# Net profit rose 1.9% to 48.33 billion yuan, equivalent to $7.07 billion.

*business · news · 2026-04-29 · MarketScreener*

## Key points

- PetroChina's Q1 net profit rose 1.9% despite a 2.2% revenue decline.
- PetroChina's realized crude oil price fell 8.5% to $64.08 a barrel amid global disruptions.
- Blocked shipments and infrastructure damage in Iraq forced output cuts at PetroChina's oilfields.
- PetroChina's cost advantage in natural gas is widening over the Japan Korea Marker benchmark.
- China's refined oil demand is structurally declining due to accelerating renewable energy adoption.

**Companies:** PetroChina, Sinopec, Cnooc
**Countries:** China, Iran

[Read the full story on MarketScreener](https://www.marketscreener.com/news/petrochina-profit-rises-revenue-falls-amid-energy-shock-from-iran-conflict-ce7f59d3d189f321)

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