China Petroleum's first quarter operating performance in 2026 hits a historic high

On April 29, 2026, China National Petroleum Corporation announced that in the first quarter of 2026, the company actively responded to changes in the international oil and gas market environment, coordinated and strengthened production and operation management, achieved positive results in oil and gas exploration and development, maintained safe, stable and high load operation of refining and chemical production facilities, and saw year-on-year growth in domestic sales of refined oil, natural gas and chemical products. New energy businesses such as wind and solar power generation developed rapidly, while biomanufacturing, fine chemicals and new materials businesses strengthened and accelerated. The financial situation was healthy and good, and the operating performance grew steadily, reaching a new high in the same period in history. According to International Financial Reporting Accounting Standards, the company achieved operating revenue of 736.383 billion yuan (RMB); The net profit attributable to the shareholders of the parent company was 48.333 billion yuan, a year-on-year increase of 1.9%.

The oil and gas production continues to grow, and the new energy business is developing rapidly. In the first quarter of 2026, the company achieved an oil and gas production equivalent of 470.2 million barrels, a year-on-year increase of 0.7%. The wind and solar power generation reached 2.33 billion kilowatt hours, a year-on-year increase of 38.5%. The oil and gas and new energy businesses achieved an operating profit of 41.045 billion yuan. By leveraging the synergies between the industrial and supply chains, the sales volume and efficiency of natural gas are doubled. The company plans to optimize the structure of natural gas resources and effectively control procurement costs; Intensify marketing efforts, actively develop direct sales customers and efficient markets. In the first quarter of 2026, the company sold 93.891 billion cubic meters of natural gas, a year-on-year increase of 6.9%. The natural gas sales business achieved an operating profit of 18.867 billion yuan.

2026 is the starting year of the 15th Five Year Plan. The company will conscientiously fulfill its strategic mission of "building an energy powerhouse and empowering a better life", embrace change, innovate, strive for high-quality development, and accelerate the construction of a world-class enterprise.