PetroChina Posts Quarterly Profit Increase on Higher Oil Prices
By Kimberley Kao
Chinese oil company PetroChina posted a 22% increase in third-quarter net profit, supported by elevated oil prices amid the Middle East conflict.
Geopolitical uncertainty has kept energy markets on edge eight months into the U.S. war with Iran, with prices of crude oil whipsawing alongside repeated attempts for diplomatic talks to ease tensions while flare-ups in fighting continue.
The U.S. has told several Gulf Arab countries to be prepared for a short, intense military campaign after the U.S. midterm elections, The Wall Street Journal reported, citing people briefed on the conversations.
Against that backdrop, the listed arm of state-owned China National Petroleum Corp., the country's largest oil and gas producer, reported a net profit of 51.84 billion yuan, equivalent to $7.77 billion, up from 42.65 billion yuan a year earlier.
Revenue increased 10% to 793.57 billion yuan.
The average realized price for crude oil rose 18.5% to $77.65 a barrel in the first three quarters of the year, the company said. Overseas oil and gas equivalent production fell 10% from a year earlier over the same period due to the geopolitical situation, PetroChina said.
PetroChina is the the first of China's big three energy companies to report third-quarter results. Energy majors Cnooc and Sinopec are scheduled to report earnings later this week.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
October 28, 2026 07:37 ET (11:37 GMT)
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