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PetroChina’s first-half profit jumps 22% as higher oil prices offset Iran war supply hit
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Yulu AoPublished: 7:23pm, 31 Aug 2026Updated: 7:27pm, 31 Aug 2026
PetroChina, China’s largest oil and gas producer, has announced that it is gradually restoring operations at its Middle Eastern projects after the US-Israeli war in Iran severely disrupted global energy flows this year.
On Monday, the company reported a 22 per cent jump in first-half net profit to 103.9 billion yuan (US$15.4 billion) for the six months ended June, as higher crude oil prices boosted earnings from its upstream operations while natural-gas operations offset weaker oil production and declining domestic demand for refined fuels.
Overall revenue increased 5.3 per cent to 1.53 trillion yuan (US$227.55 billion), according to the company’s interim results.
“We are steadily resuming production at our Middle East projects, with output in the region having recovered to nearly 90 per cent of pre-conflict levels,” said Ren Lixin, the company’s executive director and president, at a results briefing.
The Beijing-based energy giant has benefited from a surge in oil prices amid geopolitical tensions in the Middle East. PetroChina reported that its average realised crude oil price rose 15.6 per cent year on year to US$76.53 per barrel, helping operating profit in its oil, gas and new-energy segment climb 15.3 per cent to 100.4 billion yuan.
Higher prices have helped offset weaker oil production. Total crude output fell 2.8 per cent to 462.9 million barrels during the period, largely because overseas output declined 14.2 per cent amid lower production from Middle East projects, according to the interim report. Domestic crude production slipped 0.5 per cent, while domestic natural gas output rose 2.4 per cent.
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