CNPC's operating performance in the first half of 2026 hits a new record high.

On August 30, 2026, PetroChina Company Limited (hereinafter referred to as “the Company”; Shanghai Stock Exchange stock code: 601857; Hong Kong Stock Exchange stock code: 00857) announced that, in the first half of 2026, it proactively responded to shifts in the international landscape and fluctuations in oil and gas markets, strengthened production and operational organization, deepened efforts to improve quality and efficiency, ensured safe, stable, and efficient operation across both its oil and gas value chains, accelerated its green and low-carbon transition, maintained sound financial health, and achieved record-high operating performance for the first half of any year to date. In the first half of 2026, the Company recorded revenue of RMB 152.7491 billion (all figures in RMB unless otherwise stated), an increase of 5.3% year-on-year; net profit attributable to shareholders of the parent company amounted to RMB 103.936 billion—the first time exceeding RMB 100 billion in a six-month period—up 22.0% year-on-year; basic earnings per share reached RMB 0.57. Performance Review Oil and gas supply capacity continues to strengthen; new energy business accelerates growth. The Company adheres to principles of efficient exploration, profitable development, and balanced reserves and production; intensifies conventional oil and gas exploration; vigorously tackles unconventional resources; achieved six new discoveries and 19 new advances; cultivated two trillion-cubic-foot-scale reserve zones—the Cambrian formation in the northwestern Sichuan Basin and the Cretaceous formation along the southern margin of the Junggar Basin—as well as one hundred-million-ton-scale conventional oil reserve zone in the deep Fu-Man area of the Tarim Basin. It has also significantly enhanced recovery rates from mature oil and gas fields, accelerated construction of shale oil and shale gas projects—including Daqing Gulong, Xinjiang Mabei Fengcheng, and Southwest Yu’xi—and promoted large-scale production ramp-up at deep coalbed methane fields such as the Da Ji Gas Field. In the first half of 2026, the Company’s hydrocarbon-equivalent production totaled 921 million barrels; domestic crude oil output reached 393 million barrels; salable natural gas output stood at 26.6 trillion cubic feet; both domestic natural gas output and hydrocarbon-equivalent output achieved their best-ever levels for the first half of any year. New energy business continued rapid expansion: wind and solar power generation reached 5.07 billion kWh, up 37.3% year-on-year; newly signed geothermal heating contracts covered over 60 million square meters; zero-carbon demonstration factory initiatives were launched; carbon capture, utilization, and storage (CCUS) efforts advanced steadily, with 1.373 million tons of CO₂ injected during the period—up 14.2% year-on-year. Operating profit from oil & gas and new energy businesses totaled RMB 100.448 billion. Refining and chemical transformation advances toward innovation and excellence; new materials business delivers notable highlights. The Company actively adapts to changing market demand, flexibly adjusts refined product yields and unit load factors, continuously optimizes product mix, and increases production and sales of high-value-added refining and petrochemical products. Committed to high-end, green, and intelligent development, it accelerates key transformation and upgrading projects: the Dushanzi Petrochemical Tarim 1.2-million-ton-per-year Phase II ethylene project and its supporting green and low-carbon demonstration facility have been completed and commissioned—marking China’s first full-chain green and low-carbon ethylene project—while construction of Blue Sea New Materials’ high-end polyolefin project proceeds steadily. The Company continues accelerating new materials development: construction commenced on Jilin Petrochemical’s pilot-scale high-performance carbon fiber project (1,000 tons/year); Guangxi Petrochemical’s and Daqing Petrochemical’s polyolefin elastomer projects are advancing rapidly; biological manufacturing initiatives are being strategically deployed, including Daqing Refining & Chemical’s bio-based polyacrylamide project and North China Petrochemical’s bio-aviation fuel project, both now under construction. Marketing efforts for specialty chemical products and refinery-specific offerings have intensified, sustaining rapid growth in chemical product sales; market shares for bonded marine fuel oil, paraffin wax, low-sulfur petroleum coke, and specialty asphalt remain No. 1 nationwide.

Seeing the Big Picture Through Small Signs | U.S.–Venezuela Relations Barometer (III): U.S. Oil Companies Set to Return to Venezuela

Kevin Book, Managing Director of energy research firm ClearView Energy Partners, noted that at the conference, virtually no CEO outright rejected the idea of returning to or investing in Venezuela; instead, all forms of re-entry were explicitly conditioned upon meeting certain prerequisites. Some conditions—such as security guarantees—may be achievable in the near term, while others—like restoring legal stability in Venezuela—appear far more distant. Evanan Romero, a Houston-based oil consultant who participated in the Trump administration’s efforts to attract U.S. oil producers back to Venezuela, stated that international oil companies will not return to the country under the same legal and governmental framework that allowed for the expropriation of their assets decades ago. II. Concerns of U.S. Oil Companies 1. Regarding Accelerated Re-entry Chevron is steadily increasing output but remains cautious about expanding capacity. Chevron is currently the only major U.S. oil company still operating in Venezuela, doing so under a special license granted by the U.S. government—and thus the firm most likely capable of rapidly scaling up oil production for quick returns. At least 11 tankers chartered by Chevron are scheduled to arrive this month at José and Puerto La Guaira ports—both under Venezuelan government control—the highest number since October last year. All crude oil loaded onto these 11 vessels will be shipped to U.S.-based refineries, including Valero Energy (VLO), Phillips 66 (PSX), and Marathon Petroleum (MPC). Over the past three years, Chevron has steadily increased crude output, yet further capacity expansion entails substantial costs. Although such investments primarily target infrastructure—placing them at the lower end of the global oil industry’s cost curve—they still require a more robust financial framework to ensure competitive investment returns. As the sole U.S. company currently operating in Venezuela under special authorization, Chevron’s Vice Chairman Mark Nelson told President Trump last Friday that upgrading existing equipment could boost output by 50%—from the current ~240,000 barrels per day—to approximately 360,000 barrels per day within two years. U.S. Treasury Secretary Scott Bessent stated on August 11 in remarks to Reuters that Washington is preparing to lift some sanctions against Caracas, which would help stabilize Venezuela’s economy and facilitate its oil exports—bringing urgently needed funds to the country. However, Carlos Bellorín, analyst at consulting firm Verisk Maplecroft, pointed out that additional sanctions must be lifted before oil companies can meaningfully collaborate with Petróleos de Venezuela, S.A. (PDVSA), or before major oilfield service providers—such as Schlumberger and Halliburton—can import critical drilling equipment into Venezuela. Removing these restrictions could unlock investment in “easily recoverable crude,” including funding to restart recently abandoned wells and repair foundational infrastructure—from pipelines to port facilities. Additionally, Josu Jon Imaz, CEO of Spanish oil company Repsol, said at the conference that his company could triple its current 45,000-barrels-per-day output within two to three years. Yet these increments remain relatively modest: total output gains over the next year may reach no more than 200,000 barrels per day—and numerous other obstacles persist. 2. Regarding Fund Recovery ExxonMobil and ConocoPhillips emphasize recovering historical outstanding payments—a stance that has led to a negotiation deadlock with the U.S. government.

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