We've updated our midcycle oil price assumption. Our 10-year forecast marries our bullish in-house oil demand view with Rystad's supply projections, which aligns with our revised, long-term take.

PetroChina is the listed arm of one of China's two integrated oil majors and the largest oil producer. With revenue and assets more heavily weighted toward the upstream activities, PetroChina is more sensitive to swings in the oil price than its peer, Sinopec. In addition, the firm’s downstream operations lag Sinopec, which has better scale and efficiency in the sector. However, PetroChina will benefit more in a rising oil price environment.

PetroChina’s first-half net profit declined by 5% year on year, despite a 15% drop in the average realized oil price and subdued downstream performance. The natural gas sales segment delivered an 11% increase in operating profit, supported by higher sales volume and reduced import losses.

PetroChina is the listed arm of one of China's two integrated oil majors and the largest oil producer. With revenue and assets more heavily weighted toward the upstream activities, PetroChina is more sensitive to swings in the oil price than its peer, Sinopec. In addition, the firm’s downstream operations lag Sinopec, which has better scale and efficiency in the sector. However, PetroChina will benefit more in a rising oil price environment.

The Israel-Iran conflict has driven oil prices higher, with Brent crude hovering around USD 75 per barrel at the time of writing.

PetroChina is the listed arm of one of China's two integrated oil majors and the largest oil producer. With revenue and assets more heavily weighted toward the upstream activities, PetroChina is more sensitive to swings in the oil price than its peer, Sinopec. In addition, the firm’s downstream operations lag Sinopec, which has better scale and efficiency in the sector. However, PetroChina will benefit more in a rising oil price environment.

PetroChina’s first-quarter net profit rose by 2% year on year, despite lower energy prices and weaker downstream earnings. This was attributed to the resilience of its upstream and natural gas sales businesses.

PetroChina is the listed arm of one of China's two integrated oil majors and the largest oil producer. With revenue and assets more heavily weighted toward the upstream activities, PetroChina is more sensitive to swings in the oil price than its peer, Sinopec. In addition, the firm’s downstream operations lag Sinopec, which has better scale and efficiency in the sector. However, PetroChina will benefit more in a rising oil price environment.

PetroChina's 2024 net profit of CNY 164.7 billion was up 2% year on year, despite the average oil selling price falling 2% to USD 74.70 per barrel and weaker performance from refining, chemicals, and marketing segments. The lower energy prices were offset by a 2% increase in oil and gas output.

Sinopec’s 2024 oil and gas output rose 2.2% year on year, mainly attributable to 4.7% growth in natural gas output. Refining throughput was down 2.0% with lower diesel production partly mitigated by higher kerosene output. The firm’s domestic sales volume of refined oil products also declined 2.8%.

PetroChina's third-quarter net profit of CNY 43.9 billion, down 5% year on year, was above our expectations. Despite the average oil selling price falling close to USD 4 per barrel quarter on quarter and sequential weakness in downstream earnings, net profit still grew 2% from the previous quarter.