PetroChina First-Half Profit Rises 22 Percent to $15.4 Billion

PetroChina Co. reported a 22 percent increase in first-half profit, with net income rising to 103.9 billion yuan ($15.4 billion) for the six months ending in June. The growth resulted from a surge in global energy prices that boosted upstream revenue, as Brent crude averaged approximately $87 a barrel compared to $71 during the same period in 2025.

Energy prices peaked above $126 a barrel in late April following the start of a military campaign by the United States and Israel against Iran. While these prices benefited upstream operations, the company's refining unit faced higher feedstock costs. PetroChina could not pass these costs to consumers because the Government of China capped domestic prices and restricted fuel exports to combat inflation.

Adding to the operational pressure, sister company Sinopec indicated that China's oil consumption may have peaked last year. This decline in demand is attributed to the conflict in Iran and domestic innovations in clean energy.