PetroChina Achieves a Strong Start for “the 15th Five-Year Plan” Interim Operating Results for the First Half of 2026 Hit New Record Highs

Refining transformation advanced toward innovation and excellence, with the new materials business showing abundant highlights. The Company proactively responded to changes in market demand, flexibly adjusted refined products yield and unit operating loads, continuously optimized the product mix, and increased the production and sales of high value-added refining and chemical products. Adhering to the direction of high-end, green and intelligent development, the Company accelerated the construction of key transformation and upgrading projects. The Tarim 1.2 million tons per year phase II ethylene project and the supporting green and low-carbon demonstration project at Dushanzi Petrochemical were completed and brought into operation, becoming China’s first whole-chain green and low-carbon ethylene project. The construction of projects including Blue Ocean New Material Company’s high-end polyolefin project and other projects progressed in an orderly manner. The Company continued to accelerate the development of the new materials business. The thousand-ton-level high-performance carbon fiber project of Jilin Petrochemical commenced construction, and the polyolefin elastomer projects at Guangxi Petrochemical and Daqing Petrochemical advanced at a faster pace. The Company actively deployed the bio-manufacturing business, and the bio-based polyacrylamide project of Daqing Refining & Chemical and the bio-aviation kerosene project of Huabei Petrochemical commenced construction. The Company intensified marketing efforts for chemical products and refining specialty products. Chemical product sales maintained rapid growth, and the domestic market shares of products including bonded marine fuel oil, paraffin, low-sulfur petroleum coke and special asphalt remained first. In the first half of the year, the Company processed 655.0 million barrels of crude oil and produced 54.35 million tons of refined products. Chemical commodity products reached 21.32 million tons, representing a year-on-year increase of 6.7%, and both ethylene and paraxylene output reached new record highs for the same period in history. New materials output reached 2.69 million tons, representing a year-on-year increase of 61.4% and maintaining growth of around 50% for five consecutive years. The refining, chemicals and new materials business realized an operating profit of RMB 14.53 billion.

Marketing capability was continuously strengthened, with the marketing business expanding sales and enhancing profitability. The Company’s domestic marketing business proactively responded to changes in the market situation, continuously strengthened marketing, and enhanced refined marketing in segmented markets. The Company accelerated its transformation pace and continued to vigorously develop vehicle LNG refueling, charging and battery swapping, and non-fuel businesses. In the first half of the year, 592 integrated energy stations were newly established, 208 LNG refueling stations were newly put into operation, and 18,500 charging guns were newly built. The Company’s domestic market share of refined products increased by 0.2 percentage points year-on-year, vehicle LNG retail volume increased by 78.7% as compared with the same period of last year, and charging volume increased by 150%. The profit of the non-fuel business maintained growth, and the gross profit of the international trading business increased. The marketing business achieved an operating profit of RMB 11.36 billion. The natural gas marketing business reasonably optimized the resource structure of domestic and imported natural gas as well as long-term contract and spot natural gas, and endeavored to control procurement costs. The business further optimized the sales flow direction and user structure, with the domestic market share increasing by 1 percentage point as compared with the same period of last year and incremental sales in high-end markets accounting for over 50%. The business also continuously improved the construction of the end-market sales network to constantly enhance service quality and value creation capability. In the first half of the year, the Company sold 161.22 billion cubic meters of natural gas (including LNG), representing a year-on-year increase of 3.9%, of which domestic natural gas sales reached 124.89 billion cubic meters, representing a year-on-year increase of 1.1%. The natural gas marketing business achieved an operating profit of RMB 24.09 billion.

Technological innovation empowered development, with core competitiveness continuously enhanced. Taking innovation as the primary development strategy, the Company vigorously strengthened the construction of an innovation highland for energy and chemicals, established the CNPC Basic Research Institute, coordinated the advancement of applied basic research, basic research and breakthroughs in key core technologies, and continuously promoted the high-efficiency application of research results and the supply of high-quality scientific and technological achievements, comprehensively enhancing its innovation capability and scientific and technological strength. Focusing on its main businesses, the Company intensified research efforts. The Company took the lead in building a national-level continental shale oil demonstration zone. “The Early Formation and Evolution of Petroleum” won the Second Prize of the 2025 National Natural Science Award. The Company vigorously implemented the “Artificial Intelligence Plus” special initiative, and promoted the deep integration of digital and intelligent technologies with the energy and chemical industry as well as the coordinated development of industrial digitalization and digital industrialization. In the first half of the year, the number of newly granted invention patents of the Company increased by 174% year-on-year, and the Company led the development of 4 international standards and 7 national standards.

In the second half of 2026, the Company will closely track the domestic and international macroeconomic situation and the trends of the oil and gas markets, adhere to market-oriented and profitability-centered principles, and uphold the five development strategies of innovation, resources, market, internationalization, and green and low-carbon development. The Company will organize the production and operation of the two major oil and gas industry chains in a safe and stable manner, accelerate the development of the new energy and new materials businesses and the green and environmental protection industry, continuously and deeply promote quality and efficiency improvement, effectively prevent and defuse various risks, and strive to achieve stable growth of the Company’s profitability and steady enhancement of its value.

Additional information on PetroChina is available at the Company’s website: http://www.petrochina.com.cn

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