What was PetroChina's first-quarter net income, and how does it compare to the same period last year?

PetroChina's first-quarter net income rose to 48.33 billion yuan ($7 billion), up from 46.8 billion yuan a year earlier, marking its best-ever quarterly profit.

Why did PetroChina report record profits despite a 12% drop in upstream operating profit?

PetroChina posted record profits due to strong performance across other segments—especially a 54% jump in refining, chemicals and new material sector profit, a 28% rise in marketing business operating profit driven by international trading, and a surge in gas sector profit to 18.87 billion yuan (from 13.5 billion yuan year-on-year)—which collectively offset the 12% upstream operating profit decline caused by lower crude oil sales and lagging domestic prices.

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PetroChina reported record quarterly net income of 48.33 billion yuan driven by elevated global oil and gas prices amid Middle East conflict. The results highlight improved profitability in its chemicals and upstream sectors despite refining pressures.

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