PetroChina Company (857) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was RMB736.4 billion, down 2.2% year-over-year, while profit attributable to shareholders rose 1.9% to RMB48.3 billion, driven by higher sales volumes and improved margins in refined oil and chemical products.

• Net cash flows from operating activities dropped 39.4% year-over-year to RMB84.5 billion.

• Total assets increased 6.1% from the end of 2025 to RMB3,038.5 billion.

Financial highlights

• Basic and diluted EPS were RMB0.264, up 1.9% year-over-year.

• Net profit after deducting non-recurring items rose 5.0% year-over-year to RMB49.6 billion.

• Return on net assets remained stable at 3.0%.

• Non-recurring losses totaled RMB1.25 billion, mainly from financial asset losses and other non-operating expenses.

Outlook and guidance

• The company expects continued growth in China's economy and stable domestic demand for refined oil and natural gas, despite international crude oil price volatility.

• New energy businesses, including wind and solar, are expected to expand rapidly.