PetroChina, CNOOC Profits Fall in H1 2025; ICBC, Bank of China Decline, Agricultural Bank Rises

PetroChina Co., China's largest oil and gas producer, reported a net profit of 84.01 billion yuan ($12 billion) for the first half of 2025, marking a 5.4% decline year-over-year due to falling crude prices and stagnant domestic oil demand. Revenue for the period was 1.45 trillion yuan. The decline in profit reflects reduced consumption of gasoline and diesel, partially offset by growth in kerosene demand linked to air travel recovery. Similarly, China National Offshore Oil Corp (CNOOC) posted a 13% drop in first-half net income to 69.5 billion yuan ($9.7 billion), despite record production output of 385 million barrels of oil equivalent. The average Brent crude price fell to $71 per barrel from $83 in the same period last year, impacting earnings. On the banking front, Industrial and Commercial Bank of China (ICBC) reported a slight 1.4% decrease in net income to 168.10 billion yuan, while Bank of China saw a 0.9% decline to 117.59 billion yuan. In contrast, Agricultural Bank of China recorded a 2.7% increase in net income to 139.51 billion yuan in the first half of 2025.