PetroChina Profit Falls as Lower Oil Prices Bite, but 2026 Spending Still Rises
PetroChina reported a 4.5% drop in 2025 net profit as lower oil prices cut earnings, with revenue down 2.5%. The company plans 279.4 billion yuan in capital expenditure for 2026, up from 269.1 billion yuan in 2025, and warned of continued price volatility due to geopolitical risks. Average realized crude price fell 14.2% to $64.11 a barrel, while gas output rose 4.5%.