Petrochina shares rise as Q3 profit surges on strong oil prices

PetroChina's shares on the Hong Kong stock exchange surged on Thursday following the company's announcement of a substantial increase in third-quarter profits. The surge in earnings was driven by robust oil and gas prices, fueled by the ongoing conflict in the Middle East, which sent the stock price up 3.2% to HK$10.27, with a parallel increase of 1.1% in its Shanghai-listed shares.

For the third quarter, PetroChina's net income attributable to shareholders expanded by approximately 21.6% compared to the same period last year, reaching 51.84 billion yuan, or roughly $7.78 billion. The company's revenue for the quarter also rose by 10.4% to 793.57 billion yuan.

Asia's leading oil and gas producer reported a significant benefit from the sharp rise in crude oil prices during the quarter. Persistent supply disruptions in the Middle East have caused global markets to experience volatility, leading to a significant increase in oil prices. PetroChina produced 698.6 million barrels of crude during the first nine months of 2026, which was a 2.2% decrease compared to the same period the previous year. However, the refinery throughput fell by 3.7% to 1,002.2 million barrels.