PetroChina Closes at $1.24 Amid Chinese Call to Expand Production Capacity
Key Facts
PetroChina shares, traded under the ticker PCCYF, closed at $1.24 on October 27, according to EL7 data. They had closed at $1.26 on October 26, compared with $1.1 on October 23. On October 23, China’s National Energy Administration called on oil and gas companies to expand production capacity and accelerate the creation of national strategic oil and gas supply bases. The call came within the administration’s responsibility for energy security. PetroChina was among the companies attending the meeting, alongside Sinopec and CNOOC.
Reuters said the National Energy Administration’s directive aimed to expand production capacity and strengthen strategic supply bases. It covered Chinese oil and gas companies, not PetroChina alone. The administration’s summary said companies were required to target “steady growth in crude oil production and rapid growth in natural gas production.” This wording places growth in crude and gas production within a broader energy security policy. The report does not link the call to PetroChina’s financial performance or quarterly results.
Official results available for the first nine months of 2025 show the scale of the company’s business before the current period: revenue of 2.17 trillion yuan and operating profit of 175.05 billion yuan. Net profit attributable to the company’s shareholders reached 126.29 billion yuan in that period. In the third quarter of 2025 alone, the company reported revenue of 719.16 billion yuan and operating profit of 58.02 billion yuan. Net profit attributable to shareholders in that quarter was 42.29 billion yuan. These figures provide a basis for comparison with previous quarterly results, without determining the results of the third quarter of 2026 on their own.
In the first quarter of 2026, PetroChina reported revenue of 736.38 billion yuan and net profit attributable to owners of the company of 48.33 billion yuan. The company said net profit rose 1.9% year over year. Separately, Reuters reported on October 16, citing two people familiar with the matter, that total trading profits at PetroChina International may exceed 20 billion yuan in 2026. That figure concerns the trading unit and its expected total profit for the year, not the company’s net profit in the third quarter. Beijing’s call to increase production remains the context of its energy security policy, while assessing its financial impact on PetroChina requires the company’s own results.