PetroChina Posts Q1 Net Profit of 48.3 Billion Yuan, Up 1.9% Year-on-Year

Q1 Earnings Released: Revenue Dips Slightly While Profit Grows Against the Trend

According to 36Kr, PetroChina Company Limited recently disclosed its financial report for the first quarter of 2026. The data shows that the company achieved operating revenue of 736.383 billion yuan in Q1, down 2.2% year-on-year, while net profit attributable to shareholders of the parent company reached 48.333 billion yuan, up 1.9% year-on-year.

Against the backdrop of global energy price volatility, PetroChina experienced a slight decline on the revenue side but still maintained positive net profit growth, demonstrating strong earnings resilience and cost control capabilities.

The Logic Behind the Revenue-Profit 'Scissors Gap'

PetroChina exhibited a notable characteristic this quarter: growing profits without growing revenue. The 2.2% year-on-year decline in operating revenue was primarily driven by a retreat in international oil price benchmarks compared to the same period last year, which put pressure on crude oil and refined product sales prices. However, net profit still achieved 1.9% positive growth, indicating the company made positive progress in the following areas:

• Continued Cost Optimization: The upstream exploration and development segment reduced per-barrel oil costs through technological advances, while the deep application of digitalization and intelligent solutions in oilfield management continues to deliver cost-reduction and efficiency-improvement dividends.
• Product Mix Optimization: The share of natural gas business has been steadily increasing, and growing demand for natural gas as a clean energy source is contributing higher profit margins for the company.
• Refining and Chemical Business Quality Upgrades: The proportion of high-value-added chemical products has increased, partially offsetting the pressure from declining oil prices.

Notably, PetroChina has been ramping up investment in artificial intelligence and digital transformation in recent years, leveraging AI technology to empower core business scenarios including oil and gas exploration, intelligent refining, and smart pipeline networks. These technology investments are gradually translating into tangible operational benefits, becoming a key driver of the company's cost reduction and efficiency improvement efforts.

Accelerating Digital and Intelligent Transformation in the Energy Industry

As the largest domestic oil and gas producer, PetroChina has been actively embracing cutting-edge technologies such as AI under the guidance of its "Digital and Intelligent PetroChina" strategy in recent years. From intelligent interpretation of seismic data and AI analysis of well-logging data to intelligent optimization and control of refining units, AI technology has penetrated multiple aspects of the company's production and operations.

Industry analysts point out that the digital and intelligent transformation of traditional energy giants is not merely a means of cost reduction and efficiency improvement, but a strategic initiative oriented toward the broader energy transition trend. In a market environment where oil price volatility has become the norm, technology-driven refined management will be key for energy companies to maintain earnings stability.

Outlook: Seeking Breakthroughs Through Steady Operations

Looking ahead to the remaining quarters of 2026, global macroeconomic trends and geopolitical factors will continue to significantly impact international oil prices. While maintaining upstream reserve additions and production growth, PetroChina is expected to further expand the application of new technologies such as AI and big data to drive efficiency improvements across the entire industrial chain. Under the guidance of China's "dual carbon" goals, the company's initiatives in new energy and digital intelligence will continue to deepen, laying a foundation for long-term sustainable development.