Petronas reported revenue of RM152.4 billion (US$37.89 billion) for the first half of 2026, a 15% rise compared to RM132.6 billion in the same period last year [1, 2]. Its profit after tax rose to RM27.2 billion (US$6.76 billion) from RM26.2 billion in H1 2025 [1, 2]. The upstream segment saw a significant boost with profit after tax increasing to RM28.11 billion from RM16.5 billion year-on-year [1]. Profits from the gas and maritime business reached RM16.7 billion in the half-year, while the downstream segment posted a net loss of RM15.2 billion [1].
Petronas invested RM41.4 billion in capital expenditure including upstream development and investments in Pengerang Refining and Petrochemical companies [1, 2]. Despite declaring RM20 billion in dividends, shareholders' equity increased to RM449.1 billion and total assets expanded to RM794.3 billion, driven by higher investments and increases in receivables and inventories [2].
Petronas President and Group CEO Tan Sri Tengku Muhammad Taufik said, "Despite prevailing challenges, Petronas continued to maintain financial and operational discipline, while strengthening our upstream position, expanding our LNG supply nodes and enhancing our new energy offerings" [1]. He added the company was "leveraging its integrated portfolio and intensifying efforts across the energy value chain to ensure uninterrupted supplies to Malaysia amid the global energy crisis" and had made "strategic investments to strengthen our portfolio for long-term resilience" [2].
PetroChina reported net income of 103.9 billion yuan (US$15.4 billion) for H1 2026, a 22% increase compared to 85.2 billion yuan in H1 2025 [3]. Revenue climbed 5.3% as Brent crude prices averaged US$87 per barrel in the first six months of 2026, up from US$71 in the prior year [3]. The company cited volatility linked to the ongoing Middle East conflict since June 2026 [3]. PetroChina's refining business faced higher feedstock costs but was limited by government price caps and export restrictions and could not fully pass these costs to consumers [3]. Its sister company Sinopec attributed some of China's declining oil demand to the Iran conflict and growth in clean energy adoption [3].
The first half 2026 financial reporting period ended June 30 for both companies [3, 1, 2]. Petronas publicly released its H1 financial results and outlook on August 28 [1].
