On August 30, PetroChina Company Limited unveiled its operational results for the first half of 2026. The figures show the company generated revenue of RMB 1,527,491 million, a year-on-year increase of 5.3%. Net profit attributable to shareholders of the parent company reached RMB 103,936 million, marking the first time half-year net profit has surpassed the 100 billion yuan threshold, up 22.0% from the prior year, with basic earnings per share standing at RMB 0.57.

The current international environment remains complex, with notable volatility across global oil and gas markets. Pressures from the energy transition are converging with market challenges. Against this backdrop, the company has forged ahead under pressure, maintaining steady operational progress and delivering a hard-won set of results that fully reflect the strong resilience of its complete industry chain.

A strong start determines the trajectory ahead. The company's performance in the first half not only underpins the outlook for meeting its full-year high-quality growth targets, but also holds significance for a solid beginning and long-term development during the "15th Five-Year Plan" period. Within this mid-year report, stability forms the foundational pillar, while innovation, quality optimization, and precision stand out as defining highlights, offering a clear read on the company's path toward high-quality development.

Maintaining stability at the core, the first-ever breakthrough of 100 billion yuan in half-year net profit underscores rock-solid foundations and exceptional resilience. The oil and gas base remains secure, with both domestic natural gas output and total oil and gas equivalent production reaching their best-ever levels for the corresponding period. This stability-first approach to safeguarding energy security has served as the ballast stone for the mid-year profit growth. Since the start of the year, the global economic recovery has been sluggish, geopolitical conflicts have flared up frequently, and the external environment for energy supply has grown increasingly complex and demanding, with international oil prices swinging broadly and putting the company's risk-resistance capabilities under severe test. Even with international oil prices hovering close to the levels seen in the first half of 2024, the company still achieved a substantial profit increase, clearly demonstrating that this growth does not simply depend on favorable external oil price tailwinds, but stems more from the whole-industry-chain resilience driven by upstream-midstream-downstream integration, alongside internal momentum generated through quality and efficiency improvements and meticulous management.

The company has adhered to efficient exploration, profitable development, and a balance between reserves and production, intensifying efforts in conventional oil and gas exploration while making major strides in unconventional resources. It has achieved 6 new discoveries and 19 new advances, nurturing the formation of two trillion-cubic-meter scale reserve zones: the Cambrian system in the northwest of the Sichuan Basin and the Cretaceous system at the southern edge of the Junggar Basin, as well as one hundred-million-ton scale conventional oil reserve area in the deep layers of the Fuman region of the Tarim Basin. Substantial progress has been made in enhancing recovery rates from mature oil and gas fields, accelerating the construction of shale oil and gas projects such as Gulong in Daqing, Mabei-Fengcheng in Xinjiang, and Yuxi in the southwest, advancing scaled production of deep coalbed methane like the Daji gas field, and consistently consolidating production capacity continuity and energy supply capabilities.

Fostering new drivers of momentum, the first-ever 100 billion yuan half-year net profit represents a vibrant and compelling answer to the call for continued momentum. The company continues to accelerate its green, low-carbon transformation, with emerging industries flourishing. New energy business development has picked up pace, with wind and solar power generation reaching 5.07 billion kWh in the first half, up 37.3% year-on-year. Newly signed geothermal heating contracts exceed 60 million square meters. Zero-carbon demonstration factory initiatives are underway, and carbon dioxide capture, utilization, and storage efforts are being pushed forward, with 1.373 million tonnes of CO2 injected in the first half, up 14.2% from a year earlier.

In refining and chemicals, the transformation is breaking into high-end manufacturing arenas such as advanced new materials and bio-manufacturing. Data shows new material output reached 2.688 million tonnes in the first half, up 61.4% year-on-year, maintaining roughly 50% growth for five consecutive years. The second phase of the 1.2 million tonnes-per-year ethylene project at Dushanzi Petrochemical's Tarim facility, complete with supporting green low-carbon demonstration engineering, has been completed and put into operation, making it China's first full-chain green low-carbon ethylene project. Construction of high-end polyolefin projects at the Blue Ocean New Materials base is progressing in an orderly manner. The company continues to expedite new materials business development, with the start of construction on the thousand-tonne high-performance carbon fiber project at Jilin Petrochemical and the advancement of polyolefin elastomer projects at Guangxi Petrochemical and Daqing Petrochemical. Bio-manufacturing operations are also being strategically laid out, with the launch of biological polyacrylamide project at Daqing Refinery and bio-jet fuel project at North China Petrochemical.

Driving structural optimization, the first-ever 100 billion yuan half-year net profit showcases upgraded layouts and a refined mix. The company is accelerating its transformation into an integrated energy service provider spanning oil, gas, heat, electricity, and hydrogen, securing its position in refined fuel markets while aggressively expanding into charging, gas refueling, and non-fuel consumer segments to cultivate new business models and consumption scenarios. During the first half, the company continued to vigorously develop LNG refueling terminals, battery swap and charging services, and non-oil businesses, adding 592 integrated energy stations, launching 208 new LNG refueling stations, and installing 18,500 new charging guns. Domestic market share for refined oil products rose 0.2 percentage points year-on-year, vehicle LNG retail volumes climbed 78.7% compared to the same period last year, charging volumes grew 1.5 times, non-oil business profits continued to grow, and international trade gross margins increased.

For natural gas sales, the company has rationally optimized the mix of domestic and imported gas, as well as long-term and spot resources, striving to control procurement costs. It has further refined sales flows and customer structures, lifting domestic market share by 1 percentage point year-on-year, with high-end market segments accounting for over 50% of incremental sales. The company continues to enhance its terminal sales network, consistently improving service quality and profit-generation capability.

Focusing on precision through innovation, the first-ever 100 billion yuan half-year net profit stands as living proof of technology-driven empowerment and lean efficiency gains. Treating innovation as the primary development strategy, the company has stepped up efforts to build an energy and chemicals innovation hub, establishing the PetroChina Basic Research Institute to coordinate applied fundamental research, fundamental research, and key core technology breakthroughs. It continues to drive efficient commercialization of research outcomes and increase the supply of high-quality technological solutions, comprehensively strengthening innovation capacity and technological strength. Focusing on core business areas, it has intensified key technological campaigns, building the first national-level continental shale oil demonstration zone. Its work on "the Early Formation and Evolution of Oil" was awarded the second prize of the 2025 National Natural Science Award. A dedicated "AI Plus" initiative is being implemented, promoting deep integration of digital intelligence technologies with the energy and chemicals industry, advancing both industrial digitalization and digital industrialization in a coordinated manner. In the first half, the company's newly granted invention patents surged 174% year-on-year, and it took the lead in publishing 4 international standards and 7 national standards.

Looking ahead with a broad perspective, the global macroeconomic environment and international oil and gas markets still hold uncertainties. The company will anchor itself to its five major development strategies, safeguard the stable and secure operation of the oil and gas industry chain, continue expanding its new energy, new materials, and green environmental protection businesses, deepen efforts to enhance quality and efficiency, effectively prevent and mitigate various risks, and pursue steady improvements in profitability and value.