PetroChina’s H1 Profit Falls 5.4% to $12 Billion on ¥1.45T Revenue; CNOOC Profit Drops 13%, Kerosenes Demand 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 from 89 billion yuan. The decrease in profit was attributed to falling crude oil prices and stagnant domestic oil demand, with gasoline and diesel consumption lagging while only kerosene demand grew due to the recovery in air travel. This represents PetroChina's first earnings drop in five years. Meanwhile, CNOOC, another major Chinese oil company, reported a first-half IFRS net income of 69.5 billion yuan, down 13% year-over-year. CNOOC's profit decline was also linked to tumbling oil prices and tariff-related market volatility. Additionally, China's solar equipment industry experienced a sharp increase in losses in the first half of 2025 due to oversupply and falling prices.