The state-backed energy giant reported a nine-month net profit of 155.78 billion yuan, marking a 21.9% increase, while revenue grew 7% to 2.32 trillion yuan. While the bottom line benefited from trading arbitrage opportunities created by disruptions near the Strait of Hormuz, operational metrics told a different story. Crude output dropped 2.2% to 2.56 million barrels per day, and refinery throughput fell 3.7% to 3.67 million barrels per day over the same nine-month period.

Domestic fuel demand faces a structural shift as electrification gains momentum. In 2025, electric heavy trucks captured 28% of the market, up from 13% the previous year, while electric vehicles accounted for nearly 55% of new car sales. The IEA projects that this transition will displace over 4 million barrels per day of Chinese oil demand by 2035. PetroChina responded by scaling back capital expenditure to 159.4 billion yuan and leaning into its gas and chemicals segments, where ethylene output surged 26.4%.