China’s state oil majors PetroChina, Sinopec and Cnooc are slowing expansion
plans as they balance volatile energy markets, weak oil prices and long-term
energy security goals. All three saw profit declines in 2025, with Sinopec
posting the steepest drop of 34% due to chemicals losses and capped fuel
pricing, while PetroChina’s net income fell 4.5% and Cnooc’s declined over 11%
despite record output. A Middle East conflict has lifted oil prices, benefiting
upstream producers like Cnooc and PetroChina, while Sinopec remains more exposed
due to import reliance. Cnooc trimmed capex and output growth targets,
PetroChina emphasized supply diversification and a 2% gas production rise, and
Sinopec signaled up to a 20% capex cut, mainly in chemicals.
